DOCSLIB.ORG

CRESCENDO (CCDO.MK, CREC.KL) 8 May 2013 Attractive Proxy to the Ascendancy of Industrial Property in Iskandar Malaysia Company Report BUY

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
CRESCENDO (CCDO.MK, CREC.KL) 8 May 2013 Attractive Proxy to the Ascendancy of Industrial Property in Iskandar Malaysia Company Report BUY CRESCENDO (CCDO.MK, CREC.KL) 8 May 2013 Attractive proxy to the ascendancy of industrial property in Iskandar Malaysia Company report BUY Hoy Ken Mak (Initiation) [email protected] +603 2036 2294 Rationale for report: Initiating coverage Price RM2.73 Investment Highlights Fair Value RM3.50 52-week High/Low RM2.73/RM1.68 • We initiate coverage on Crescendo Corp with a fair value Key Changes of RM3.50/share on a 45% discount to our NAV of Fair value new RM6.36/share. Johor-based Crescendo is the premier EPS new developer of industrial property in the state. YE to Jan FY13 FY14F FY15F FY16F • We forecast core earnings to accelerate from RM56m in FY13 (Jan) to RM85mil in FY14F, and rising by a CAGR of Revenue (RMmil) 282.6 310.4 387.9 515.9 34% to RM134mil in FY16F. This robust growth is Core net profit (RMmil) 55.7 84.7 109.4 134.3 Core FD EPS (Sen) 19.7 29.9 38.7 47.6 underpinned by sustained strong demand for its flagship Core FD EPS growth (%) (9.2) 52.0 29.5 23.0 Nusa Cemerlang Industrial Park (NCIP: 523 acres) where it Consensus EPS (Sen) 35.0 41.3 41.0 has already pre-built RM220m of industrial property ready DPS (Sen) 12.0 13.0 14.5 17.5 to launch. Core FD PE (x) 8.9 9.1 7.1 5.8 EV/EBITDA (x) 5.2 4.9 4.3 3.5 • Crescendo offers an attractive direct leverage to the Div yield (%) 6.9 4.8 5.3 6.4 ascendancy of industrial property in Johor where the ROE (%) 9.4 12.9 14.2 15.4 Net Gearing (%) 14.1 7.7 1.7 0.1 relocation of SMEs from Singapore would accentuate demand expansion. As it is, SMEs from Singapore account Stock and Financial Data for 56% of its sales at NCIP. Shares Outstanding (million) 195.5 • The entry of Singapore's industrial park developer Market Cap (RMmil) 533.7 Ascendas (via a JV with UEM Land) to develop Gerbang Book value (RM/share) 3.05 Nusajaya – located next to NCIP, would further underscore P/BV (x) 0.9 ROE (%) 9.4 newsflow momentum by broadening the clientele base. Net Gearing (%) 14.1 • NCIP aside, Crescendo would also be fast tracking the Major Shareholders Gooi family (63.7%) development of its new industrial project – Bandar Public Small Cap Fund (3.6%) Cemerlang (1,300 acres), where it is setting aside some 500 acres for industrial property. Maiden launch is Free Float (%) 77.9 expected by 1H 2014. The imminent launch of Bandar Avg Daily Value (RMmil) 1.3 Cemerlang would more than double its presales of Price performance 3mth 6mth 12mth industrial property, currently coming from NCIP and Taman Perindustrian Cemerlang (TPC). Absolute (%) 34.7 28.7 28.7 Relative (%) 30.6 26.4 21.7 • This aside, Crescendo also has one strategic parcel of land within the Tebrau area (CLSB: Sg.Rekoh) where the 4.00 1,866 development potential is very high due to its highly populated catchment areas. Reclamation works for this 222-acre site is expected to complete year-end. 3.00 1,640 • We are forecasting its presales to surge from <RM200mil nI d e ) x in FY13 to at least RM500m in FY14F and RM700m in M P R 2.00 1,413 o ( ni FY15F, consistent with management presales target of st RM1.2bil over the next two years. This is supported by high pre-tax margins of ~40% for its industrial properties. 1.00 1,187 • Balance sheet is strong with FY14F net gearing of just 8%. 0.00 M N M N M N M N M N M 961 Crescendo has a decent dividend policy of 30%. At current a o a o a o o a o a y v y v y v ya v y v y - - - - - - - 1- - - - levels, its dividend yield is forecast at 5%-6%. 80 80 90 90 01 01 1 1 21 21 31 Crescendo FBM KLCI • Valuation is very attractive from both the earnings and assets standpoint. It is trading at 10% discount to its historical book value of RM3.05/share, and a deeper discount of 57% to our NAV of RM6.36/share. FD FY14F- PP 12247/06/2013 (032380) 16F PE is only at 6x-9x, with EPS CAGR of 34%. Crescendo Corporation 8 May 2013 TABLE 1: DERIVATION OF FAIR VALUE Division Value (RM) Breakdown SizeMarket Value (RM) mil /share of NAV (%) Landbank (acres) psf mil Taman Perindustrian Cemerlang (TPC) 143 30 187 Desa Cemerlang (DC) 102 25 111 CLSB land 222 8 77 Taman Dato Chellam (TDC) 33 18 26 Bandar Cemerlang (BC): Tebrau 864 13 489 : Kota Tinggi 526 6 137 Others 15 5 3 Nusa Cemerlang Industrial Park (NCIP) 276 43 517 Ambok Resorts 794 6 208 Total property division 1,755.7 6.20 97.4 Construction division (5x average 3-year net profit) 0.7 0.00 0.0 Manufacturing & trading (6x average 3-year net profit) 24.9 0.09 1.4 Management services & 0thers (5x average 3-year net profit) 13.9 0.05 0.8 FY13 Net Debt (84.2) (0.30) (4.7) Gross Sum-Of-Parts (SOP) 1,710.9 Add: Proceeds from assumed conversion of RCULS/warrants/ESOS 88.2 0.31 4.9 Interest from assumed conversion of RCULS/warrants/ESOS 3.0 0.01 0.2 SOP 1,802.1 6.36 100.0 FD no of shares (mil) 283.4 SOP/share 6.36 Fair value (45% discount to SOP) 3.50 Capital gains (%) 27.2 FY14F yield (%) 4.7 Total return (%) 31.9 Source:Crescendo, AmResearch INITIATING COVERAGE WITH A BUY The 45% discount that we have attached to Crescendo’s NAV is larger compared to an average of 15%-25% for its Fair value pegged at RM3.50/share larger peers under our coverage universe (i.e. IJM Land, Mah Sing and UEM Land). We initiate coverage on Crescendo Bhd with a fair value of RM3.50/share. This pegs the stock at a 45% discount to We expect the discount rate to narrow with its estimated Net Asset Value (NAV). We value the Crescendo’s emerging status as a proxy to rising following four core business divisions using the following industrial land prices in IM amid a strong pipeline of parameters: landbanking newsflow. Visibility would be further enhanced with the listing of Iskandar Waterfront (i) Property division: We appraise Crescendo’s Holdings (IWH) (See Table 1). undeveloped landbank based on market values that range from RM5psf to RM43psf. The property assets account for the bulk of Crescendo’s NAV at RM1.8bil or a majority 97% of the total. 10 KEY SELLING POINTS (ii) Construction/manufacturing division: These two Below, we highlight the main attributes of Crescendo: support businesses – mainly undertaken through the Unibase group – is valued based on a target PE of 5x- (i) Crescendo owns 2,975 acres of landbank in Johor, 6x on their respective average three-year net profits of which 56% are located within the boundaries of (1.4% of NAV). Iskandar Malaysia (IM) with excellent road and air connectivity to and from JB city/ Singapore (mostly (iii) Management services & others: The key contributor 10-20 minute drive) (See Chart 1, Table 2). within this division (valued at a target PE of 5x) is Crescendo International College), although overall contributions are still small at < 1% of NAV. AmResearch Sdn Bhd 2 Crescendo Corporation 8 May 2013 CHART 1: LOCATION OF LANDBANK Source:Crescendo, AmResearch (ii) At an average of c.RM18psf, Crescendo’s (vi) Further NAV upside could come from the unlocking remaining landbank (including completed units and of two strategic pieces of land in Tebrau and infrastructure works for select projects) implies Desaru for high-end waterfront developments. significant upside amid rising land prices in IM. Reclamation works for the former (Sg.Rekoh) are to These land parcels were last re-valued between be completed by year-end. The latter (Ambok 1996 and 2006. Resorts) is to be launched in six years’ time to ride on PETRONAS’ RAPID project. (iii) For instance, the book value for its flagship Nusa Cemerlang Industrial Park (NCIP) is still carried at (vii) Crescendo has enjoyed strong pre-tax margins of only RM16psf compared with the market rate of as 40%-50% for its industrial factories. We attribute high as RM70psf-RM75psf for comparable this high margin extraction rate to the group’s (i) low industrial land in Nusajaya. landbank cost; (ii) in-house construction/building material supplies set-up; and (iii) hands-on (iv) Crescendo is primed to catch the early wave of an management. industrialisation drive in Nusajaya, with close to one-third of its landbank (~919 acres) earmarked (viii) Crescendo is trading at 0.9x its FY13 BV, and at a for industrial properties. deep 57% discount to its estimated NAV of RM6.36/share. (v) This is timely where interest among Singaporean SMIs is gaining traction. Further out, Crescendo’s We project core earnings to rise 52% YoY to NAV is likely to get a significant kick from the RM85mil in FY14F (FY13: RM56mil); rising further imminent entry of Singapore’s Ascendas (via a JV to RM109mil and RM134mil respectively in FY15F- with UEM Land) to co-develop an industrial park at 16F. The strong earnings visibility is underpinned Gerbang Nusajaya, located right next to NCIP. by a 4x jump in FY14F-15F new sales of RM384mil AmResearch Sdn Bhd 3 Crescendo Corporation 8 May 2013 -RM397mil.
Load more

Recommended publications
  • Ever Choice Renovation & Construction Works
    EVER CHOICE RENOVATION & CONSTRUCTION SDN BHD . EVER CHOICE RENOVATION & CONSTRUCTION PTE. LTD. www.ever-choice.com COMPANY PROFILE INDEX Maintenance Services Introduction & Information Registration Certificates Management & Organization Chart Nature of Business Distributor : CHICAGO METALIC Our Value Customer Logo Major of Projects EVER CHOICE MAINTENANCE SERVICES GUARANTEED RESPONSE TIME ( GRT ) Ever Choice is willing to undertake GRT within 48 hours , Would there be any enquiry pertaining to maintenance works , miscellaneous repair work and act via telephone or by email and Free Of Charge and without obligation As our Preferred customer you just log into www.everchoice.com.my and click into ‘ maintenance services ‘ and automatically a report number will generated for your reference, upon received of your enquiry we will forward the quotation to you without any obligation. YOUR ONE STOP MAINTENANCE SERVICES MISCELLANEOUS REPAIR WORKS ELECTRICAL / AIR COND SERVICES COOLER / CHILLER SERVICES & REPAIR IN-HOUSE OFFICE DESIGN & BUILD SPECIALIST CONTRACTOR FIRE RATED / GYPSUM PARTITION SUSPENSION CEILING / PLASTER CEILING ALUMINIUM & GLASS SPECIALIST OUR WORKER TRAINING BY CIDB MALAYSIA CUSTOM-MADE FURNITURE READY MADE OFFICE EQUIPMENT On behalf of Ever Choice we wish to thank you in advance and looking forward to serve you better in the near future. INTRODUCTION INTERIOR DESIGN - OFFICE Whereas offices used to be designed to keep people apart, with rigid and hierarchical space planning, there is currently a growing interest in new, less formal ways of working. Advances in technology enable people to work more creatively. This creative office is no longer a concept applicable only to the workplace of designers, filmmakers and architects, the idea has now spread to nearly all industries.
    [Show full text]
  • Malaysia Genting Plantations
    PP16832/01/2013 (031128) Malaysia Company Update 6 March 2013 Buy (from Hold) Genting Plantations In Love with Iskandar Too Share price: MYR8.50 Target price: MYR10.30 (previously MYR13/sh RNAV; raise to BUY. GENP’s market cap of MYR6.4b has MYR8.00) merely priced in its growing palm oil assets. What investors over-looked is GENP’s ~6,600 acres of prime land bank worth MYR4b in Iskandar and Sepang. Investors of GENP today thus get its Iskandar landbank ONG Chee Ting, CA for free. We upgrade GENP to a BUY with a raised TP of MYR10.30 on [email protected] a higher 18x PER target on mid-FY14 earnings (+1SD of 5-year mean (603) 2297 8678 PER). Our new TP is still 20% below our estimated RNAV of MYR13. What has changed? Slightly over a year ago (Nov 2011), GENP’s Johor Premium Outlet (JPO) opened for business and quickly became a new landmark. Of greater significance is a new inter-change connecting the North-South Highway to the JPO and GENP’s remaining Stock Information ~5,550 acres of undeveloped-cum-plantation land; this has improved Description: Upstream plantation player, with small accessibility and land value. An upcoming AEON mall in Kulaijaya (by exposure to property and biotechnology. end-2013) will add credence and value. On a bigger picture, 2013 is a (Planted land in 2011 = 93,498 ha) turning point for Iskandar M’sia as investments and property demand pick up. Land prices have risen steadily but not GENP’s share price.
    [Show full text]
  • Iskandar-Puteri.Pdf
    EXCLUSIVE REPORT ISKANDAR PUTERI MALAYSIA’S PERSPECTIVE OF THE FUTURE SMART CITY As a greenfield development, Iskandar Puteri, previously known as Nusajaya, has gone through two growth phases - infrastructure and property development. Iskandar Puteri is projected to be a unique melting pot of business and culture for Iskandar Malaysia. Being one of the largest property developments in South East Asia, it aims to create synergies between Malaysian and Singaporean economies. In this issue, Property Hunter highlights the transformation of Iskandar Puteri from its palm oil plantation days to its economically vibrant city today. By Property Hunter Johor Premium Outlet www.PropertyHunter.com.my 1 EXCLUSIVE REPORT Pinewood Iskandar Malaysia SiLC (Southern Industrial and and spacious luxury resort homes THE BRIDGING OF OPPORTUNITIES Studios Logistics Clusters) nestled within 7 parks featuring 31 Located on a 49 acres site, Pinewood SiLC is Iskandar Puteri’s premier hidden, intimate and lush gardens. ISKANDAR PUTERI Iskandar Malaysia Studios is a studio industrial and environmentally Covering 275 acres, the lake, forest, complex which targets the Asia-Pacific sustainable development. Spanning wetland and canal themes are Iskandar Puteri, a newly developed planned city in Johor Bahru District, has never been intended to attract region. The state-of-the-art facilities across 1,300 acres of neighbouring combined together with tropical the agriculture or manufacturing industries. Thought to be a signature and catalytic development billed as in the studio include 100,000sqft of development-ready land, SiLC landscaping, celebrating the beauty The World in One City, its convenience to Singapore and lower cost base makes it a primary location for film stages, ranging from 15,000sqft features advanced, innovation-driven of nature.
    [Show full text]
  • Invest Asean Singapore 27-28 March
    <XX> | <XX> UEM …SUNRISE BERHAD CORPORATE PRESENTATIONby INVEST ASEAN… SINGAPORE 27 - 28 March 2018 1 Strictly private and confidential Director Induction Pack | March 2018 UEM<XX> Sunrise | <XX> Corporate Presentation Content ▪ UEM Sunrise at a Glance ▪ Industry position ▪ Assessment of UEMS ▪ Our Portfolio ▪ Performance Highlights 2 Strictly private and confidential Invest Asean Singapore | March 2018 UEM<XX> Sunrise | <XX> Corporate Presentation | UEM Sunrise at a Glance We are the flagship company for township and property development businesses of UEM Group and Khazanah Nasional Bread ▪ UEM Group Berhad and Khazanah National Berhad’s flagship company for property business ▪ Core businesses includes macro township development; high rise residential, commercial, retail and integrated developments; as well as property management and project & construction services. Shareholding structure* Market Performance* Shareholder, % As at 06 March 2018 Others Local 14.97% Share price RM1.03 Market Cap RM4.674bil Tabung Haji 7.37% Khazanah via UEM Group P/E ratio 66.06% 16.69 *As at Feb 2018 Source : Bloomberg 3 Strictly private and confidential Invest Asean Singapore | March 2018 UEM<XX> Sunrise | <XX> Corporate Presentation | UEM Sunrise at a Glance Overview of our Business PRODUCTS/BUSINESSES WITHIN UEM SUNRISE Southern Industrial Logistics Clusters (SiLC) MASTER INDUSTRIALS DEVELOPER Iskandar Puteri Nusajaya Tech Park JV) Gerbang Nusajaya Bio-XCell (JV) Nusajaya Industrial Park Taman Nusantara Serene Heights Nusa Bayu Bayu Nusantara Nusa Idaman
    [Show full text]
  • Malaysia Real Estate Highlights
    RESEARCH REAL ESTATE HIGHLIGHTS 1ST HALF 2019 KUALA LUMPUR PENANG JOHOR BAHRU KOTA KINABALU HIGHLIGHTS KUALA LUMPUR More market activity in the high-end condominium / HIGH END CONDOMINIUM serviced apartment segment (> RM1 million) in 2018 and MARKET this momentum is expected to continue into 2019. MARKET SUPPLY AND 1H2019 saw the launches of a INDICATIONS DEMAND few high-end condominium / The Malaysian economy continues with As of 1H2019, the completion of 602 units serviced apartment projects in its growth momentum albeit at a slower of high-end condominiums / serviced Kuala Lumpur City. The projects pace of 4.7% in 2018 (2017: 5.9%). It apartments from two projects brought are generally smaller in scale, on continued to expand 4.5% in 1Q2019 the cumulative supply in Kuala Lumpur pockets of land. (4Q2018: 4.7%), supported by private to 56,786(R) units. The completed projects sector expenditure. For the whole year were Opus KL (357 units) and Residensi The prices of new launches of 2019, economic growth is expected Sefina (245 units). remain flattish as the high-end to range between 4.3% and 4.8%. In (Note: (R) The cumulative supply has residential segment continues to May 2019, the Department of Statistics been revised) be challenging. Malaysia (DOSM) rebased of the country’s gross domestic product (GDP), The scheduled completion of Sky Suites In the secondary market, the from year 2010 to 2015. @ KLCC (986 units), 8 Kia Peng (442 units), Tower 1 and Tower 2 @ Star overall transacted price of The current period of low headline Residences (1,039 units), Aria KLCC selected schemes analysed was inflation, recorded at 1.0% in 2018 (2017: (598 units), Stonor 3 (400 units), Novum lower by 1.6% when compared 3.7%), is largely due to key policies such Bangsar (729 units), TWY Mont’ Kiara to 2018 as purchasers continue as the fixing of domestic retail fuel prices (484 units), Arte Mont’ Kiara (1,706 to be spoilt for choice.
    [Show full text]
  • Builders of Visions (Ii)
    BUILDERS OF VOL. #14 VISIONS (II) *DISCLAIMER. “This article is prepared based on material compiled from data considered to be reliable at the time of writing, but Raine & Horne does not make any representation or warranty, express or implied, as to its accuracy, completeness or correctness. This article has been prepared for information purposes only. No part of this report may be shared, reproduced, distributed, transmitted, displayed or published in any manner without the written consent of Raine & Horne. Raine & Horne does not accept any liability, be it directly, indirectly or consequential losses or damages that may arise from any reliance based on this article”. About us .Incorporated in 1982, Raine & Horne International Zaki + Partners Sdn. Bhd. is a firm of Chartered Surveyors and Registered Valuers. Our practice covers a wide range of services including property valuation, investment and project management, property management, real estate agency and property consultancy. The firm currently operates twelve (12) offices in Malaysia: Kuala Lumpur, Petaling Jaya, Subang Jaya, Kelang, Johor Bahru, Melaka, Ipoh, Seremban, Kuantan, Penang, Kota Kinabalu and Kuching. Since its inception and establishment, Raine & Horne International Zaki + Partners Sdn. Bhd. has enjoyed an outstanding and enviable reputation and success. The firm has received wide recognition from all quarters, nationally and internationally. Founded in 1883, Raine & Horne is one of the world’s largest real estate organisations with offices and affiliates all over the world, including in the major cities of South East Asia, Europe, Canada, USA, Fiji, Australia, New Zealand, Japan and Africa. Raine & Horne International Zaki + Partners Sdn. Bhd. aims to provide our clients with quality professional service.
    [Show full text]
  • Zon Perkhidmatan Untuk Ahli Majlis Bagi Tempoh 15 April 2021Hingga 31 Disember 2022 Majlis Bandaraya Iskandar Puteri
    ZON PERKHIDMATAN UNTUK AHLI MAJLIS BAGI TEMPOH 15 APRIL 2021HINGGA 31 DISEMBER 2022 MAJLIS BANDARAYA ISKANDAR PUTERI N.49 KOTA ISKANDAR ZON 1 : PULAI INDAH 1 TAMAN PULAI INDAH 1 4 TAMAN LAMAN INDAH 2 5 ZON 2: KANGKAR PULAI TAMAN PULAI INDAH 2 TAMAN PULAI HIJAUAN (PN. HJH ZAINAB BINTI OTHMAN) 3 PENJARA REMAN 6 TAMAN PULAI DAMAI Tel: +60127077834 ZON 15: IMPIAN EMAS ZON 4: SRI PULAI (EN. MUSTAQIM BIN YUSOF ) Tel: +6012 7084206 ZON 2 : KANGKAR PULAI (EN. RAMADASS A/L NAGAIAH) Tel: +6016 7152477 1 BANDAR BARU KANGKAR PULAI 4 KAMPUNG MELAYU KANGKAR PULAI 2 TAMAN SRI PULAI PERDANA 2 5 KAMPUNG BARU KANGKAR PULAI 3 TAMAN DESA PERMAI 6 BANDAR PULAI JAYA 1 ZON 3: PULAI UTAMA (PN. RAHAMIZON BINTI ABDUL GHANI) ZON 3 : PULAI UTAMA Tel: +6019 711 6467 1 TAMAN PULAI UTAMA 4 TAMAN PULAI FLORA ZON 16: SRI SKUDAI ZON 1: PULAI INDAH 2 PULAI SPRING RESORT 5 TAMAN SRI PULAI PERDANA (EN. RAGU A/L SUPERMANIAM) (EN. JAMALUDDIN BIN SAMUT) 3 TAMAN PULAI BAYU Tel: +6016 7289823 ZON 17: SKUDAI Tel: +6016 7100246 ZON 5: TAMAN UNIVERSITI (EN. FAKHRUL ZAFRAN BIN ABSL (PN. TAN HIANG KEE) KAMARUL AZMAN) Tel: +6012 7663125 ZON 6: MUTIARA RINI ZON 4 : SRI PULAI Tel: +6012 7549922 ZON 20: UNGKU TUN AMINAH (EN. FAKHRUL ANWAR 1 TAMAN SRI PULAI 5 TAMAN TEKNOLOGI JOHOR BIN RAMLI) (DATO’ RADIN SERI KARTINI 2 KAMPUNG NESA 6 KAMPUNG SEPAKAT BARU Tel: +6019 7474166 BINTI ABDULLAH) Tel: +6019 2667002 ZON 18: SKUDAI BARU 3 TAMAN TERATAI 7 BANDAR PULAI JAYA 2 (EN.
    [Show full text]
  • Industrial Training Report 1 Januari 2019 to 31 Disember 2019
    INDUSTRIAL TRAINING REPORT 1 JANUARI 2019 TO 31 DISEMBER 2019 Industrial Training (LI) aims to produce competent UTHM graduates by training them in a real-life working environment in the related industry. LI provides a good platform for students to develop fitness physically and mentally towards t h e working environment and build relationships with the industries personnel or professionals. The Faculty and Industrial supervisor will evaluate each student. In this program, students are expected to be trained systematically and structured in the disciplines that depend on the students’ field/program, such as designing, constructing, human resources planning, engineering management, cost preparation, entrepreneurship, consultancy, research, etc. Students have also trained in the aspects of workplace safety and health and ethics as well in the industry. The Faculty that involves in providing LI course to the students are: 1) Faculty of Civil Engineering and Built Environment (FKAAB) 2) Faculty of Electrical and Electronic Engineering (FKEE) 3) Faculty of Mechanical and Manufacturing Engineering (FKMP) 4) Faculty of Applied Sciences and Technology (FAST) 5) Faculty of Technology Management and Business (FPTP) 6) Faculty of Computer Science and Information Technology (FSKTM) 7) Faculty of Technical Engineering (FTK) 8) Diploma Studies Center (PPD) 9) Faculty of Technical and Vocational Education (FPTV) In the LI period from January to December 2019, students went to various industrial placement over many states regarding their field/program, interest, allowance monthly given, and near to their hometown. As recorded in the registration, there are a total of 3994 students underwent LI that involves 2249 industries. From the number of industries, 1853 industries are non- governmental companies/organizations (the list can be referred to in Appendix A), and 396 industries are governmental companies/organizations (as shown in Appendix B).
    [Show full text]
  • Property Market Review | 2020–2021 3
    2021 2020 / MARKET REVIEW MARKET PROPERTY 2020 / 2021 CONTENTS Foreword | 2 Property Market Snapshot | 4 Northern Region | 7 Central Region | 33 Southern Region | 57 East Coast Region | 75 East Malaysia Region | 95 The Year Ahead | 110 Glossary | 113 This publication is prepared by Rahim & Co Research for information only. It highlights only selected projects as examples in order to provide a general overview of property market trends. Whilst reasonable care has been exercised in preparing this document, it is subject to change without notice. Interested parties should not rely on the statements or representations made in this document but must satisfy themselves through their own investigation or otherwise as to the accuracy. This publication may not be reproduced in any form or in any manner, in part or as a whole, without writen permission from the publisher, Rahim & Co Research. The publisher accepts no responsibility or liability as to its accuracy or to any party for reliance on the contents of this publication. 2 FOREWORD by Tan Sri Dato’ (Dr) Abdul Rahim Abdul Rahman Executive Chairman, Rahim & Co Group of Companies 2020 came through as the year to be remembered but not in the way anyone had expected or wished for. Malaysia saw its first Covid-19 case on 25th January 2020 with the entrance of 3 tourists via Johor from Singapore and by 17th March 2020, the number of cases had reached above 600 and the Movement Control Order (MCO) was implemented the very next day. For two months, Malaysia saw close to zero market activities with only essential goods and services allowed as all residents of the country were ordered to stay home.
    [Show full text]
  • Trends in Southeast Asia
    ISSN 0219-3213 2017 no. 12 Trends in Southeast Asia BENEATH THE VENEER: THE POLITICAL ECONOMY OF HOUSING IN ISKANDAR MALAYSIA, JOHOR KENG KHOON NG AND GUANIE LIM TRS12/17s ISBN 978-981-4786-55-3 30 Heng Mui Keng Terrace Singapore 119614 http://bookshop.iseas.edu.sg 9 7 8 9 8 1 4 7 8 6 5 5 3 Trends in Southeast Asia 17-J02609 01 Trends_2017-12.indd 1 11/9/17 10:29 AM The ISEAS – Yusof Ishak Institute (formerly Institute of Southeast Asian Studies) is an autonomous organization established in 1968. It is a regional centre dedicated to the study of socio-political, security, and economic trends and developments in Southeast Asia and its wider geostrategic and economic environment. The Institute’s research programmes are grouped under Regional Economic Studies (RES), Regional Strategic and Political Studies (RSPS), and Regional Social and Cultural Studies (RSCS). The Institute is also home to the ASEAN Studies Centre (ASC), the Nalanda-Sriwijaya Centre (NSC) and the Singapore APEC Study Centre. ISEAS Publishing, an established academic press, has issued more than 2,000 books and journals. It is the largest scholarly publisher of research about Southeast Asia from within the region. ISEAS Publishing works with many other academic and trade publishers and distributors to disseminate important research and analyses from and about Southeast Asia to the rest of the world. 17-J02609 01 Trends_2017-12.indd 2 11/9/17 10:29 AM 2017 no. 12 Trends in Southeast Asia BENEATH THE VENEER: THE POLITICAL ECONOMY OF HOUSING IN ISKANDAR MALAYSIA, JOHOR KENG KHOON NG AND GUANIE LIM 17-J02609 01 Trends_2017-12.indd 3 11/9/17 10:29 AM Published by: ISEAS Publishing 30 Heng Mui Keng Terrace Singapore 119614 [email protected] http://bookshop.iseas.edu.sg © 2017 ISEAS – Yusof Ishak Institute, Singapore All rights reserved.
    [Show full text]
  • UEMS-AN20170426A1-1.Pdf
    UEM Sunrise Berhad (830144-W) Level U2, Block C5 Solaris Dutamas No. 1, Jalan Dutamas 1 50480 Kuala Lumpur, Malaysia Tel: +603 2718 7788 Fax: +603 6207 9330 Email: [email protected] www.uemsunrise.com i n s i d e this report OVERVIEW LEADERSHIP FINANCIAL STATEMENTS 002 Vision & Mission 076 Board of Directors’ Profile 186 Financial Statements 002 Living Our Values 084 Senior Leadership Team 003 Notice of Annual General Meeting 093 Joint Secretaries OTHER INFORMATION 008 Statement Accompanying Notice of 330 Analysis of Shareholdings Annual General Meeting PERFORMANCE REVIEW 334 Material Properties of UEM Sunrise 009 Financial Calendar 2016 096 Five-Year Financial Highlights Berhad Group 011 Investor Relations 097 Five-Year Group Performance 336 Recurrent Related Party 098 2016 Group Quarterly Performance Transactions KEY MESSAGES 099 Statement of Value Added & 340 Corporate Directory 016 Chairman’s Statement Distribution 022 Management Discussion & Analysis 100 Summarised Group Balance Sheet • Form of Proxy 046 2017 Outlook 101 Five-Year Financial Review of the Group CORPORATE FRAMEWORK 102 Employees & Productivity 048 Corporate Profile 103 Share Price & Volume Traded 050 Corporate Information 051 Group Corporate Structure SUSTAINABILITY REPORT 052 Event Highlights 2016 106 Sustainability Report 070 Media Highlights 2016 072 Awards & Recognitions 2016 ACCOUNTABILITY 132 Statement on Corporate Governance 170 Additional Compliance Information 171 Audit Committee Report 176 Statement on Risk Management and Internal Control 180 Risk Management Report Arcoris Mont’Kiara, Kuala Lumpur Cover RatioNale The Art Of Living The centrepiece of the Art of Living is Joyfulness. At UEM Sunrise, we build homes for families to live their lives joyfully, create blissful moments and lasting memories.
    [Show full text]
  • For Sale - Aspira Lake Homes @ Gerbang Nusajaya, Skudai, Johor
    iProperty.com Malaysia Sdn Bhd Level 35, The Gardens South Tower, Mid Valley City, Lingkaran Syed Putra, 59200 Kuala Lumpur Tel: +603 6419 5166 | Fax: +603 6419 5167 For Sale - Aspira Lake Homes @ Gerbang Nusajaya, Skudai, Johor Reference No: 100287376 Tenure: Freehold Address: Jalan Melia Gerbang. nusajaya. Occupancy: Vacant gelang patah. Aspira Park, Melia Furnishing: Unfurnished Gerbang, gelang patah, 79100, Johor, Aspira Lake Homes @ Unit Type: End lot Gerbang Nusajaya, Johor Land Title: Residential State: Johor Property Title Type: Individual Property Type: 2-sty Terrace/Link House Facing Direction: North east Asking Price: RM 710,000 Posted Date: 26/08/2021 Built-up Size: 2,055 Square Feet Name: Bc Ong Built-up Price: RM 345.5 per Square Feet Company: Worldmart Properties - Johor Land Area Size: 2,400 Square Feet Email: [email protected] Land Area Price: RM 295.83 per Square Feet No. of Bedrooms: 4 No. of Bathrooms: 3 Aspira lakehome - Endlot New Hot Project In Gerbang Nusajaya!! Welcome to contact for viewing or sell your Gerbang property with me. I will advise owner and buyer with latest transacted value to obtain accurate and up to date info to ease your decision making. Property Detail: Aspira LakeHome Endlot(Melia Gerbang), Nusajaya - 2 Storey Terraced House - Extra 10'Land - Land Area 32 x 75 - Build Up 2055 sq.ft - 4+1 Bedrooms, 3 Bathrooms - Freehold Unit - International Lot - Facing North East Your need is always my priority. Call me feel it! Bc Ong +60167768 525.... [More] View More Details On iProperty.com iProperty.com Malaysia Sdn Bhd Level 35, The Gardens South Tower, Mid Valley City, Lingkaran Syed Putra, 59200 Kuala Lumpur Tel: +603 6419 5166 | Fax: +603 6419 5167 For Sale - Aspira Lake Homes @ Gerbang Nusajaya, Skudai, Johor.
    [Show full text]