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Industry Overview

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Industry Overview THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. INDUSTRY OVERVIEW We have extracted and derived the information and statistics in the section below, unless otherwise specified, from the Industry Report. We believe that the sources of the information and statistics in this section are appropriate sources for such information and statistics and have taken reasonable care in the extraction and reproduction of such information and statistics. We have no reason to believe that such information and statistics is false or misleading or that any fact has been omitted that would render such information and statistics false or misleading. Our Directors have further confirmed, after making reasonable enquiries and exercising reasonable care, that there is no adverse change in the market information since the date of the publication of Industry Report which may qualify, contradict or have an impact on this section. The information in this section has not been independently verified by our Group, the Sole Sponsor, the [REDACTED], the [REDACTED], the [REDACTED], any of our or their respective affiliates, directors or advisers or any other persons or parties involved in the [REDACTED], and no representation is given as to its completeness, accuracy or fairness. Accordingly, you should not place undue reliance on the information in this section. Except as otherwise noted, all the data and forecasts contained in this section are derived from the Industry Report. SOURCE AND RELIABILITY OF INFORMATION Background of SHINEWING BAS We commissioned SHINEWING BAS, an independent consulting firm specialised in market analysis and business consulting services, to conduct an analysis of the construction industry in Malaysia and prepare the Industry Report. The information in the Industry Report is derived by data and intelligence obtained from: (a) primary research via personal interviews with key knowledge leaders; (b) secondary research by gathering data and qualitative information to support the analysis and identify trends of the industry; and (c) management discussion to collect in-house background information of the Group. The Industry Report provides an analysis of the market situation, market size, historical trends, competitive landscape and future development. SHINEWING BAS is a consulting firm based in Hong Kong and has sound experience in market analysis, due diligence and business consulting services in various industries. The Industry Report has been prepared by SHINEWING BAS which is independent of our Group’s influence. The information and statistics set forth in this section have been extracted from the Industry Report. We have paid a fee of HK$500,000 to SHINEWING BAS to prepare the Industry Report and consider that such fee reflects market rates. The payment of such amount is not conditional on our Group’s successful [REDACTED] or on the results of the Industry Report. Assumptions and parameters used in the Industry Report In compiling the Industry Report, SHINEWING BAS has adopted the following assumptions: (1) it is assumed that the global economy remains in steady growth across the period from 2019 to 2023; (2) the external environment is assumed to have no radical shocks, such as financial crises or natural disasters, that will influence the demand and supply of the construction industry in Malaysia from 2019 to 2023; and (3) As the coronavirus disease 2019 (COVID-19) outbreak in early 2020 becomes pandemic and has spread to Malaysia, the impact of the coronavirus pandemic to the construction industry and market in Malaysia has been taken into consideration in the calculation and forecast below. The following parameters are used in the Industry Report: GDP and GDP growth rate in Malaysia from 2014 to 2018, domestic and foreign direct investment trend in Malaysia from 2014 to 2018, industrial building volume, commercial building volume and residential building volume in Malaysia from 2014 to 2018, residential property price in Malaysia from 2014 to 2018, and price trends of major raw materials from 2014 to 2018. OVERVIEW OF ECONOMY IN MALAYSIA In 2010, the Malaysian government initiated the Economic Transformation Program target to turn Malaysia into a high income economy by 2020. To achieve the target of high-income status, the construction sector is set to play a key role. The construction GDP has remained an upward trend from RM48.7 billion in 2014 to RM68.8 billion in 2018, at a CAGR of 9.1%. The upward trend is expected to continue from RM71.8 billion in 2019 to RM103.9 billion in 2023, at a CAGR of 9.7%. The rising construction GDP was contributed by the increasing construction activities –63– THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. INDUSTRY OVERVIEW resulting from the mounting property and infrastructure investments. The diagram below sets forth the construction GDP and its contribution to total GDP. Construction GDP and Contribution in Malaysia from 2014 to 2023 200.0 8.0% 180.0 7.0% contribution GDP Construction 160.0 6.0% 5.0% 5.1% 140.0 4.7% 4.9% 4.8% 4.8% 4.7% 4.9% 5.0% 4.4% 5.0% 120.0 103.9 95.8 88.0 100.0 80.8 4.0% 68.8 71.8 80.0 59.9 65.3 3.0% RM billion 54.3 60.0 48.7 2.0% 40.0 20.0 1.0% 0.0 0.0% 2014 2015 2016 2017 2018 2019F 2020F 2021F 2022F 2023F Sources: The Department of Statistics Malaysia (DOSM); SHINEWING BAS analysis The total direct investment registered a slight decrease from RM235.9 billion in 2014 to RM201.7 billion in 2018, at a CAGR of -3.8%. The foreign direct investment (“FDI”), in particular, decreased in 2015 but recovered afterwards. The FDI increased to RM80.5 billion in 2018 from RM64.6 billion in 2014, at a CAGR of 5.7%. Despite the dip in direct investment, Malaysia’s net inflow of FDI improved considerably in the fourth quarter of 2018. The FDI was primarily channeling into the manufacturing sector with RM4.6 billion, followed by non-financial sector with RM4.1 billion. As a result, the total direct investment slightly rebounded to RM201.7 billion in 2018. Direct Investment in Malaysia from 2014 to 2018 300 235.9 250 207.9 197.1 201.7 186.7 200 150 171.3 121.2 148.9 142.4 RM Billion 150.6 100 50 80.5 64.6 59.0 36.1 54.7 0 2014 2015 2016 2017 2018 FDI DDI Note: FDI refers to foreign direct investment; DDI refers to domestic direct investment. Sources: Malaysian Investment Development Authority; SHINEWING BAS analysis MARKET OVERVIEW OF THE CONSTRUCTION INDUSTRY IN MALAYSIA The construction industry in Malaysia can be divided into four market segments based on building types, namely residential buildings, non-residential buildings, civil engineering works and special trades. Residential buildings refer to buildings intended for dwelling purpose; non-residential buildings refer to properties for manufacturing and business activities, which can be further categorised into industrial buildings, commercial buildings, and public facilities, for example factories, shopping malls, hotels and hospitals. Civil engineering works refer to the construction of infrastructure such as bridges, roads, railways, utility plants, harbor and refineries. Special trade activities refer to various auxiliary construction works including but not limited to demolition, site preparation, land reclamation, electrical and mechanical works, building service works. The diagram below illustrates the breakdown of building types in terms of value of construction works done in 2018. –64– THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. INDUSTRY OVERVIEW 1 Residential buildings 25.1% 7.8% 7.0% Non-residential buildings 2 28.3% 2018 Commercial building Total share of Industrial building Civil engineering works 41.6% non-residential 3 buildings is 28.3% Public facilities 4 Special trade 4.9% 13.5% Note: The percentage refers to the value of construction of the respective building segments account for the total value of construction works done in Malaysia in 2018. The percentage number might not sum up to 100% due to rounding. Sources: Department of Statistics, Malaysia; SHINEWING BAS analysis Impacts of the coronavirus disease 2019 (COVID-19) on Malaysia’s construction industry As the COVID-19 pandemic continues to spread, Southeast Asian countries such as Malaysia, which saw its first confirmed case in January 2020, is actively taking countermeasures and steps to reduce the spread of the coronavirus amid the sharp increase of confirmed cases. As of 23 March 2020, confirmed coronavirus cases in Malaysia surged by 205% to 1,306, compared to 428 on 15 March 2020. Despite the spike of COVID-19 cases in the past week, the number of confirmed cases in Malaysia remains relatively small compared to other countries around the globe. In anticipation of a relief package to blunt the impacts to economic growth if the spread of virus continues, it is possible that the Malaysian government may introduce measures in the future such as the provision of funding to support lending program for distressed enterprises, offering unemployment insurance to protect laid off workers, a tax cut for individuals and corporates as well as issuing checks to low-income households. Although these measures, if introduced, may cause short-term cash crunch to the Malaysian government, SHINEWING BAS is of the view that such moves are not likely to impact the construction industry of Malaysia in the medium and long run.
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