♦ A large Canal City township coming in end 2011. Canal City land is
staged to become a major township development for IJMLD in the coming
years. The company has recently signed a termination agreement with the
state government for the construction of canal. However, the JV company
(with Keuro) will have to incur some cost for the land, relocation of
squatters, acquisition of replacement oil palm land for squatters etc. We
estimate that the effective land cost would be around RM4-6 psf, which is
rather attractive, as it is getting very difficult to secure a large parcel of
land in Klang Valley. At a preliminary estimate, the leasehold development
will worth a GDV of RM4bn, but we believe there is upside potential given
IJMLD’s track record on stepping-up pricing in its property launches.
IJM Land Berhad : Canal City Land To Kick Off End 2011 - 07/10/2010
Showing posts with label IJM Land. Show all posts
Showing posts with label IJM Land. Show all posts
Thursday, October 7, 2010
Corporate Highlights - 07/10/2010
♦Consumer
Sector Update : Rising Consumerism, Tobacco Hit By Early
Excise, Brewery To Await Verdict
♦ IJM Land
Company Update : Canal City Land To Kick Off End 2011
♦ Construction
Sector News Update : An Alternative MRT Proposal By IJM-UEM?
Corporate Highlights - 07/10/2010
Sector Update : Rising Consumerism, Tobacco Hit By Early
Excise, Brewery To Await Verdict
♦ IJM Land
Company Update : Canal City Land To Kick Off End 2011
♦ Construction
Sector News Update : An Alternative MRT Proposal By IJM-UEM?
Corporate Highlights - 07/10/2010
Thursday, August 26, 2010
IJM Land Berhad : Above Expectations - 26/08/2010
♦ Above expectations. IJMLD’s 1QFY11 net profit of RM53.5m (doubled
from 1QFY10) exceeded our and consensus estimates by 20-25%. The
strong performance was mainly due to large number of property launches,
such as The Light Linear and Light Point, and hence sales generated since
April 2009, driven by improved buyer sentiment. EBIT margin improved to
24.5%, thanks to the better product mix of more higher-end properties.
Unbilled sales continue to remain healthy at about RM850m.
IJM Land Berhad : Above Expectations - 26/08/2010
from 1QFY10) exceeded our and consensus estimates by 20-25%. The
strong performance was mainly due to large number of property launches,
such as The Light Linear and Light Point, and hence sales generated since
April 2009, driven by improved buyer sentiment. EBIT margin improved to
24.5%, thanks to the better product mix of more higher-end properties.
Unbilled sales continue to remain healthy at about RM850m.
IJM Land Berhad : Above Expectations - 26/08/2010
Friday, June 25, 2010
IJM Land Berhad : Disposes Of Aeon Bandaraya Melaka - 25/6/2010
RM64m disposal gains. IJM Land is disposing of its retail property Aeon Bandaraya Melaka to ADF Tiger III Ltd, a Bermuda-incorporated foreign fund, for RM66.3m cash (plus debt of Aeon Bandaraya Melaka, we believe, taking the cue from the property’s net book value of RM319.4m as at 31 Mar 2010). IJM Land expects to record RM64m gains from the disposal, translating to 5.8sen/share.
IJM Land Berhad : Disposes Of Aeon Bandaraya Melaka - 25/6/2010
IJM Land Berhad : Disposes Of Aeon Bandaraya Melaka - 25/6/2010
RHB Equity 360° - 25 June 2010 (JCY, Top Glove, IJM Land, QSR, Gamuda, SapuraCrest; Technical: HL Bank)
New Coverage
- JCY International is principally involved in precision engineering for hard disk drive mechanical components, with plants in Malaysia, Thailand and China. The company is one of the largest HDD component manufacturers in the world with an estimated monthly capacity of 32m pieces.
- JCY’s main customers are the world’s top HDD vendors i.e. Western Digital and Seagate. Together, they combine a market share of 59%. JCY is estimated to command a global market share of 25% for the base plate, 16% of the top cover, and 12% of the APFA.
- We like JCY given: 1) its proven track record of manufacturing capability; 2) it is a leading HDD component manufacturer; and 3) its ability to diversify into various HDD components.
- We estimate FY09-12 EPS CAGR of 28.4% on good earnings visibility given the strong demand outlook for hard disk drives. We have assumed a target PER of 12x for JCY after imputing a discount to the peers’ weighted average FY11 PER of 13.6x to reflect its mid-range market cap.
- We initiate coverage on JCY with an Outperform call and a fair value of RM2.16 based on 12x FY11 PER.
RHB Equity 360° - 25 June 2010 (JCY, Top Glove, IJM Land, QSR, Gamuda, SapuraCrest; Technical: HL Bank)
- JCY International is principally involved in precision engineering for hard disk drive mechanical components, with plants in Malaysia, Thailand and China. The company is one of the largest HDD component manufacturers in the world with an estimated monthly capacity of 32m pieces.
- JCY’s main customers are the world’s top HDD vendors i.e. Western Digital and Seagate. Together, they combine a market share of 59%. JCY is estimated to command a global market share of 25% for the base plate, 16% of the top cover, and 12% of the APFA.
- We like JCY given: 1) its proven track record of manufacturing capability; 2) it is a leading HDD component manufacturer; and 3) its ability to diversify into various HDD components.
- We estimate FY09-12 EPS CAGR of 28.4% on good earnings visibility given the strong demand outlook for hard disk drives. We have assumed a target PER of 12x for JCY after imputing a discount to the peers’ weighted average FY11 PER of 13.6x to reflect its mid-range market cap.
- We initiate coverage on JCY with an Outperform call and a fair value of RM2.16 based on 12x FY11 PER.
RHB Equity 360° - 25 June 2010 (JCY, Top Glove, IJM Land, QSR, Gamuda, SapuraCrest; Technical: HL Bank)
Thursday, May 27, 2010
IJM Land Berhad : FY03/10 Net Profit Almost Doubles From A Year Ago - 27/05/2010
Within expectations. Excluding RM10.3m disposal gains, normalised FY03/10 net profit of RM98.3m came in roughly in line with our forecast and the market consensus. Normalised FY03/10 net profit rose +92.4% underpinned by RM1.25bn sales registered in FY03/10 that exceeded its internal target of RM1bn by a whopping 25%. IJM Land has proposed an interim net dividend of 2 sen (ex-date n 28 Jul 2010) that is in line with our expectation.
IJM Land Berhad : FY03/10 Net Profit Almost Doubles From A Year Ago -27/05/2010
IJM Land Berhad : FY03/10 Net Profit Almost Doubles From A Year Ago -27/05/2010
Corporate Highlights...-27052010
♦ Malaysian Pacific Industries
Briefing Note : Stronger Growth Ahead
♦ Ta Ann Holdings
Results Preview : 1QFY10 Results Likely To Be Impacted By Higher FFB Cost
♦ Kuala Lumpur Kepong
Results Note : Good Set Of Numbers - Our Favourite For Sector
♦ IJM Corporation
Results / Briefing Note : FY03/10 EBIT Only Grows 3%
♦ IJM Plantations
Results Note : No Surprise, No Excitement
♦ IJM Land
Results Note : FY03/10 Net Profit Almost Doubles From A Year Ago
Corporate Highlights...-27/05/2010
Briefing Note : Stronger Growth Ahead
♦ Ta Ann Holdings
Results Preview : 1QFY10 Results Likely To Be Impacted By Higher FFB Cost
♦ Kuala Lumpur Kepong
Results Note : Good Set Of Numbers - Our Favourite For Sector
♦ IJM Corporation
Results / Briefing Note : FY03/10 EBIT Only Grows 3%
♦ IJM Plantations
Results Note : No Surprise, No Excitement
♦ IJM Land
Results Note : FY03/10 Net Profit Almost Doubles From A Year Ago
Corporate Highlights...-27/05/2010
RHB Equity 360° (MPI, Ta Ann, KLK, RCE, Gent Plant, IJM Land, IJM Plant, IJM Corp, Proton, Tan Chong, Mah Sing, Allianz, MCIL; Technical: UEM Land)
Top Story : MPI – Stronger Growth Ahead Outperform
Briefing Note
♦ MPI expects 4QFY06/10 revenue to register stronger qoq growth, given that 3QFY06/10 qoq growth of +2.0% which bucks the trend of a seasonally weaker quarter.
- Also, MPI expects 4QFY06/10 net profit to grow sequentially on the back of:
1) higher utilisation rate;
2) stronger contribution from MLP and high-density packages; and
3) margin expansion stemming from higher contribution of high-density packages and cost-cutting measures.
♦ We understand that overall utilisation rates have increased to 95% from 85% in 2QFY06/10. Note that utilisation rates for Ipoh, Suzhou, and Dynacraft plants currently stands at 95%, 100%, and 90% respectively (vs. 90%, 100%, and 85% in 3QFY06/10).
♦ Separately, with Ipoh and Suzhou plants currently running at full-capacity, we understand that MPI expects to raise capacity for these plants by 25% and 30% by Sep-10. Note that MPI is targeting to increase its higher-margin MLP capacity to 12m/day by end-FY10 (vs. 8m/day currently). In addition, management had stated that it will be using the spare capacity from the Advance Packages (AP) line to expand its MLP packages as well as high-density packages. Furthermore, given the capex of around RM3m for its new etch and strip plating capacity, MPI expects capacity for Dynacraft’ to increase by 20%.
♦ Maintain Outperform with a fair value of RM8.46/share.
RHB Equity 360°( MPI, Ta Ann, KLK, RCE, Gent Plant, IJM Land, IJM Plant, IJM Corp, Proton, Tan Chong,Mah Si...
Briefing Note
♦ MPI expects 4QFY06/10 revenue to register stronger qoq growth, given that 3QFY06/10 qoq growth of +2.0% which bucks the trend of a seasonally weaker quarter.
- Also, MPI expects 4QFY06/10 net profit to grow sequentially on the back of:
1) higher utilisation rate;
2) stronger contribution from MLP and high-density packages; and
3) margin expansion stemming from higher contribution of high-density packages and cost-cutting measures.
♦ We understand that overall utilisation rates have increased to 95% from 85% in 2QFY06/10. Note that utilisation rates for Ipoh, Suzhou, and Dynacraft plants currently stands at 95%, 100%, and 90% respectively (vs. 90%, 100%, and 85% in 3QFY06/10).
♦ Separately, with Ipoh and Suzhou plants currently running at full-capacity, we understand that MPI expects to raise capacity for these plants by 25% and 30% by Sep-10. Note that MPI is targeting to increase its higher-margin MLP capacity to 12m/day by end-FY10 (vs. 8m/day currently). In addition, management had stated that it will be using the spare capacity from the Advance Packages (AP) line to expand its MLP packages as well as high-density packages. Furthermore, given the capex of around RM3m for its new etch and strip plating capacity, MPI expects capacity for Dynacraft’ to increase by 20%.
♦ Maintain Outperform with a fair value of RM8.46/share.
RHB Equity 360°( MPI, Ta Ann, KLK, RCE, Gent Plant, IJM Land, IJM Plant, IJM Corp, Proton, Tan Chong,Mah Si...
Monday, March 1, 2010
IJM Land Berhad : On Track - 01/03/2010
Within expectations. Excluding RM10.3m net gain arising from the disposal of a subsidiary (a SPV which holds PJ8 Block C) in 2Q10, IJM Land reported 9MFY03/10 normalised net profit of RM76.5m (>+100% yoy). This was within expectations, accounted for 71% and 74% of our and consensus estimates, respectively. As at Dec 09, the company has unbilled sales of about RM800m, which represents 0.9x of our FY10 revenue forecast. We understand that the company has achieved close to RM1bn sales as at Dec 09.
IJM Land Berhad : On Track - 01/03/2010
IJM Land Berhad : On Track - 01/03/2010