Matrix Concepts 1Q14 Presentation Slides

Matrix Concepts Holdings Bhd
(Company No.: 414615-U)
1Q14 Results and Corporate Update
22 May 2014
IR Adviser
CONTENTS
1Q14 Operations Review
1Q14 Financial Highlights
Recent Developments
Investment Merits
Appendix
2
1Q14 OPERATIONS REVIEW
3
Background
Operations
Financials
Growth
Total Value of
Properties Sold in 1Q14
Projects Launched in
1Q14
Merits
Appendix
RM125.0 mil
(RM788.0 mil in FY2013)
RM254.3 mil GDV
(RM307.2 mil in FY2013)
Ongoing GDV
(under construction)
(RM797.5 mil in FY2013)
Projects Completed in
1Q14
(RM1.2 bil in FY2013 – incl. 785.9 mil
from STV)
Unbilled Sales
(as at 31 Mar 14)
(RM437.0 mil as at 31 Dec 2013)
Average Take-up
(not including STV)
77.1%
(as at 31 Mar 14)
1Q14 SNAPSHOT
Total ongoing GDV of
about RM975 mil…
with RM440.8 mil
unbilled sales to help
mitigate any effects
from cooling
measures
RM974.8 mil
RM83.4 mil GDV
RM440.8 mil
4
Background
Operations
Financials
Growth
Merits
Appendix
Bandar Sri Sendayan
• Completed Nusari Aman 2D & Idaman Bayu 2 with total GDV of RM77.9 mil
• Launched Hijayu 1A (Phase 2) – Balista, with GDV RM196.6 mil in Feb 2014
30% units taken-up
• Launched 50 units of shop offices @ Sendayan Metropark 2 with GDV of
RM55.0 mil
94% units taken-up
• BSS Snapshot:
1Q
Start-Quarter GDV
783.2
Less Completed Projects
73.6
Add New Launches
-
FY2013
(RM'mil)
2Q
3Q
709.6 586.5
123.1
- 136.1
FY2014
(RM'mil)
4Q
1Q
722.6
595.4
127.2
77.9
254.3
End-Quarter GDV
709.6
586.5
722.6
595.4
771.9
Start-Quarter Take-up
480.0
552.0
542.4
603.1
555.2
Add New Take-up
145.6
113.5
60.7
79.3
108.5
Less Completed Projects
73.6
123.1
-
127.2
77.9
552.0
542.4
603.1
555.2
585.8
77.8% 92.5% 83.5% 93.3%
75.9%
End-Quarter Take-up
Take-up Rate
Unbilled Sales
304.1
361.9
392.0
289.3
Launched RM254 mil
GDV of mixed
products in 1Q14… on
target for about
RM490 mil launches in
2014
279.4
PROJECT UPDATE: BSS (as at 31 Mar 2014)
Background
Operations
Financials
Growth
Merits
5
Appendix
Sendayan TechValley
Net
saleable
land (acres)
Project
Type
Sendayan Tech Valley 1
Ind Lot
221.0
No. of
units
52
Take-up
rate
83%
Est. GDV
(RM'mil)
Unbilled
Sales
(RM'mil)
226.7
104.0
Sendayan Tech Valley 2
Ind Lot
417.9
TOTAL
638.9
77
129
45%
60.5%
559.2
785.9
Status
Completed &
Ready for Sale
In no hurry to deplete
landbank while
negotiating for STV3
land…
104.0
STV Land (acres)
(as at 31 Mar 2014)
Total Land
Sold in 2011 2013
243.7
441.3
Balance land
• 2 Japanese companies started operations, Hino Motor & Akashi-Kikai, thus
boosting interests and selling prices.
• Post 1Q14, sold 3 acres of land at about RM40 psf and currently in advance
negotiation for sales of up to 25 acres of land
PROJECT UPDATE: STV
Key Information on STV:
(as at 31 Mar 2014)
•Total land: 685.0 acres/ 129 lots
Sold: 441.3 acres/ 78 lots
Balance: 243.7 acres/ 51 lots
•Completed end-2013
6
Background
Operations
Financials
Growth
Merits
Appendix
Matrix Global Schools
Current Progress
Artist Impression
Offering international
school syllabus for
both primary &
secondary education
Target student
population of 2500
Schedule for first
intake in early 2015
d’Tempat Country Club @ Sendayan
Artist Impression
Current Progress
Housing various
sports facilities,
meeting rooms, dining
outlets, etc.
Awarded a provisional
“Gold Standard” by
the Green Building
Index for Design
Assessment
On target for
completion in 4Q14
OTHER ONGOING PROJECTS @ BSS
Background
Operations
Financials
Growth
Merits
7
Appendix
Taman Seri Impian
• Impiana Casa 2 (fully-sold) near completion, while Impiana Bayu 1
enjoyed encouraging take-up
• Launching more commercial products in the coming quarters
Kluang project
gaining traction with
not only residences
but also commercial
set-ups…
• Taman Seri Impian snapshot:
FY2013
(RM'mil)
2Q
3Q
147.6
67.5
80.1
- 164.0
4Q
231.5
-
FY2014
(RM'mil)
1Q
231.5
-
231.5
231.5
231.5
128.4
59.2
84.7
115.6
29.4
10.9
25.5
30.9
21.2
-
80.1
-
-
-
128.4
59.2
84.7
115.6
136.8
87.0% 87.7% 36.6% 49.9%
59.1%
Start-Quarter GDV
Less Completed Projects
Add New Launches
1Q
147.6
-
End-Quarter GDV
147.6
67.5
Start-Quarter Take-up
99.0
Add New Take-up
Less Completed Projects
End-Quarter Take-up
Take-up Rate
Unbilled Sales
47.3
37.3
55.9
34.0
52.4
PROJECT UPDATE: TSI (as at 31 Mar 2014)
8
Background
Operations
Financials
Growth
Merits
Appendix
Others
• Completed Taman Desa PD 3 in Jan 2014 (RM5.5 mil GDV)
• Lobak Commercial Centre (Phase 1)
• GDV of RM16.1 mil: 12 units of 2-storey shop offices
Project
Lobak Commercial
Centre
Site Area
(acres)
Type
DSSO
0.7
TOTAL
0.7
No. of
units
12
12
Take-up Est. GDV
rate
(RM'mil)
Unbilled
Sales
(RM'mil)
92%
16.1
5.0
91.7%
16.1
5.0
Group also focused on
other projects in
Seremban…
Commenced Completion
2013
2015
Artist Impression of
Lobak Commercial Centre
PROJECT UPDATE: OTHERS (as at 31 Mar 2014)
9
1Q14 FINANCIAL HIGHLIGHTS
10
Background
Operations
Financials
Growth
Merits
Appendix
1Q14
1Q13
Change
RM'mil
FY13
134.7
155.6
-13.4%
Revenue
573.5
67.8
74.5
-9.0%
Gross Profit
249.0
50.3%
47.9%
2.5 pt
Gross Profit margin
43.4%
55.0
62.2
-11.6%
EBITDA
211.2
40.8%
40.0%
0.8 pt
EBITDA margin
36.8%
54.0
61.5
-12.2%
PBT
205.1
40.1%
39.5%
0.5 pt
PBT margin
35.8%
38.6
46.0
-16.2%
PATMI
151.6
28.6%
29.6%
(0.9 pt)
Net margin
26.4%
12.7
15.2
-16.2%
Basic EPS (sen)*
50.0
Slower start in 1Q14 as
current project mix in
early stages of
completion… margin
however, improved
with higher-end
products
* Based on enlarged number of shares
Profitability
50%
Lower 1Q14 revenue year-on-year, largely due to
sales yet to be recognised as certain BSS projects
still in early stages of completion.
Better gross margin in 1Q14, due to favourable sales
mix of more double storey houses.
36%
40%
36%
34%
19%
21%
27%
30%
20%
10%
11%
17%
14%
3%
0%
FY10
FY11
FY12
FY13
1Q14
ROA (Average Asset)
ROE (Average Shareholders Equity)
1Q14 INCOME STATEMENT
Background
Operations
Financials
Growth
11
Merits
Appendix
PROJECT SEGMENTATION
1Q14 Revenue Breakdown (Project)
Location
1Q13
1Q14
RM’mil
%
RM’mil
%
119.3
76.7
101.5
75.4
-25.1%
-14.9%
Taman
Seri
Impian,
20%
NS
BSS
Others
0.9
0.6
6.7
5.0
35.4
22.8
26.5
19.7
155.6
100.0
134.7
100.0
Bandar Sri
Sendayan,
75%
1Q14 Rev:
RM134.7 mil
Others
(NS), 5%
Revenue model
reflects a good mix of
products strong in
their respective
markets…
Johor
TSI
Total
+644.4%
1Q14 Revenue Breakdown (Type)
TYPE SEGMENTATION
+378.6%
Type
1Q13
5%
1Q14
RM’mil
%
RM’mil
%
Residential
117.3
75.4
92.9
69.0
Commercial
1.4
0.9
6.7
5.0
Industrial
36.9
23.7
35.1
26.1
Total
155.6
100.0
134.7
100.0
-20.8%
26%
69%
-4.9%
Residential
Commercial
Industrial Development Properties
REVENUE SEGMENTATION
12
Background
Operations
Financials
Growth
Merits
Appendix
Balance Sheet (RM’mil)
Shareholders Equity
Gross Borrowings
Cash & Cash Equivalents
Net Gearing (times)
Balance sheet ready
to undertake further
expansions… backed
by healthy cashflow
600.0
2.00
Net cash
552.4
1.83
500.0
582.0
Net cash
1.61
1.50
400.0
+23.7%
341.9
Net cash
143.4
116.0
203.0
0.50
50.8
47.6
30.7
22.3
14.0
17.3
0.01
0.2
100.0
326.0
182.5
332.6
200.0
1.00
237.6
300.0
FY2013
1Q2014
0.0
Driven mainly by strong
positive operating
cashflow with RM20 mil
government grant for
STV, after netting off
RM30.1 mil of dividends
paid and RM28 mil of
CAPEX on Clubhouse &
School constructions
0.00
FY2009
FY2010
FY2011
FY2012
BALANCE SHEET
Background
Operations
Financials
13
Growth
Merits
Appendix
Continue to maintain
minimum 40% payout
in FY2014…
Dividend Payout (RM'mil)
Payout Ratio
59.7%
39.4%
91.3
15.2
FY13
1Q14
Dividend Per Share (sen)
FY2014
Dividend
per share
(sen)
Dividend
Payout
(RM’mil)
1st Interim (single tier)
5.0
15.2
Total
5.0
15.2
Payment
Date
10.7.14
30.4
5.0
FY13
1Q14
DIVIDEND HISTORY
14
RECENT DEVELOPMENTS
15
Background
Operations
Financials
Growth
Merits
Appendix
2014 Development Plan
Projects
No. of Units/Type
1Q
2Q
3Q
4Q
GDV
(RM’mil)
BSS
367 units of 2-storey terrace
houses
196.6
36 units of 2-storey shop offices
& 14 units of 3-storey shop
offices
55.0
589 units of 2-storey terrace
houses
237.0
Impiana Avenue 3 I
26 units of 2-storey shop offices
14.0
Impiana Villa 2
54 units of 2-storey bungalows
& 74 units of 2-storey semi-d
houses
85.6
Lobak Commercial
Centre (Phase 2)
14 units of 2-storey shop offices
& 2 units of commercial lots
29.3
Third 9 Residence
148 units of 2-storey terrace
houses, 38 units of 2-storey
semi-d houses & 31 units of 2storey bungalows
144.7
Hijayu 1A (Phase 2)
Sendayan
Metropark 2
Hijayu 3A
Launched RM266 mil
projects to date and
another RM497 mil
projects yet to be
launched this year…
TSI
Others
TOTAL
Launched
762.2
To be launched
LAUNCHES IN FY2014
16
Background
Operations
Financials
Growth
Merits
Appendix
Matrix Concepts to continue launching new projects to sustain the
Group’s future earnings:
Projects
Timeline to
completion
Land size
(acres)
Ready for Sale#
Completed
220.4
416.4
Ongoing (launched)
2014 to 2017
262.1
974.8
Future Projects
2015 to 2022
1,717.8*
6,240.0*
2,200.3
7,631.2
TOTAL
Est. GDV
(RM ‘mil)
Group‘s earnings to be
further sustained with
additional est.
RM6.2 bil GDV
projects…
*includes KL, Labu and Rasah Kemayan land purchase
FUTURE PROJECTS (Selected)
Hijayu 2 @ BSS
#Projects that are ready for sale
include:
• Sendayan Techvalley
(Balance GDV: RM 377.2 mil;
Land: 197.3 acre)
• Sub Centre @ Nusari Bayu
(Balance GDV: RM27.2 mil;
Land: 15.0 acre)
• Sub Centre @ Nusari Hijayu
(Balance GDV: RM12 mil;
Land: 8.1 acre)
Nusari Bayu 2B @ BSS
Impiana Avenue/Impiana Square @
TSI
Impiana Villa @ TSI
PIPELINE PROJECTS
Background
Operations
Financials
Growth
17
Merits
Appendix
Identify strategic areas
Create competitive advantages
Constantly on lookout for neighbouring
landbank for cost effective management
of development
• Labu & Rasah Kemayan land
acquisitions: mixed development of
residential and commercial properties
commencing within 2-3 years
Also exploring up-and-coming locations
for diversification and geographical
expansion
• KL project near PWTC, target
submission of building plans to DBKL
for mixed development of high-rise
serviced apartments in 2H14
Commercial activities
• Merchant Square in the centre of BSS to
be the nucleus of recreational and
lifestyle activities to cater for the
targeted 100k population
Active
Landbanking
BSS Township
Enhancement
Duplicate STV success
In advanced stage of negotiations for
potential lands for industrial property
development
Promote
“Live in Negeri
Sembilan, Work in
Klang Valley”
Strengthen balance sheet
Keeping low gearing to seize landbank
opportunities when they arise
Job creation
• Ensuring success in STV, in terms of
infrastructure and support; to encourage
high-impact FDIs to attract highly-skilled
professionals
• Currently in various stages of
negotiations with interested potential
investors
Top-notch educational facilities
• Targeting families seeking wholesome
education experience to set up homes in
BSS
• Matrix Global Schools is affiliated to
Ellesmere College (UK) on interactive
curriculum, sporting skill exchanges,
student exchange and staff immersion
programmes
Emphasise on affordability & price differential
BSS property/land prices are within the affordable and mid-range
categories, compared to KL; bigger space for similar price
Leverage on highway connectivity
BSS is strategically located with excellent and improving
connectivity
GROWTH PLANS
18
Investment Merits
19
Background
•
•
Operations
Financials
Growth
Merits
Appendix
Share Price @ 20 May 2014
RM4.10
Market Cap @ 20 May 2014
RM1,244.82 mil
12-month Trailing PE Ratio
8.6x
12-month Trailing EV/EBITDA
5.7x
Matrix Concepts has declared a first interim single tier dividend of 5.0 sen/share in
respect of FY2014
The dividend will be paid out on 10 July 2014 according to the Record of Depositors
dated 26 June 2014
VALUATION
20
Background
Operations
Financials
Growth
Merits
Appendix
Matrix Concepts, an investment proxy to the growth proposition of Seremban as a
satellite city within the Greater Klang Valley
•
KL-Seremban conurbation gaining traction over the years, with rising number of people migrating to
Seremban while still working in KL
Matrix Concepts is a leading property developer based in Negeri Sembilan (NS) with
strong track record spanning more than 15 years
•
Extensive experience developing about RM3.3 bil GDV projects in NS and Johor
Ample balance landbank (1,980 acres for est. RM6.2 bil GDV) to sustain Group till 2022
•
Current projects of RM975 mil GDV have approx. 77% take-up and unbilled sales of RM440.8 mil
Growing profit and sustainable margin expected to continue, with more higher-priced
product launches and industrial properties sales at Sendayan Techvalley
Strong balance sheet (net cash position as at 31 Mar 2014) allow Group to continue its
active landbanking activities
Dividend policy of a minimum of 40% payout from Group’s net profit
SUMMARY
21
THANK YOU
IR Contacts:
Mr. Terence Loo
Mr. Louis Tan
T: 03-2711 1391 / 012-629 5618
T: 06-7642 688 / 017-336 1595
E: terence@aquilas.com.my
E: louistan@mchb.com.my
22
APPENDIX
23
Background
Operations
Financials
Growth
Merits
Appendix
Established in 1996, Matrix Concepts Holdings Berhad is a reputable Serembanbased property developer, focusing on development of residential, commercial and
industrial properties
Matrix Concepts Business Model
Matrix Concepts
Sales of Land
Commercial
Property Development
Residential
Industrial
Currently, the Group has two flagship township development projects in Negeri
Sembilan and Johor
Bandar Sri Sendayan (BSS)
@ Seremban
A property developer
of choice that has
moved up the value
chain by building
strong track record in
Negeri Sembilan and
Johor…
Taman Seri Impian (TSI)
@ Kluang
To date, the has built a strong track record by completing development projects
worth RM3.3 bil GDV on approximately 2,560 acres of land in Negeri Sembilan and
Johor
BACKGROUND
Vision
•Envisioned to be the
innovative market leader
in property development
while
diversifying
in
enhancing
corporate
values
Mission
•Continuously striving to
provide excellent customer
service and meet customer
needs for total value
24
Background
Operations
Financials
Growth
Merits
Appendix
Dato’ Haji Mohamad Haslah bin Mohamad Amin (Non-Independent Non-Executive Chairman)
•20 years of experience in both domestic and international financial industry, substantially with Maybank Group
•Graduated in 1975 from the Institute of Bankers, London, with a Diploma in Banking
Dato’ Lee Tian Hock (Group Managing Director/ Chief Executive Officer)
•Founder of Matrix Concepts Group, he is responsible for the Group’s business direction and overall strategies and
policies
•Has approximately 30 years of experience in the property development industry and was involved in the
development of Taman Rasah Jaya – then the largest housing scheme in Negeri Sembilan
•Graduated with a degree in Housing, Building and Planning from Universiti Sains Malaysia
Led by a capable
Board with vast
property development
and corporate
experience…
Ho Kong Soon (Group Deputy Managing Director/ Chief Operating Officer)
•Responsible for the overall project management as well as overseeing daily operations of the Group
•Has approximately 20 years of experience and was involved in the development of the Allson Klana Resort Hotel,
Kasturi Klana Park Condominium and Taman Semarak housing scheme in Negeri Sembilan
•Graduated with Bachelor of Engineering degree from University of Malaya
Dato’ Firdaus Muhammad Rom bin Harun (Independent Non-Executive Director)
•39 years of experience in the corporate sector and civil service
•Graduated with a certificate in Public Relations from the Institute of Public Relations, London, and also a
Diploma in Marketing from the Chartered Institute of Marketing, UK.
•Currently the Political Secretary to the Menteri Besar of Negeri Sembilan
Rezal Zain bin Abdul Rashid (Independent Non-Executive Director)
•Has approximately 20 years of experience in audit, corporate finance, as well as enterprise building
•Member of the Malaysian Institute of Accountants and the Australian Society of Certified Practicing Accountants
(now known as CPA Australia)
•Graduated with Bachelor of Arts (Accounting) degree from University of Canberra
Dato’ (Ir) Batumalai Ramasamy (Independent Non-Executive Director)
•Has 35 years of experience as an engineer in the Department of Irrigation and Drainage (DID) in various
jurisdictions of KL, Kedah, Perak, Johor and Negeri Sembilan; overseeing, planning, designing, operations and
management of all the irrigation and drainage areas
•Holds a Diploma in Civil Engineering from Universiti Teknologi Malaysia and a Bachelor of Science in Civil
Engineering from the University of Aberdeen, Scotland
BOARD OF DIRECTORS
Background
Operations
Financials
Growth
25
Merits
Appendix
1997
•Commenced operations as a property development company
•Began maiden property project, Tmn Bahau in Negeri Sembilan
1999
•1st JV with Menteri Besar Incorporated (MBI) of Negeri Sembilan to develop Tmn Andalas on approx 39
acres of land
•Launched Phase 1 of Tmn Andalas with 90% units sold within 6 months
2004
•Acquired Seventech, a property development company to expand to Johor
•Commenced 1st Johor project with the development of Tmn Anggerik Tenggara
2005
•Entered JV with KKTNJB to undertake township development in TSI, Kluang, Johor
•Entered JV with MBI to develop 2nd flagship development project in BSS, Seremban
•Accredited with ISO 9001:2000 status
2006
2008
2009
Unabated expansion
since incorporation…
Bandar Seri Sendayan
set to be the Group’s
trajectory milestone
•Begins development of TSI township development
•Begins development of BSS with Nusari Bayu 1 (residential area) and Sendayan Metropark (commercial plots)
•Upgraded to ISO 9001:2008 by BM TRADA Certification Ltd
2011
•Disposed piece of land (750 acres) to 1Malaysia Development Berhad for purpose of setting up new
academia and training centre for the RMAF at BSS
2012
•Signed MOU with 6 foreign companies from Japan, Taiwan, Hong Kong and France for purchase of industrial
lots at Sendayan Techvalley
2013
•Listed on the Main Market of Bursa Malaysia Securities Berhad on 28 May
•Expands BSS with purchase of 2 neighbouring lands at Labu & Rasah Kemayan for RM106.8 mil
•Makes maiden foray into Kuala Lumpur with purchase of 1.1 acre land nearby PWTC for RM43.6 mil
KEY ACHIEVEMENTS & MILESTONES
26
Background
Operations
Financials
High Quality &
Diverse
Product Mix
Established
Track Record
>15 years
experience; incl
developing
integrated
township
Demonstrated
in high take-up
rates
Growth
Merits
Strategic
Location
Sustainable &
High-Impact
Developments
BSS has high
accessibility to
key locations
BSS to benefit
from highimpact
Government
and industrial
developments
Ability to
launch new
projects at
higher prices
Appendix
Experienced
Management
Team
Matrix Concepts
brand embodies
>15 years of
accumulated expertise
and experience in
township
development…
Founder has
approx 30 years
of experience in
the sector
Supported by a
competent
management
team
Diverse product
portfolio to
mitigate risk
Experience in
Joint Venture
projects with
State
Governments
Taman Seri
Impian
strategically
located in
Kluang
Ongoing and
future projects
have GDV of
RM7.3 bil
lasting till 2022
Ability to
market and
complete
projects on
time
COMPETITIVE ADVANTAGES & KEY STRENGTHS
Background
Operations
Financials
Bandar Sri Sendayan Acreage
(incl. STV)
(acres)
Completed#
Ongoing*
Future
Total
Growth
Merits
27
Appendix
GDV
(RM'mil)
1,017.8
208.9
1,146.3
2,373.1
1,611.0
821.8
4,196.4
6,629.2
Bandar Sri
Sendayan
Rasah Kemayan Land
•194.4 acres
•Purchased for RM59.3 mil
•Proposed mixed development of
residential and commercial properties
worth approx RM800mil GDV
(commence 2015-2016)
Labu Land
•236.9 acres
•Purchased for RM47.5 mil
•Proposed mixed development of
residential and commercial
properties worth approx RM760mil
GDV (commence 2016)
Sendayan
Tech Valley
#includes total GDV and land acreage of STV
*includes Clubhouse & Sub Centres at Nusari Bayu and Nusari Hijayu
BANDAR SRI SENDAYAN PROJECTS
28
Background
Operations
Financials
Growth
Merits
Appendix
Foreign Direct Investors to date
(with indicated investment):
•Hino Motor (RM150 mil)
•Messier-Buggatti-Dowty (RM300 mil)
•Keen Point (RM200 mil)
•TMC Metal (RM20 mil)
•Akashi-Kikai Industry /Daihatsu (RM220 mil)
•Meditop Corporation (RM150 mil)
•MBM Resources/Mitsubishi (est. RM300 mil)
•Nippon Kayaku (RM600 mil)
•Linatex (RM350 mil)
•Schmidt + Clemens (RM500 mil)
•Weir Group (RM350 mil)
Hino Motor
Messier-Buggati-Dowty
Akashi Kikai
FDIs IN SENDAYAN TECHVALLEY
Background
Operations
Financials
Growth
Merits
29
Appendix
Acreage GDV
Taman Seri Impian (acres)
(RM'mil)
Completed
310.6
420.2
Ongoing
99.5
231.5
Future
227.5
693.2
Total
637.6
1,344.9
TAMAN SERI IMPIAN PROJECTS
30
Background
Operations
Financials
Growth
Merits
Appendix
Acreage GDV
(acres) (RM'mil)
1,232.5 1,237.3
0.7
16.1
342.9 1,100.4
1,576.1 2,353.9
Others
Completed
Ongoing
Future
Total
OTHER PROJECTS
Background
Operations
Financials
31
Growth
Merits
Appendix
KL profile project targeted for 2H14
proposal submission… GDV likely to be
enhanced with higher plot ratio
Purchased for: RM43.6 mil / RM950 psf
(Fully paid in 4Q13; 100% Internal funds)
KL profile project
targeted for 2H14
proposal submission…
GDV likely to be
enhanced with higher
plot ratio
Features:
• Mixed development of high-rise
serviced apartments with full
facilities, retail and F&B outlets
with approved of Plot Ratio of 8
• GDV: RM250 million
KL PROJECT
32
Background
Operations
Financials
Growth
Merits
Appendix
Increasing prices in
Group’s properties
reflected in the strong
margins over the
years…
3-yr EBITDA CAGR: 86.0%
3-yr PAT CAGR: 90.8%
Note: FY2011 Revenue & PAT would have been RM330.3 mil & RM58.1 mil respectively, if sale of 750
acre of land was not accounted; EBITDA and PAT margins would be 26.4% and 17.6% respectively.
FINANCIAL PERFORMANCE
Background
Operations
Financials
Growth
Merits
33
Appendix
PROJECT SEGMENTATION
Location
FY2009
FY2010
FY2011
FY2012
FY2013
RM’mil
%
RM’mil
%
RM’mil
%
RM’mil
%
RM’mil
%
BSS
91.5
44.8
101.8
52.1
206.1
33.0
339.8
74.5
458.5
79.8
Others
29.6
14.5
31.2
15.9
12.7
2.0
2.3
0.5
3.1
0.5
TSI
40.3
19.8
62.0
31.7
88.9
14.3
81.0
17.8
83.9
14.6
Others
42.2
20.7
0.3
0.2
0.0
0.0
0.0
0.0
0.0
0.0
Sales of Land
0.4
0.2
0.3
0.1
316.5
50.7
33.0
7.2
29.2
5.1
204.0
100.0
195.6
100.0
624.2
100.0
456.1
100.0
574.7
100.0
NS
Revenue model
reflects a good mix of
products strong in
their respective
markets…
Johor
Total
TYPE SEGMENTATION
Type
FY2009
FY2010
FY2011
FY2012
FY2013
RM’mil
%
RM’mil
%
RM’mil
%
RM’mil
%
RM’mil
%
Residential
187.4
91.8
176.7
90.4
254.7
40.8
328.1
71.9
419.5
73.0
Commercial
16.2
8.0
18.6
9.5
31.6
5.1
15.2
3.3
6.5
1.1
-
-
-
-
21.4
3.4
79.8
17.5
119.5
20.8
0.4
0.2
0.3
0.1
316.5
50.7
33.0
7.3
29.2
5.1
204.0
100.0
195.6
100.0
624.2
100.0
456.1
100.0
574.7
100.0
Industrial
Sales of Land
Total
REVENUE SEGMENTATION
34
Background
Operations
Financials
Project
Growth
Merits
Site Area
(acres)
Type
Nusari Bayu 1
Nusari Bayu 2A
Atiya
SST
SST
SSSD
SST
Idaman Bayu
DST
Nusari Aman 1A
SST
SST
DST
SSSD
Nusari Aman 2A
DSSD
SSSO
SSS
Cosmoxia
SSSD
Sendayan MetroPark
Comm Lot
SST
Nusari Bayu 3 - Phase 1
DST
SST
Nusari Bayu 3 - Phase 2
DST
DSSO
SST
Nusari Aman 1B
DST
DSSO
Metro Park Shop 1A
TSSO
DST
Nusari Aman 2
SST
DST
Nusari Aman 2D
SSSD
Idaman Bayu 2
DST
TOTAL
Appendix
No. of
units
105.4
32.6
1.4
Take-up
rate
1,159
359
18
81
97
236
150
91
6
14
46
1
36
18
111
150
69
150
25
341
174
29
9
350
122
128
18
56
4,044
17.7
15.5
27.5
2.7
35.4
22.4
20.9
38.2
2.5
35.4
16.5
4.8
378.9
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
0%
100%
89%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
99.9%
Est. GDV
(RM'mil)
113.2
42.4
5.2
13.2
26.4
34.2
25.1
21.7
2.0
7.3
10.3
1.0
11.7
47.1
20.8
41.8
15.1
46.6
12.0
60.0
43.1
13.9
6.0
101.4
25.8
46.4
7.8
23.6
825.1
Commenced
Completed
2008
2009
2010
2010
2011
2011
2010
2011
2010
2011
2010
2011
2010
2008
2011
2010
2010
2012
2011
2013
2011
2013
2011
2013
2011
2013
2012
2014
2012
2014
Total GDV and Site Area excludes STV
BSS COMPLETED PROJECTS (as at 31 Mar 2014)
Background
Operations
Project
Nusari Aman 3A
Nusari Bayu 2B
Hijayu 1B
Hijayu 3D
Hijayu 1A (Phase 1)
Hijayu 1A (Phase 2)
Sendayan Metropark 2
1Sendayan Clubhouse
Sub Centre @ Nusari
Bayu
Sub Centre @ Nusari
Hijayu
Financials
Type
Growth
Site Area
(acres)
DST
SST
DST
SSSD
DST
SST
DST
DST
DST
DSSO
TSSO
Comm Lot
Institute
17.2
8.1
21.5
43.5
30.2
37.1
4.3
19.0
Merits
No. of
units
Appendix
Take-up
rate
102
37
80
10
154
75
534
299
367
36
14
1
1
35
100%
100%
100%
100%
100%
98.7%
100%
100%
29.2%
97.2%
85.7%
n/a
Est. GDV
(RM'mil)
Unbilled
Sales
Commenced
(RM'mil)
31.6
9.0
24.4
4.7
57.8
19.5
192.5
136.1
196.6
34.8
20.2
2.7
50.0
Completed
9.6
2012
Q3 2014
8.5
2012
2014
31.7
2012
2014
102.3
111.4
15.9
2012
2013
2014
2014
2015
2016
51.8
2014
2017
n/a
2013
2015
Comm Lot
20.0
4
25%
30.0
n/a
Ready for Sale
Comm Lot
8.1
2
0%
12.0
n/a
Ready for Sale
TOTAL
208.9
1,716
84.2%
821.8
331.2
Unbilled sales excluding RM104.0 mil from STV
BSS ONGOING PROJECTS (as at 31 Mar 2014)
36
Background
Operations
Financials
Growth
Project
Type
Sendayan Merchant
Square 1
Hijayu 3A
Hijayu 3B
Hijayu 3C
DSSO
Comm Lot
DST
DST
DST
DSSD
DST
DSB
BL
DSB
BL
DSSO
Comm Lot
DST
SST
DSSO
Comm Lot
DST
DSSO
Comm Lot
DSSO
DSSO
Comm Lot
DSSDF
DSTF
Icon City
TOTAL
Hijayu (Resort Homes)
Hijayu (Resort Villa)
Hijayu (Residence)
Sendayan Merchant
Square 2
Suriaman 1
Suriaman 2
Sendayan Metropark 3
Sub Centre @ Sendayan
Tech Valley 1A
Sendayan Icon Park
Merits
Site Area
(acres)
Appendix
No. of
units
Est. GDV
(RM'mil)
154
3
589
334
394
200
308
102
1
67
6
149
4
235
150
17
1
878
21
1
132
32
1
30
84
1
3,894
29.4
52.1
32.5
38.4
85.1
49.5
56.0
49.9
44.5
101.7
13.2
46.4
116.4
715.0
Commenced
Completed
2015
2017
2014
2015
2015
2016
2017
2017
2015
2018
2015
2018
2015
2018
2016
2018
2015
2017
2016
2018
2016
2018
2016
2018
n/a
n/a
202.2
10.0
237.0
140.3
153.7
160.0
154.0
157.8
4.0
120.6
18.8
223.5
40.0
112.8
42.0
13.6
1.5
491.7
21.0
3.0
200.0
38.4
1.7
30.0
58.8
0.0
2,636.4
BSS FUTURE PROJECTS (as at 31 Mar 2014)
Background
Operations
Project
Financials
Type
Taman Seri Impian 1
Impiana Avenue 1
SST
DSSO
Taman Seri Impian 2
(Parcel 1)
SST
Taman Seri Impian 2
(Parcel 2)
Taman Seri Impian 3
(Impiana Garden 1)
Taman Seri Impian 3
(Impiana Garden 2)
Taman Seri Impian 3
(Impiana Garden 2 Modena)
Impiana Avenue 2
Impiana Villa 1
Taman Seri Impian 4
(Impian Casa 1)
Growth
Merits
Site Area
(acres)
51.1
2.8
80.2
DST
SST
38.4
DST
No. of
units
37
Appendix
Take-up
rate
Est. GDV
(RM'mil)
487
33
100%
100%
38.8
7.1
857
100%
83.4
50
100%
7.8
247
100%
28.3
99
100%
17.0
Commenced
Completed
2006
2006
2008
2009
2007
2009
2007
2010
SST
26.9
242
100%
28.3
2009
2010
SST
17.9
161
100%
21.6
2010
2011
SST
21.6
194
100%
31.8
2010
2011
DSSO
SSB
DSB
3.3
36
96
65
100%
99%
98%
10.9
33.1
32.0
2010
2011
2010
2012
329
100%
47.6
2010
2013
136 100%
3,032 99.9%
32.5
420.2
SST
DST
TOTAL
26.1
42.3
310.6
TSI COMPLETED PROJECTS (as at 31 Mar 2014)
38
Background
Operations
Financials
Project
Growth
Site Area
(acres)
Type
DST
SST
DST
SST
TOTAL
Impiana Casa 2
Impiana Bayu 1
Merits
No. of
units
Appendix
Take-up
rate
Est. GDV
(RM'mil)
137 100%
151 100%
363 49%
240 40%
891 63.0%
32.5
67.0
99.5
Unbilled
Sales
(RM'mil)
Commenced
Completion
9.3
2012
2014
43.1
2013
2015
38.8
28.7
117.0
47.0
231.5
52.4
Impiana Casa 2
Impiana Bayu
TSI: ONGOING PROJECTS (as at 31 Mar 2014)
Background
Operations
Financials
Project
Impiana Avenue 3 I
Impiana Avenue 3 II
Growth
Type
DSSO
DSSO
DSSO
Impiana Villa 2
DSSD
DST
SST
DSSO
Impiana Bayu 2
DST
Comm Lot
Stall
Impiana Villa 3
DSSD
Impiana Avenue 4
DSSO
Impiana Avenue 5
DSSO
Impiana Avenue 6
DSSO
DSSO
TSSO
Impiana Avenue 7
Comm Lot
Petrol Land
Taman Seri Impian 2
DST
Stall
Impiana Casa (Stage 2)
DST
TOTAL
Merits
Site Area
(acres)
1.0
2.3
23.7
100.0
21.4
2.8
2.4
2.7
39.6
11.8
19.8
227.5
39
Appendix
No. of
units
26
60
54
74
215
220
94
209
1
1
166
75
51
73
416
92
1
2
280
1
161
2,272
Est. GDV
(RM'mil)
14
19.2
48.6
37.0
68.8
44.0
n/a
n/a
n/a
n/a
79.7
26.3
21.4
29.2
222.2
82.8
n/a
n/a
n/a
n/a
n/a
693.2
TSI FUTURE PROJECTS (as at 31 Mar 2014)
Commenced
Completed
2014
2014
2016
2016
2014
2017
2015
2016
tba
tba
2015
2015
2015
2016
2017
2016
2017
2017
2016
2019
tba
tba
tba
tba
tba
tba
tba
tba
40
Background
Operations
Financials
Growth
Type of
Units
Project
Merits
Appendix
No. of
Units
Acreage
GDV
(RM’mil)
Est.
Commencement
Kota Gadong
Perdana
SST & DST
294.6
3,632
926.4
Q1 2016
Third 9 Residence
DST, DSSD,
& DSB
41.8
217
144.7
Q4 2014
Lobak Commercial
Centre (Phase 2)
DSSO & CL
2.1
16
29.3
Q3 2014
Lobak Commercial
Centre (Phase 3)
n/a
4.5
n/a
n/a
n/a
343.0
3,865
1,100.4
Total
FUTURE PROJECTS: OTHERS (as at 31 Mar 2014)
Background
Operations
Financials
Growth
Merits
41
Appendix
LEGEND
SST
Single-storey terrace houses
SSSD
Single-storey semi-detached houses
DST
Double-storey terrace houses
DSSD
Double-storey semi-detached houses
SSSO
Single-storey shop offices
DSSO
Double-storey shop offices
TSSO
Three-storey shop offices
SSS
Single-storey stalls
BL
Bungalow Lots
SSB
Single-storey bungalows
DSB
Double-storey bungalows
DSSDF
Double-storey semi-detached factories
DSTF
Double-storey terrace factories
Comm Lot
Commercial Lots
Ind Lot
Industrial Lots
Club
Clubhouse
GLOSSARY
42