Eco World Development / Leong Kok Wah

Eco World Development / Leong Kok Wah

Postby winston » Sat Jan 04, 2014 6:53 pm

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RIDING on property magnate Tan Sri Liew Kee Sin’s name, Eco World Development Group Bhd, is a stock that should be watched closely. This is despite the fact that Liew’s name has never appeared in the company.

His eldest son Liew Tian Xiong, however, is the single largest shareholder with a 35% stake in the company. Junior Liew is also a director in the property firm at a tender age of 23.

After a reverse takeover (RTO) was done on Focal Aims Holdings Bhd for RM1.40 apiece, the stock has more than tripled to RM4.39.

Although there were no major announcements related to corporate exercises, save for the change in name, board, and financial year-end, the market is anticipating something positive from the company.

Sources say announcements on the company’s corporate exercise, which might include a placement and/or asset injection, could be done in the near-term.

Its net asset per share as of Sept 30, 2013 stood at RM1.27. Some of the listed company’s core assets included 426ha in Plentong and 1,011ha in Kota Masai, Johor.

The interesting part will be Eco World Development Holdings Sdn Bhd (formerly known as Maple Quay Sdn Bhd), which now owns some 30% in the listed company.

Before the RTO, the then privately held entity, was reported to co-own with another private company 1,214ha in Penang, Johor and the Klang Valley with a gross development value of RM30bil.

Home-buyers showed confidence in the company as they snapped up units in EcoBotanic and flooded its KL showroom before its official launch.

Catalysts

- Big name linked to the company.

- Possible near-term corporate exercises including assets injection.

- Experienced management team.

- Overwhelming response to product launches.

Risks

- Lack of information to gauge the stock’s actual value.

- Slowdown in property market.

- Low liquidity.


Source: The Star
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Re: Eco World Development Group

Postby winston » Sun Apr 27, 2014 8:24 pm

EcoWorld outlines ambitious plans

ECO World Development Group Bhd (EcoWorld Bhd), formerly Focal Aims Holdings Bhd, has proposed a RM1.7bil corporate exercise to pave the way for it to be a “formidable” property developer with a presence in the Klang Valley, Penang and Johor, with a sales target of RM5bil for this year and next.

The exercise will also result in the upstart enlarging its land bank from 1,326 to 4,433 acres and its gross development value (GDV) ballooning from RM13.5bil to RM43.5bil. It will also acquire a development team with proven expertise and capabilities, namely Eco World Project Management Sdn Bhd, and Eco Macalister Development Sdn Bhd which owns an investment property asset in Penang.

EcoWorld president and CEO Datuk Chang Khim Wah told a press conference yesterday in Shah Alam that the company had proposed to acquire the development rights of up to eight projects from subsidiaries of Eco World Development Sdn Bhd with a combined GDV of RM30bil involving 3,106.8 acres.

The 11 projects, including the additional eight as a result of this exercise, will enable the company to launch four new projects in quick succession shortly to boost future revenue. The company would be kept busy for the next eight to 10 years, Chang said.

Less than a year old, the EcoWorld group has launched two projects, namely EcoSky in the Klang Valley and EcoBotanic in Iskandar Malaysia. It had achieved RM1.13bil in sales for both as at March 31, 2014.

The related party transactions involve a proposed subscription of shares in EcoWorld by shareholders of Eco World Development Sdn Bhd to partially fund the acquisitions. A rights issue of about RM788mil with warrants and a private placement up to 20% of the paid-up capital (about RM600mil) have been proposed to fund the acquisitions and as working capital.

On whether Tan Sri Liew Kee Sin, outgoing president and CEO of S P Setia Bhd, will be coming on board anytime, Chang said: “You have to ask the man yourself.”

The presence of Liew’s first-born son, Tian Xiong, 23, a director in EcoWorld, has fanned much speculation.

On the company entering the scene with the property sector facing a slowdown, Chang said there would always be challenges.

He said the group’s forte would be township development with predominantly landed properties.

There would be demand if priced correctly and in the right location, he added. On the possibility of the company going overseas, Chang said.

“We like to be in the countries we know, at the right time and place,” he added.

http://www.thestar.com.my/Business/Busi ... ous-plans/
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Re: Eco World Development Group

Postby winston » Tue May 13, 2014 7:02 am

CIMB Research starts coverage of Eco World, target price RM8

KUALA LUMPUR: CIMB Equities Research has started coverage of Eco World Development Group Bhd with an Add call.

It said on Monday Eco World is undergoing a major transformation that will put it high on investor's radar. It is likely to become the most watched and exciting developer in the coming years as it has the DNA of the best-managed property company in Malaysia, that is. SP Setia.

The research house sees exciting times for Eco World with an implied target price of RM8 (ex-rights and warrants target basis of parity with RNAV), which provided investors 72% upside.

"Eco World is now one of our top picks in the property sector. The recently announced acquisition of landbank worth RM3.8bil is the main potential re-rating catalyst," it said.

To recap, on April 25, Eco World announced the acquisition of Eco World Sdn Bhd's (EWSB) landbank for RM3.8bil as well as a one-for-one share split, a one-for-two rights issue with four-for-five free warrants and a 20% private placement.

CIMB Research said the enlarged Eco World will own around 4,433 acres of landbank in the Klang Valley, Johor and Penang with GDV of RM43.5bil.

Since EWSB's maiden launch last September, it has chalked up RM1.13bil sales. Eco World is targeting new sales of RM2bil for FY10/14 and RM3bn for FY15, putting it close to that of Mah Sing and UEM Sunrise.

Earlier this year, EWSB won the bid to develop 470 acres of land in Batu Kawan, Penang, while more recently Eco World acquired 309 acres in Canal City, Selangor.

"We believe there are many landbanking opportunities domestically and internationally as the group is in a hurry to grow and to challenge the existing market leaders. Tan Sri Liew Kee Sin joined Eco World's board on May 5 as a non-independent and non-executive director and he brings with him the credibility and track record that made SP Setia Malaysia's best and most admired developer," it said.

Source: The Star
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Re: Eco World Development Group

Postby winston » Wed Jun 04, 2014 5:16 pm

May 29, 2014

AmResearch says Buy Eco World, positive on corporate exercise

KUALA LUMPUR: AmResearch is maintaining its Buy call on Eco World Development Group Bhd with fair valuation set at RM5.82 per share based on a 10% discount to its estimated pre-acquisition net asset value of RM6.46 per share.

Eco World is currently undergoing a massive corporate exercise.

Among other thing, it will acquire 100% equity in Eco Macalister Development Sdn Bhd and Eco World Project Management Sdn Bhd, as well as undertake fund-raising exercise.

“The fund-raising exercise comprises a 1-into-2 share split, issuance of new shares to the landowners, a 1-for-2 rights issue, 4-for-5 free warrants, and a 20% private placement,” AmResearch noted.

The research house says fair valuation, post-acquisition and equity fund-raising exercise, would be set at RM2.39 per share based on a 10% discount to its fully diluted net asset value of RM2.65 per share.

The acquisition of assets is for a net consideration value of RM1.8bil, while the completion of the fundraising exercise, including the 20% private placement, would raise Eco World’s market cap to RM6bil.

Post-acquisition, Eco World’s gross development value is expected to increase by three times to RM43.5bil with its landbank expanded to 4,433 acres.

In addition, the land bank includes areas within the key markets such as Klang Valley, Johor and Penang.

Currently, the group is targeting new sales of RM2bil and RM3bil respectively of financial year 2014 forecast and financial year 2015 forecast.

Over the next two years, there would be nine new launches. However, AmResearch expects land acquisitions would be the primary valuation driver.

Source: The Star
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Re: Eco World Dev

Postby winston » Mon Jun 09, 2014 9:34 pm

Eco World offers diverse range of products for buyers

PETALING JAYA: With a landbank of 1,793.97ha and total gross development value (GDV) of RM43.52bil, Eco World Development Group Bhd offers a wide range of residential, commercial and industrial products with thoughtful architecture and sustainability elements.

Its current projects are mainly located in the Klang Valley, Iskandar region, and Penang.

In the central, its on-going projects are EcoSky along Jalan Ipoh, EcoMajestic at Semenyih and Saujana Glenmarie in the Glenmarie neighbourhood.

EcoSky, its maiden project in the Klang Valley, is an integrated residential and commercial development on a 3.88ha parcel situated off Jalan Ipoh.

Located 8km away from the city centre, the strategic location enables purchasers to choose between a great view of the Petronas Twin Towers on one side and the famed limestone Batu Caves on the other. The site is served by two KTM stations, namely Taman Wahyu and Batu Caves, with easy access to major highways.

Besides a wide range of facilities to cater to residents’ lifestyle requirements such as recreational facilities, shops, offices and food and beverage outlets, EcoSky will be certified by the Singapore Building and Construction Authority’s Green Mark and US’s Leadership in Energy and Environmental Design on top of certification by Malaysia’s Green Building Index.

Meanwhile, the newly launched EcoMajestic, also its first township in the Klang Valley, is located in the Southern Corridor of Semenyih.

With a land size of 434.23ha, this RM11.14bil-project is set to be the largest strata titled fully gated and guarded township in Malaysia.

Designed with a colonial straits flair, EcoMajestic’s master plan includes 60.7ha dedicated for development as a commercial hub that will make it the business and economic hub that serves Semenyih, Kajang, and Bangi.

Currently, the property player offers affordable landed terrace homes, semi-detached and cluster as well as bungalow land for home buyers at EcoMajestic.

In the Iskandar region, it had launched EcoSpring and EcoSummer while it also introduced Eco Business Park I at a preview.

EcoSpring and EcoSummer are located in the well-established Tebrau corridor and will offer a good mix of affordable and luxury landed homes.

Its first project in the southern state is the 131.52ha-EcoBotanic in Nusajaya, which features a butterfly-shaped lake and 7.2ha central park and houses that are inspired by the colonial era architecture.

In Penang, it plans to unveil the 5.26ha residential and integrated EcoTerraces at Paya Terubong this August. The RM340mil project comprises one block of 41-storey condominium, 47 units of three-storey terrace houses and 12 units of semi-detached houses.


Source: The Star
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Re: Eco World Dev

Postby winston » Sun Jun 22, 2014 5:42 pm

Eco World tipped to get prized Pudu Jail land for RM7 billion project

The Malaysian Insider understands Eco World is going into a 70:30 joint-venture with UDA for the 7.85ha prime land in the capital city's Golden Triangle that once housed Kuala Lumpur's main prison, the 101-year-old Pudu Jail which shuttered officially in 1996.

"Eco World is getting the project, the announcement should be made soon," a source told The Malaysian Insider, saying the site has been abandoned for the past few years despite being made an Economic Transformation Programme (ETP) project.

In 2011, China-based developer Everbright International Construction Ltd was to get the project with a RM2 billion investment with UDA, which has land but not money to develop projects. But several Umno members and Malay developers protested the deal, prompting UDA's only shareholder, the Finance Ministry, to order a new plan.

There is now disquiet over Eco World getting the project, dubbed Bukit Bintang City Centre, as UDA had called for a tender last September.

Sources said the results of the tender exercise has not been revealed and there are rumblings that UDA should have considered all the bids before deciding on a directly negotiated contract.

"There are no details as to how Eco World got the project. We understand that the Finance Ministry made the decision, not the UDA board," a source said.

The Finance Minister is Prime Minister Datuk Seri Najib Razak while the Second Finance Minister is Datuk Seri Ahmad Husni Hanadzlah – both of whom have oversight over UDA, which was set up to redevelop urban areas and increase Bumiputera participation.

Eco World has been scooping up big projects since its inception last year and has among its directors, experienced property man Tan Sri Liew Kee Sin, who resigned as developer SP Setia Bhd's chief executive officer last April 30.

Liew was SP Setia's group managing director from 1996 and turned the RM200 million company in 1998 into a multi-billion ringgit international property firm.

He quit just over a year after state investment company Permodalan Nasional Bhd bought over SP Setia, prompting rumours he would join Eco World as his son, Tian Xiong, is also a director and substantial shareholder in the company.

Eco World has embarked on a programme to expand its land bank and projects worth up to RM30 billion after a corporate exercise last year. Its joint-venture in the Bukit Bintang City Centre is expected to help UDA trim its debts and raise money for affirmative action projects.

UDA was set to get Everbright as its partner two years ago as the RM2 billion offer from the Chinese firm was three times the land value but politically-connected firms scuttled the deal.

Analysts said the decision over the Pudu Jail redevelopment will be yet another test of Najib’s commitment to economic liberalisation as the hardliners in Umno, Perkasa and Utusan Malaysia had once criticised UDA for allegedly abandoning the Bumiputera agenda by not appointing Bumiputera joint-venture turnkey investors for the project.

UDA, whose assets were estimated to be worth RM2 billion two years ago, is more than RM900 million in debt. It had an outstanding RM104 million land premium for the Pudu site that was due in September 2012.

Source: The Malaysian Insider
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Re: Eco World Dev

Postby winston » Thu Jul 03, 2014 8:32 pm

Eco World expands landbank in Semenyih by cheryl poo

PETALING JAYA: Eco World Development Group Bhd will acquire 493 acres of freehold land in Semenyih, Selangor for RM225.3mil, increasing the group’s landbank in the fast growing area to almost 1,500 acres.

The new parcel has a gross development value of RM3.5bil, the company said in a statement yesterday.

“With two sizeable projects in this fast-growing development corridor, Eco World is well-positioned to serve a broad range of customers and we intend to come up with exciting and innovative product offerings that will appeal strongly to the mass, upgrader and luxury homes market,” president and CEO Datuk Chang Khim Wah said.

A recent launch at nearby EcoMajestic project, a 1,073-acre development currently undertaken by the group, reported a 95% take-up rate for the first phase of 612 units of two-storey terraced houses.

The latest acquisition will be undertaken by wholly-owned subsidiary Majestic Blossom Sdn Bhd, the same entity acquiring the development rights to build EcoMajestic.

Eco World is planning to develop a mixed residential township development to complement its overall master development strategy for EcoMajestic.

The landbank expansion in Semenyih came a day after it was reported that Eco World had won a tender to develop 470 acres in Batu Kawan, Penang.

The company, which is helmed by former executives of S P Setia Bhd, had in recent months increased its total land bank from 1,326.6 acres to some 4,433 acres, with extra land in the Klang Valley, Iskandar Malaysia in Johor and Penang.

Its projects included newly-revamped EcoTropics, Eco Business Park II and Eco Business Park III in Iskandar, as well as EcoMeadows in Seberang Prai. Recent proposed land acquisitions included 308.72 acres south of Kota Kemuning in the Klang Valley, which is said to be developed into a luxurious eco-themed mixed residential and commercial project called EcoSanctuary as well as 70 acres in Bukit Tambun, Penang.

Source: The Star
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Re: Eco World Dev

Postby winston » Fri Aug 22, 2014 6:09 am

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Eco World Development posts 9M pre-tax profit of RM7.68m

KUALA LUMUR: Eco World Development Group Bhd (EcoWorld) posted profit before tax of RM7.68mil on the back of RM76.73mil in revenue for the nine-months ended June 30, 2014.

The property development company said on Thursday the lower revenue and profit were due to the completion of its Saujana Glenmarie project in the Klang Valley and reduced launches at its ongoing Kota Masai project in Iskandar Malaysia.

"This is to enable a revision of the master plan to create two separate and complementary developments adjacent to each other to enhance overall development values," it said.

EcoWorld’s net profit was RM5.04mil while earnings per share were 1.99 sen.

For the quarter ended June 30, 2014, its pre-tax profit was RM2.76mil while net profit was RM1.68mil. Its revenue was RM27.25mil.

EcoWorld took over low-key Johor-based Focal Aims Holdings Bhd late last year.

Since early 2014, EcoWorld has been expanding its land bank extensively to build up a strong pipeline of projects to lock in future growth.

In March, EcoWorld inked a deal to buy 08 acres of land next to Kota Kemuning from Tropicana Corporation Bhd.

In July, EcoWorld entered into an agreement with a private landowner to acquire another 492 acres of land in Semenyih for a township project to be called EcoForest.

"Upon the completion of all these acquisitions, the group's total land bank will increase from only 991 acres at the start of FY2014 to approximately 4,926 acres with a total gross development value of RM47bil.

"This will transform the Group into one of the nation's largest developers with 12 strategic projects well spread out over the Klang Valley, Iskandar Malaysia and Penang," it said.


Source: The Star
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Re: Eco World Dev

Postby winston » Tue Aug 26, 2014 7:23 am

Eco World among CIMB Research top picks

KUALA LUMPUR: CIMB Equities Research said Eco World Development Bhd’s results for the nine months ended June 30, 2014 (9MFY14) were broadly in line as net profit made up 46% of its full-year forecast.

“We expect the acquisition and rights issue exercises to be completed by end-2014 and therefore, FY15 earnings would be more representative of the enlarged group,” it said on Friday.

The research house said Eco World’s new sales from assets to be acquired amounted to RM2bil in October, 2013 to July 2014, matching the RM2bil full-year target.

CIMB Research said there were no changes to its EPS forecasts and parity to RNAV target price basis.

“However, we lower RNAV and implied target price (from RM8.15 to RM7.60) after stripping out the Batu Kawan land as the acquisition is not finalised and taking longer than expected.

“The stock remains an Add and one of our top picks in the property sector, with the restructuring exercise, strong new sales and landbanking as key catalysts,” it said.

Commenting on the nine-month results, 9MFY14 results were broadly in line with expectations as net profit made up 46% of its full-year forecast.

“We expect a stronger 4Q14. Investors should also look beyond FY14 to FY15 onwards, when the contribution from the new assets will start.

Again, there were no launches for existing landbank as most of the new launches were undertaken by Eco World Sdn Bhd (EWSB). No dividends were declared, in line with expectations.

“The group undertook the simultaneous launch of two major projects under EWSB in May – one in the Klang Valley and the other in Johor – to overwhelming response.

“There were overnight queues, a phenomenon unheard of since the government announced measures to curb property speculation in October 2013. The launch chalked up RM600mil to RM700mil in bookings.

In June and July, Eco World secured two parcels of land – one in Sydney and 493 acres in Selangor. The combined gross development value (GDV) of the two projects is RM4.4bil to RM4.5bil.

It was also reported that Eco World has secured a RM7bil GDV joint venture to redevelop the Pudu Jail land and a 470-acre parcel of land in Batu Kawan, Penang. These four projects could boost group GDV by around RM20bil to nearly RM63bil. This would put Eco World behind only UEM Sunrise and SP Setia in terms of GDV.

Source: The Star
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Re: Eco World Dev

Postby winston » Sat Mar 05, 2016 10:53 am

EcoWorld plans 8 new projects

BY P. ARUNA

Source: The Star

http://www.thestar.com.my/business/busi ... -projects/
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