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2010 IPO report card: Ivory Properties steadily growing

Extract from The Edge (04/01/11)

KUALA LUMPUR: Though it has kept a low profile since listing, Penang property developer Ivory Properties Group Bhd has been actively acquiring land on the island, where it is a prominent developer.

Local research house AmResearch is positive on the stock, noting that the group is trading at a steep discount to its revised net asset value (RNAV), which will be boosted after the group’s latest acquisition of prime land in Tanjong Tokong.

Trading at about RM1.05 currently, Ivory is valued at a discount of 61.1% to its RNAV of RM2.70 per share, according to AmResearch. Its forward price-to-earnings (PER) multiple — at less than four times — is attractive with EPS CAGR of 63%.

“Taken together, Ivory remains an excellent transformational growth story,” AmResearch said in a report. AmInvestment Bank was the promoter of the initial public offering (IPO) exercise.


Failed Deal A Blessing In Disguise?

Extract from The Edge (04/01/11)

KUALA LUMPUR: The falling through of the proposed merger between Malaysian Resources Corp Bhd (MRCB) and IJM Land Bhd could be a blessing in disguise for the former.

“For the shareholders of MRCB, a merger at a later date could mean a better deal. This is presuming MRCB’s valuation could be further enhanced once its role in the Rubber Research Institute of Malaysia (RRIM) land is firmed up,” said a market observer.

After falling at the start of the day, MRCB’s shares ended yesterday’s trade one sen higher to RM2 with a volume of 8.67 million. However, IJM Land’s  share price continued to fall, closing nine sen lower to RM2.77 with 10.59 million shares done.

At yesterday’s closing prices, both MRCB and IJM Land’s shares have surrendered their gains driven by the proposed merger that was first announced on Nov 23. In fact, both have yesterday closed below their prices on Nov 22 of RM2.15 and RM3.08, respectively.


Kuala Lumpur City Walk Almost Ready

Extract from Bernama (04/01/11)

KUALA LUMPUR -- This capital city will boast another tourist attraction in February with the launch of the "Kuala Lumpur City Walk" which highlights the "Malaysia, Truly Asia" tourism promotion theme.

Deputy Federal Territories and Urban Well-being Minister Datuk M. Saravanan said today the project, which covered a stretch of Lorong P. Ramlee and was about 95 per cent complete, involved traders of all races selling an assortment of local products such as food, souvenirs and handicraft.

"This new tourism spot, construction of which started in 2006, will be completed soon and the ministry is currently identifying problems in terms of the scope of business so as to give priority to bumiputeras and the other races," he told reporters after visiting the project site in Jalan Pinang and Jalan Bukit Bintang, here.

"We want to portray to international tourists Malaysia as the face of Asia and a country which has a unique identity," he said.


Hua Yang Sells 73 Retails Units For RM105 Million

Extract from Bernama (03/01/11)

KUALA LUMPUR -- Main-board listed Hua Yang Bhd is selling 73 retail units in its flagship commercial property, One South, Sungai Besi, to South Crest Synergy for RM105 million.

One South, an iconic landmark in Sungai Besi, is a mixed development project spread over 1.72 hectares of land and is a key revenue driver for the company.

The development represented a large chunk of RM1 billion worth of projects that the group was rolling out, the company said in a statement Monday.

Chief Executive Officer Ho Wen Yan was quoted as saying:"This will make it more attractive to buyers while helping to create a lively and exciting environment in line with its concept of "work, dine and play all in one location".


Benalec Eyes Bigger Marine Projects

Extract from The Star (04/01/11)

It targets several land reclamation jobs in the country

PETALING JAYA: Benalec Holdings Bhd, which is headed for a listing on the Bursa Malaysia's Main Market on Jan 17, aims to focus on securing larger marine construction projects.

Besides being an integrated marine construction company, it also provides vessel chartering services.

“We have targeted several land reclamation projects in Selangor, Penang, Johor and Malacca that would require the deployment of a large fleet of vessels.

“We believe that larger scale projects are potentially more profitable and would further enhance our business profile in the marine construction industry,” Benalec group managing director Vincent Leaw told StarBiz.


Property And Other Loans Growth Poised To Slow Down

Extract from The Star (04/01/11)

PETALING JAYA: Loans growth is poised to slow down as lending indicators are showing signs of moderation in credit expansion, said analysts.

ECM Libra Investment Research expects household loans growth to slow down as property sales cool down amid credit tightening and policy measures to curb excessive speculative activities.

In a report issued yesterday, ECM Libra said the loans growth momentum could be curbed by slow deposit growth which has continued to lag credit expansion at 6.5% year-to-date or 7% on an annualized basis.

Despite slower growth rates, leading loans indicators remain at comfortable levels considering that absolute levels of loan applications and approvals stayed close to peak levels. Its calendared loans growth forecasts is 8.4% for this year and 10.9% for last year, according to AmResearch Sdn Bhd's report yesterday.


PLUS Connection In MK Land's Sale Of Land

Extract from Business Times (04/01/11)

IT WAS a simple land sale but MK Land Holdings Bhd's deal raised eyebrows because the buyer shares the same set of shareholders for another major deal - the RM26 billion bid to take over PLUS Expressways Bhd.

MK Land announced yesterday that little-known Foster Estate Sdn Bhd plans to buy two pieces of land in Damansara Perdana, Selangor, for a combined RM130 million.

According to the Companies Commission of Malaysia, Sumami Kiman and Saharuddin Abdullah hold one share each in the RM2 company.

These two were also the same shareholders of Jelas Ulung Sdn Bhd, which is making the bid to buy PLUS.

Jelas Ulung was also rumored to be the vehicle for Tan Sri Halim Saad although this was denied by people close to the businessman.


IJM Land, IJM Corp, MRCB In The Spotlight

Extract from The Edge (03/01/11)

KUALA LUMPUR: After the disappointment over the the termination of the proposed merger between IJM Land Corp and Malaysian Resources Corp Bhd (MRCB), the stocks will be in focus when they resume trading today.

Shares of MRCB, IJM Land and the parent IJM Corp Bhd fell ahead of the announcement last Thursday.

AmResearch said, on the surface, the termination of the proposed merger may not be good for IJM Corp as its perceived front-running role in the Employees Provident Fund-led infrastructure and property developments may not be as strong.

“But, this does not mean that IJM Corp will lose out,” said AmResearch, noting that the EPF is still the single largest shareholder in IJM Corp with a 16% stake, followed by Permodalan  Nasional Bhd at 9%.


MK Land Sells Sg Buloh Land For RM130M

Extract from The Edge (03/01/11)

KUALA LUMPUR: MK LAND HOLDINGS BHD is selling two plots of leasehold land in Sungei Buloh, Selangor to Foster Estate Sdn Bhd for RM130 million cash.

The company said on Monday, Jan 3 that it had entered into sale and purchase agreements with Foster Estate on Dec 30 to dispose of 18.54 acres for RM100.78 million and 8.32 acres of land for RM29.21 million.

MK Land said it was disposing of the plots of land to unlock the value of the land which it had no immediate plans to develop. The proposals were expected to be completed by the end of 2011.

At 4.02pm, MK Land was up 2.5 sen to 40 sen with 2.29 million shares done.


Sunway Secures RM218.8M Contracts

Extract from The Edge (03/01/11)

KUALA LUMPUR: SUNWAY HOLDINGS BHD has secured two contracts totaling RM218.82 million which are for the expansion of a Universiti Teknologi Mara campus and a proposed link bridge in the heart of Kuala Lumpur.

Sunway said on Monday, Jan 3 its unit Sunway CONSTRUCTION Sdn Bhd had on Dec 30, 2010, accepted the letters of award.

The first contract was for the the main infrastructure works and satellite works for UiTM campus expansion (Zone 1 Phase 2) under the private finance initiative (PFI) scheme in Kuala Selangor.

The second contract is for the proposed link bridge phase 2 from Impiana KLCC to Raja Chulan (Pavilion KL), Kuala Lumpur from KLCC Holdings.