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Tuesday, September 23, 2014

Just-Too-Late - TMCLife, ChinWell, PriceWorth, IRIS


TMCLife: Speculation that TMC Life Sciences Bhd may be involved in a corporate exercise.
 
Singapore billionaire Peter Lim Eng Hock is rumoured to be thinking of parking all his healthcare services assets in Malaysia and Singapore under TMC Life.

Lim is a major shareholder of the company with a 76.57% stake.

Its mandatory general offer (MGO) is priced at 48 sen that Lim had offered in August 2014.

The corporate exercise, sources said, would see two hospital assets – Tropicana Medical Centre in Petaling Jaya and Thomson Medical Centre in Singapore – being parked under Bursa Malaysia-listed TMC Life.

A stronger control of TMC Life would allow Lim to inject his Singapore assets under one entity. This would see Lim indirectly re-floating the Thomson Medical Centre on the Malaysian stock market at a higher premium.

Lim wholly-owns Thomson Medical Centre Pte Ltd, which was once listed on the Singapore Stock exchange. It was privatised in 2011 by Lim via his vehicle Sasteria Pte Ltd in a deal that valued it at S$513mil (RM1.31bil) or S$1.75 per share. It was then reported that the privatisation had valued Thomson Medical Centre at up to 30 times estimated street earnings in its financial year 2011.

It was reported that Thomson Medical could easily fetch premiums of anywhere between 40-50 times forward earnings.

In early August 2014, Lim acquired an additional 26.6% in TMC Life from tycoon Tan Sri Vincent Tan Chee Yioun for 48 sen per share, raising his stake in the company to 59.2% and triggering an MGO for the rest of the shares he did not already own. When the MGO closed on Sept 18 2014, Lim had increased his stake in the company to the current 76.57% stake.

TMC Life was planning to address the non-compliance with the public shareholding spread requirement, which stated that a company must ensure that at least 25% of its total listed shares were in the hands of public shareholders.

Lim intended to retain the listing status of the company, which would explore various options or proposals to rectify the public shareholding spread.

ChinWell: Its MD Tsai Yung Chuan has bought a total 21.53 million shares in the company, equivalent to a 7.9% stake. After the acquisition, Tsai has a 58.12% stake, or 158.41 million shares, in the company. Chin Well makes screws, nuts, bolts and other fastening products.

PriceWorth: Priceworth International Bhd saw 4.3% of its shares traded in an off-market deal sharply below its current traded price on 22 Sept 2014. 17 million shares of the Sabah-based timber company were transacted at an average price of 20 sen a share.

On Sept 15 2014, Priceworth announced its unit Maxland Dockyard & Engineering Sdn Bhd had teamed up with Semaring Enterprise Sdn Bhd to take part in the onshore and offshore oil and gas works. Semaring Enterprise is a supplier for Petroliam Nasional Bhd and Petronas’ contracted profit sharing contractors.

IRIS: Iris Corporation Bhd has been appointed as the "approved refund agent" for the Goods and Services Tax (GST) refund services to foreign tourists, under the Tourist Refund Scheme.

The job was awarded by the Royal Malaysia Customs via its the group's unit Iris Information Technology Systems Sdn Bhd.

Investment of the tender is RM155mil but Iris will be paid an fee of 15% from the GST Refund Services.

The appointment is for a term of three years, where it will be financed through internally generated funds and bank borrowings.

Iris expects the job to contribute positively to the financial results of the group in the long run.
 

Tuesday, September 9, 2014

Shareholder Changes - BHS, GOB

BHS: FGV has emerged as a substantial shareholder in the company with an 11.1% stale.
  
BHS prints magazines, textbooks, general publications, directories and company annual reports.

GOB: Datuk Choo Chua Siang emerging as a substantial shareholder after acquiring a 6.55% or 14.9 million shares in GOB.

Datuk Choo is a non executive director in Pavilion REIT.

Goh Chee Keen, GAn Wei Pin and How Wee Teck have ceased to be a substantial shareholders in GOB, after the trio ceased to have interest in Indera Muhibbah Sdn Bhd on Sept 03 2014.

Choo had acquired the stake on the same day.

Meanwhile Othman Mohammed remains the single largest shareholder of GOB, with indirect stake of 12.05%.

GOB is deemed to have business ties with Tan Sri Ta Kin Yan and Tan Sri Desmond Lim who is one of the major shareholders of Pavilion REIT.

It was reported that GOB is planning to kickstart over rm2 billion worth of developments in 2015.
 

Monday, September 8, 2014

Ireka ... Entitle To RM200 million Divestment Procees !!!

Its net assets per share stood at rm1.09 as at June 30 2014.

Its first feather in its cap is the 23.07% stake it holds in London listed Aseana Properties Ltd, which has a portfolio of properties worth more than USD200 million.

Also Ireka has managed to replenish its order book with contracts worth rm1.2 billion which can last it for at least two years from Sept 2014.

The rm1.2 billion order book is expected to give Ireka an average annual turnover of rm500 million from its construction division over the next two to three years from Sept 2014.

The ASPL is structured like a development fund with a shelf life seven years which will come to an end in the middle of 2015. Any extension of this period will be subject to the decision of a continuation vote at the company’s 2015 AGM.

ASPL will no longer invest in any new property development projects .. and it had stopped doing it. All the projects in the portfolio will be realized over time and the money will be returned to the shareholders.

The divestment of all of ASPL’s assets from 2015 is already being planned. ASPL has an estimated realizable net asset value of USD270.82 or USD1.27 per share compared with its current market price of USD0.44 per share.

Ireka will be entitled to 23.07% or about rm200 million of the divestment proceeds – which is almost double the company’s market cap of rm113 million.

About 74% of ASPL’s funds are invested in property development projects in Malaysia. It has four operating assets namely Aloft KL Sentral Hotel, 1 Mont Kiara, Harbour Mall Sandakan and Four Points by Sheraton Sandakan Hotel.

The losses in some of ASPL’s operating assets have dragged down Ireka’s earnings in the past.

With an order book of rm1.2 billion in hand, Ireka will be profitable going forward.

The major jobs in the order book are high rise residential developments for SP Setia’s KL Ecocity in KL, UEM Sunrise Bhd’s Imperia Puteri harbor in Johor, OSK Property Holdings Bhd’s Solstice in Cyberjaya as well as MRT package.

An increase in the size of the order book is generally positive for a construction company’s stock valuation. If Ireka can convert what is in its order book to its bottom line, the company’s stock may be able to garner the valuation that its peers have.

Ireka is mainly involved in the construction of high end and high quality buildings higher than 40 storeys and a limited amount of civil engineering works for infra construction.

With ASPL preparing to exit the market, Ireka has stepped up its property development efforts since 2012. It has also increased its land bank and has 65 acres in the Klang Valley and Nilai.

The gross development of its land bank is rm2 billion over the next five to six years from Sept 2014.

On that note, the volatility in Ireka’s financial results and its lackluster share performance could soon be history as the rest of FY2015 unfolds. The building blocks are in place and Ireka’s finer years are ahead from Sept 2014.

The Lai family collectively holds a 56.54% stake in Ireka.


Wednesday, September 3, 2014

Sumatec ... Rights Issue Coming !

Its major shareholder Tan Sri Halim Saad says he will increase his stake in Sumatec to 32% from 22.06% currently as he is in the company for the long term.



This will be done through the subscription of new shares arising from Sumatec’s acquisition of the Buzachi Neft oil field that is estimated to cost the company US$350mil (RM1.12bil).



In the proposed acquisition, Sumatec would undertake a rights issue which Halim would subscribe for his portion. Halim will accrue the additional shares by purchasing a block that will be put up for sale by a vendor of the Buzachi asset.



Halim, who has about 22% stake in Sumatec, estimated that it would cost him some RM550mil to increase his interest in the company.



Sumatec was looking to acquire the Buzachi Neft oil field from Borneo Energy Oil and Gas Ltd that has a proven and probable oil reserves of 68.86 million barrels.



The US$350mil consideration will be paid via US$225mil (RM720mil) cash and US$125mil (RM400mil) worth of Sumatec shares.



To fund this, Sumatec announced a proposed renounceable rights issue of up to 2.3 billion new Sumatec shares together with up to 2.3 billion free warrants at an indicative issue price of 40 sen per rights share. Sumatec shareholders with two shares will be entitled to subscribe for one rights and the warrant is thrown in free.



In the deal, a vendor of the Buzachi Neft oil field – Abu Talib Abdul Rahman – is offering for sale up to 727.27 million Sumatec shares, which Halim has agreed to take up.


Tuesday, September 2, 2014

GOB ... Undervalued, Link To Desmond Lim & Ta Kin Yan

It was reported to have ties with Tan Sri Desmond Lim and Tan Sri Ta Kin Yan.



The firm will develop 106 acres in Batu Kawan, Penang in the immediate term with an estimated GDV of rm662 million. In addition, a joint venture with Lembaga Getah Malaysia in Ampang, KL with a GDV of rm1.2 billion will also kick off in 2015.



In Batu Kawan, GOB started with a total of about 460 acres. One hundred acres were developed with the units fully sold while the balance 365 acres have a total expected GDV of about rm1.7 billion.



For the next phase of 106 acres the firm is targeting to obtain approval from the Penang authorities by end of 2014 so that it can launch the units in 2015. Increasing activities in the Batu Kawan project, where GOB had acquired the land long ago at low prices.



Current (Aug 2014) market value for land parcels in Batu Kawan has reached rm45 to rm55 psf. That makes GOB’s land in Penang worth some rm700 million at least. That is 80% higher than the firm’s market cap of rm234 million and net debt of rm155 million put together, indicating that the stock is undervalued.



GOB is an attractive alternative Penang mainland play and encouraging take up rate in Batu Kawan will spur the re rating of the stock.



Apart from Batu Kawan, in the Klang Valley, GOB has a total available land bank of 98 acres with a potential estimated GDV of rm2.93 billion. This includes 66 acres in Taman Equine in Seri Kembangan worth about rm1.52 billion in GDV, six acres in Jalan Ampang via the joint development agreement with LGM worth about rm1.2 billion and the 26 acres of land in Sungai Long (to be developed in 2015) that GOB purchased earlier from Malton that has an estimated GDV of rm200 million.



The JV with LGM is significant as it will be GOB’s first project in the city centre. These project contribution will be reflected in its financial year ending March 31 2016.



GOB has two projects planned for launch by end 2014 worth rm401 million.



To beef up its coffers, GOB has proposed the rights issue exercise which will raise rm113.7 million in fresh proceeds. Half of the proceeds of rm58.7 million will be used to repay GOB’s borrowings and bring down its gearing to about 0.4 times.



Othman Mohammed, an executive director is the largest shareholder with indirect holdings of 12.05% as at June 30 25014. Meanwhile the top 50 shareholders comprising individuals and fund houses hold about 42% of GOB.



It is also worth noting that GOB has ventured into the consumer retail and F&B to diversify its revenue stream by acquiring a 65% stake in PNT for rm50 million.



In the next three years from Aug 2014, property will still be its major focus contributing 70% to its revenue. But it is projecting retail and F&B to contribute up to 30% then.

 

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