IGB Corp / Tan Chin Nam

Re: IGB Corp / Tan Chin Nam

Postby winston » Fri Jun 12, 2020 8:34 am

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IGB posts lower 1Q profit of RM17.7m amid weak property and tourism markets

by Adam Aziz

KUALA LUMPUR (June 11): IGB Bhd posted a 64.25% decline in net profit to RM17.68 million for its first quarter ended March 31, 2020 (1QFY20) from RM49.45 million a year ago, as it faced a weak property market while its hotel business was hit by the COVID-19 outbreak.

Quarterly earnings per share fell to 2.33 sen from 7.25 sen in 1QFY19, the group said in its filing.

Revenue for the quarter fell 12.69% to RM291.42 million from RM333.76 million, owing to weaker contributions across the board led by property development and hotel businesses, which offset gains in its two property investment divisions (retail and commercial).

IGB’s hotel division reported a loss in 1QFY20, while its property development business, which does not have any project under construction currently, recorded weaker sales of completed Stonor 3 condominium units. As for its construction and others' segments, losses widened.

Its retail property investment division was also hit by depreciation and a bump in finance costs.

Only its commercial property investment business saw marginally higher earnings, as average occupancy rates remained above 80%.

“The Group will not be spared from the negative impact of the pandemic. It is still early now to quantify the financial effects on the Group’s results for the current financial year ending Dec 31, 2020, which will to a large extent be dependent on the duration of the COVID-19 crisis and the continued negative impact on economic activity.

“However, the group has taken steps to mitigate the impact by taking measures to reduce operating expenses as well as assessing the various government assistance measures which may be applicable to the group,” IGB said on its prospects for the rest of the year.

Source: The Edge

https://www.theedgemarkets.com/article/ ... sm-markets
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Re: IGB Corp / Tan Chin Nam

Postby winston » Tue Jun 30, 2020 7:57 am

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IGB Bhd expects 2020 to remain challenging

KUALA LUMPUR (June 29): Real estate player IGB Bhd is expecting the remainder of 2020 to continue to be challenging, as its portfolio of businesses continues to grapple with the impact from the Covid-19 pandemic.

In a statement today, it said aside from the global pandemic, the company also faces other global economic uncertainties, including the continued United States-China trade tensions, the knock-on effects from Brexit and ongoing geopolitical tensions in Asia.

“We will push on, prioritising the health and safety of our communities as we continue to strengthen our business, creating sustained long-term values and enhancing returns to stakeholders,” it said.

It also stated that property investment and management in its commercial segment is expected to face a soft market due to the imbalanced supply-demand of commercial office spaces, increased competition as well as the economic downturn.

“Despite the softer market, there were active leasing activities, especially within Mid Valley, while the retail segment in The Mall, Mid Valley Southkey in Johor is down due to overall decline in consumer spending, as well as oversupply of malls in Johor,” it added.

Source: The Edge

https://www.theedgemarkets.com/article/ ... hallenging
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Re: IGB Corp / Tan Chin Nam

Postby winston » Wed Aug 26, 2020 9:02 pm

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IGB declares two sen dividend despite quarterly loss

by Adam Aziz

KUALA LUMPUR (Aug 26): IGB Bhd turned to a loss of RM14.97 million or 1.83 sen per share in the second quarter ended June 30, 2020 (2QFY20), dragged by weaker performance from its property development, hotel, and retail property investment segments.

It was IGB’s second ever quarterly loss since listing in 2002.

The last time the group dipped into the red was in 2011, according to its filings. The group booked a net profit of RM17.68 million in 1QFY20.

The dismal performance came as quarterly revenue slumped to a seven-year low of RM168.53 million — down 42% on-quarter from RM291.42 million — with lower contribution across the board.

On a year-on-year (y-o-y) basis, IGB’s net profit in 2QFY19 stood at RM32.86 million. Comparatively, quarterly revenue fell 47% y-o-y from RM317.06 million.

Despite the loss-making quarter, IGB declared an interim dividend of RM16.77 million or two sen per share, which is to be paid by way of dividend-in-specie by distributing treasury shares, with ex-date on Sept 11.

For the six-month period ended June 30, IGB stayed profitable with a net profit of RM2.7 million, although it is sharply lower against RM82.31 million in the previous corresponding period.

This was due to lower top line contribution from all operations save for commercial property investment, which saw a marginal y-o-y increase, which dragged IGB’s half-year revenue by 29.33% to RM459.95 million, from RM650.82 million in 6MFY19.

Shares of IGB closed unchanged at RM2.62, valuing the property group at RM2.33 billion.

Source: The Edge

https://www.theedgemarkets.com/article/ ... terly-loss
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Re: IGB Corp / Tan Chin Nam

Postby winston » Thu Nov 19, 2020 7:46 pm

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IGB reverses losses in 3Q on higher contributions from business segments

by Arjuna Chandran Shankar

KUALA LUMPUR (Nov 19): IGB Bhd mounted an earnings recovery in its third financial quarter ended Sept 30, 2020 (3QFY20), posting a net profit of RM16.99 million, from a loss of RM14.97 million in 2QFY20.

In a bourse filing, IGB attributed the better earnings to higher contributions from its retail property investments, commercial property investments and hotel and investment divisions.

Quarterly revenue increased by 66% to RM279.8 million, from RM168.53 million in the immediate preceding quarter.

As a result, quarterly earnings per share (EPS) were up to 2.03 sen, from a loss per share of 1.83 sen in 2QFY20.

It did not declare a dividend this quarter, thus its dividend payout of the cumulative nine months ended Sept 30, 2020 (9MFY20) stood at one sen, from three sen in the corresponding period in the last financial year.

Despite the increase in earnings on a quarter-on-quarter basis, IGB reported a 74.44% year-on-year (y-o-y) drop in its net profit from RM66.46 million posted in 3QFY19.

Revenue also declined by 23% y-o-y from RM364.36 million. EPS declined from 9.77 sen in 3QFY19.

The lower quarterly earnings vis-a-vis 3QFY19 were due to lower earnings contributions from its property development, retail property investment and hotel divisions.

For 9MFY20, IGB saw its cumulative net profit slump by 86.76% to RM19.69 million, from RM148.76 million in the corresponding nine months last year.

Revenue for the period was down by 27.13% to RM739.75 million, from RM1.02 billion in 9MFY19.

Cumulative EPS for 9MFY20 declined to 2.35 sen, from 21.35 sen in the corresponding period last financial year.

"Based on the financial results for the first nine months, the group's performance for the financial year ending Dec 31, 2020 will be significantly lower when compared with 2019," it said on its prospects.

Shares in IGB finished 0.77% or two sen higher at RM2.63, giving it a market capitalisation of RM2.34 billion. It saw 32,100 shares done.

Source: The Edge

https://www.theedgemarkets.com/article/ ... s-segments
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Re: IGB Corp / Tan Chin Nam

Postby winston » Wed Mar 31, 2021 6:25 pm

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On behalf of the Board, HLIB wishes to announce that the SC had granted, vide its letter dated 30 March 2021, approval for the Proposed REIT Establishment and Listing which includes, amongst others, the following:

(i) establishment and listing of IGB Commercial REIT on the Main Market of Bursa Securities under Section 214(1) of the Capital Markets and Services Act 2007; and

(ii) resultant unitholding structure of IGB Commercial REIT under the equity requirement for public listed companies pursuant to the Proposed Listing.

https://www.bursamalaysia.com/market_in ... id=3143856
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Re: IGB Corp / Tan Chin Nam

Postby winston » Wed Apr 14, 2021 8:28 am

CIRCULAR TO SHAREHOLDERS IN RELATION TO:
(I) PROPOSED DISPOSALS;
(II) PROPOSED RESTRICTED OFFERING; AND
(III) PROPOSED LISTING

https://www.bursamalaysia.com/market_in ... id=3147487
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Re: IGB Corp / Tan Chin Nam

Postby winston » Thu Apr 29, 2021 8:34 am

IGB shareholders approve listing of commercial REIT, sale of properties to the REIT

by Arjuna Chandran Shankar

KUALA LUMPUR (April 28): IGB Bhd shareholders have approved the proposed listing of IGB Commercial Real Estate Investment Trust (REIT), as well the sale of 10 commercial properties to the new REIT.

The shareholders gave their approval during an extraordinary general meeting held virtually today, the group said in a statement.

It added that shareholders will be given an option to subscribe to their entitlements in IGB Commercial REIT on the basis of two restricted offer for sale (ROFS) units for every five IGB shares held, at RM1 per ROFS unit.

Shareholders who have subscribed for their entitlements will also be entitled to receive three distribution-in-specie (DIS) units for every two ROFS units subscribed.

Shareholders may also elect to partially subscribe or not subscribe to the ROFS units. Those who choose not to subscribe or engage in a partial subscription will receive the cash raised from the listing’s institutional offering, after netting off the cash due to IGB and other applicable costs.

According to IGB, a shareholder who chooses to subscribe to all of his entitled ROFS units will hold 100 IGB Commercial REIT units, after only paying RM40 to subscribe to his 40 ROFS units.

This translates to only 40 sen per IGB Commercial REIT share, which is 60 sen cheaper than the offered RM1 per ROFS unit, the group noted.

“The ROFS provides the entitled shareholders an opportunity to participate directly in IGB Commercial REIT, while the DIS is to reward the entitled shareholders for their continuous support towards IGB,” IGB chief executive officer Datuk Seri Robert Tan said in the statement.

"The decision to sell the 10 commercial properties to IGB Commercial REIT was to unlock value within the group and maximise returns to our shareholders,” Tan added.

The 10 properties sold to to IGB Commercial REIT for RM3.16 billion are Menara IGB and IGB Annexe, Centrepoint South, Centrepoint North, Boulevard Properties, Gardens South Tower, Gardens North Tower, Southpoint properties, Menara Tan and Tan, GTower and Hampshire Place Office.

IGB noted that the establishment of IGB Commercial REIT can also serve to enhance liquidity, as compared to the illiquid nature of the properties in the REIT's portfolio. It will also facilitate fundraising for new commercial properties via the capital market.

Moving forward, IGB said the commercial property market is expected to be soft due to the ongoing pandemic, which has spurred on flexible working location arrangements that have led to companies reassessing their space requirements.

However, a Savills KKS survey in May 2020 revealed that remote working could potentially lead to only a 10% reduction in office space.

“We are optimistic about the future of the commercial property sector, following the immunisation rollout and firmer business recovery. We will make efforts to keep up with evolving needs from the tenants to maintain our occupancy and rental rates. We have seen increased enquiries and expansion of office space from some of our tenants, such as those in the e-commerce businesses and global shared services centres,” said Wong Khim Chon, the CEO of IGB Property Management Sdn Bhd.

Shares in IGB closed three sen or 1.04% lower at RM2.85 today, valuing the group at RM2.53 billion. The counter saw 152,300 shares traded.

Source: The Edge

https://www.theedgemarkets.com/article/ ... rties-reit
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Re: IGB Corp / Tan Chin Nam

Postby winston » Tue May 25, 2021 10:03 am

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IGB BERHAD

RESTRICTED OFFERING OF UP TO 945,000,132 UNITS IN IGB COMMERCIAL REAL ESTATE INVESTMENT TRUST ("IGB COMMERCIAL REIT") ("UNITS") COMPRISING:

(A) RESTRICTED OFFER FOR SALE OF UP TO 378,000,053 UNITS ("ROFS UNITS") ON A NON-RENOUNCEABLE BASIS TO ENTITLED SHAREHOLDERS OF IGB BERHAD ("IGB") ON THE BASIS OF TWO (2) ROFS UNITS FOR EVERY FIVE (5) ORDINARY SHARES IN IGB HELD ON THE ENTITLEMENT DATE AT THE PRICE OF RM1.00 PER ROFS UNIT; AND

(B) DISTRIBUTION-IN-SPECIE OF UP TO 567,000,079 UNITS ("DIS UNITS") TO BE DISTRIBUTED ONLY TO ENTITLED SHAREHOLDERS OF IGB WHO HAVE SUBSCRIBED FOR THEIR ENTITLEMENTS TO THE ROFS UNITS ON THE BASIS OF THREE (3) DIS UNITS FOR EVERY TWO (2) ROFS UNITS SUBSCRIBED, ("RESTRICTED OFFERING").

Kindly be advised of the following :
1) The above Company’s securities will be traded and quoted “Ex-Offer” as from: 3 Jun 2021
2) The last date of lodgment : 4 Jun 2021

https://www.bursamalaysia.com/market_in ... id=3159167
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Re: IGB Corp / Tan Chin Nam

Postby winston » Sat Nov 27, 2021 9:32 am

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IGB posts fourth-consecutive quarterly loss; declares share and cash dividends

by Justin Lim

IGB Bhd posted its largest quarterly net loss of RM58.68 million in the third quarter ended Sept 30, 2021 (3QFY21) as the property group booked in a one-off tax expense of RM56.2 million net of deferred tax in relation to the disposal of investment properties to IGB Commercial REIT.

In contrast, the group posted a net profit of RM16.99 million a year ago.

One-off gain of RM190 million, arising from the disposal of its equity interest in the UK based firm, Black Pearl Ltd for £235 million or RM1.27 billion in October.

Quarterly revenue fell 28% to RM201.3 million from RNM279.80 million a year before.

Interim dividend of 10 sen per share as well as dividend-in-specie, to be distributed via 10.36 treasury shares for every 1,000 existing shares held, Ex Dec 9, 2021.


Source; theedgemarkets.com

https://www.theedgemarkets.com/article/ ... q-net-loss
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Re: IGB Corp / Tan Chin Nam

Postby winston » Mon Dec 13, 2021 9:28 am

A post-pandemic value play

We initiate coverage on IGBB with an Add rating and RM2.50 TP, pegged to
a 75% discount to our CY22F RNAV estimate.

IGBB is a deep value play. Its 53.2% stake in IGB REIT is 80% higher than its
current market cap of RM1.7bn; a key appeal supporting its recovery outlook.

Higher dividends is a new angle with attractive FY21-23F yield of 5.3-6.4%

Re-rating catalysts:
1) Robust qoq net profit rebound in 4Q21F,
2) Potential injection of new retail assets in IGB REIT,
3) Turnaround of the hotel sector, and
4) Investors gravitating to post-pandemic value plays.

Downside risks: prolonged losses and the emergence of a new Covid-19 variant – negative for IGBB’s recovery prospects.

Source: CIMB


https://rfs.cgs-cimb.com/api/download?f ... 2BAF43E017
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