IGB Corp / Tan Chin Nam

[winston]

4Q Results

Revenue: +8%
Profit RM 234m
NAV RM 4.25

https://www.bursamalaysia.com/market_in ... id=3236913

[winston]

vested

IGB returns to the black in 4Q with record net profit on one-off disposal gain

by Izzul Ikram

Net profit of RM233.77 million compared to a net loss of RM10.44 million a year ago, amid an RM193.4 million one-off gain from the disposal of a joint-venture (JV) company.

Quarterly revenue rose 9% to RM300.45 million from RM276.67 million in 4QFY20.

The group declared an interim dividend of five sen per share, to be paid on March 18, with an ex-date of March 10. This brought the total dividends declared for FY21 to 17 sen per share.

Source: theedgemarkets.com

https://www.theedgemarkets.com/article/ ... posal-gain

[winston]

vested

FY21 missed expectations; still a value play

FY21 core net loss was below expectations; DPS was above estimate.

IGBB recognised a one-off RM193.4m gain from land sale in 4Q21. We
expect retail assets to stage a recovery in FY22F, and lower hotel losses.

Reiterate Add and TP; still a value play with 5.2% dividend yield.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... B99302F6D0

[winston]

vested

RCCPS full redemption removes overhang

IGBB’s move to fully redeem its RCCPS may remove share price overhang as it eliminates the dilutive effect from RCCPS conversion.

Reopening of international borders from 1 Apr is positive for retail assets and should catalyse a turnaround of its hotel operations’ losses.

Retain Add rating and revise TP upwards to RM2.61 (post RCCPS redemption). FY22-24F dividend yields are decent at 4.4%.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... FBAC84A0A6

[winston]

vested

Inflection point for further recovery

1QFY22 results were broadly in line, driven by robust net profit turnaround.

We anticipate easing operational risks with retail assets leading the recovery.

Reiterate Add with an unchanged TP RM 2.61 (FY22-24F dividend yields of 4.2%).

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... B977760704

[winston]

vested

IGB returns to the black in 2Q with RM49.79m profit

by Justin Lim

Quarterly revenue increased 57.99% year-on-year (y-o-y) to RM306 million in 2QFY22 from RM193.68 million in the previous year,

Source: theedgemarkets.com

https://www.theedgemarkets.com/article/ ... 79m-profit

[winston]

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3Q Results

Revenue: +56%
Net Income: RM 88m
NAV: 4.20

https://www.bursamalaysia.com/market_in ... id=3310625

[winston]

vested

IGB posts lower 4Q net profit on absence of hefty one-off disposal gain

by Hailey Chung

Property firm IGB Bhd’s net profit came in lower at RM18.77 million for fourth quarter ended Dec 31, 2022 (4QFY2022), compared with RM233.77 million a year ago, due to the absence of the RM193.4 million one-off gain from the disposal of a joint venture company in 2021.

IGB recorded a 28% year-on-year (y-o-y) growth in quarterly revenue to RM383.2 million in 4QFY2022 against RM300.4 million.

The group did not declare any dividend for the three months ended Dec 31, 2022, but the total dividends declared for the financial year ended Dec 31, 2022 (FY2022) was five sen per share (FY2021: 17 sen per share).

Source: theedgemarkets.com

https://www.theedgemarkets.com/node/656370

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On behalf of the Board of Directors of IGB (“Board”), M&A Securities Sdn Bhd (“M&A
Securities”) wishes to announce that the Company proposes to undertake a bonus issue of
up to 452,713,712 new ordinary shares in IGB (“Bonus Shares”) on the basis of 1 Bonus
Share for every 2 existing ordinary shares (“IGB Shares”) held on an entitlement date to be
determined and announced later (“Entitlement Date”) (“Proposed Bonus Issue”).

https://disclosure.bursamalaysia.com/Fi ... TTACHMENTS

[winston]

vested

Strong profit turnaround in FY22

FY22 results were above expectations with a strong profit turnaround.

Retail segment posted robust recovery; hotel segment returned to the black.

Downgrade from Add to Hold due to limited upside (higher RM2.58 TP).

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... 2AE0DD6201