IGB Corp / Tan Chin Nam

Re: IGB Corp

Postby winston » Fri Jul 15, 2016 10:32 am

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May 25, 2016

IGB Corp gets offer for Renaissance KL


IGB Corp Bhd, which saw its latest quarterly net profit slump 20.5%, announced on Tuesday it has received an offer for its 20-year-old, 910-room Renaissance Kuala Lumpur hotel, and is in the midst of evaluating the offer.

The identity of the party or the offer price was not disclosed.

Source: The Edge
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Re: IGB Corp

Postby winston » Fri Jul 15, 2016 10:37 am

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9 April 2016

Cashing in on Desa Kudalari

BY THEAN LEE CHENG

Unlike Singapore, there is legislature to provide for en bloc sales. According to a Singapore Straits Times report, as long as 80% of owners give the nod, it is a done deal.

However, in Malaysia, as long as one owner unit holds out, there is no deal.


http://www.thestar.com.my/business/busi ... -kudalari/
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Re: IGB Corp

Postby winston » Fri Jul 15, 2016 10:49 am

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Dec 7, 2015


Subdued prospect for IGB: Subdued retail prospect and falling tourist arrivals seem to have put a dent on the outlook of the otherwise fundamentally sound IGB Corp Bhd, which derives a chunk of its income from the retail and hotel industry.

Source: Starbiz
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Re: IGB Corp

Postby winston » Fri Jul 15, 2016 10:52 am

Dec 7, 2015

IGB growth revenue up, falling tourist arrivals dents outlook

BY DANIEL KHOO

IGB’s retail segment is represented by IGB Real Estate Investment Trust (REIT), the owner of Mid Valley Megamall and The Gardens Mall.

Both the malls reported an increase of 7% and 11% in total gross revenue and net property income of RM367.8mil and RM261.6mil respectively.


For IGB, analysts covering the stock have so far generally rated the stock an overweight with two research houses rating it a buy, one a hold and another a sell.

Public Investment Research’s Tan Siang Hing who had an outperform call on the company with a target price of RM4.80 says that the shares does not deserve to trade at such levels but notes that market perception is hard to control.


“The office that is coming up in Mid Valley area is a huge one with 900,000 square feet of net lettable area.

“There is a possibility that they may convert some of it to service residences as well,” Tan says.

Trading at a valuation of 14 times historical earnings and 0.72 times tangible book value, IGB is sitting at a discount to its past three-year average of 17.8 times earnings and 0.83 times tangible book value.


Source: The Star

http://www.thestar.com.my/business/busi ... l-segment/
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Re: IGB Corp

Postby winston » Sun Jul 17, 2016 7:11 pm

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16 December 2014

Goldis sells IGB REIT shares for RM38.35mil

PETALING JAYA: Goldis Bhd is selling 30 million shares or 0.9% stake in IGB Real Estate Investment Trust (IGB REIT) for RM38.35mil to pare down the group debt and to raise funds.

According to filings with Bursa Malaysia, Goldis has disposed of 20 million shares to Wah Seong (Malaya) Trading Co Sdn Bhd (WST) and another 10 million shares to Tan Chin Nam Sdn Bhd (TCN) for RM25.56mil and RM12.79mil respectively.

Prior to the announcement, trading in Goldis and IGB shares had been halted between 9am and 10am yesterday.

Goldis, which is mainly involved in investment holding and property development, expected about RM11mil gain from its proceeds.

The group currently owns about 39.06 million shares or 1.13% in IGB REIT.

It said the disposal would not have any material effect on the earnings of Goldis for the financial year ended Dec 31, 2014.

IGB REIT shares yesterday fell five sen or 3.82% to close at RM1.26 apiece with 338,900 shares done.

Meanwhile, Goldis shares closed 17 sen or 6.88% lower at RM2.30.

Source: The Star
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Re: IGB Corp

Postby winston » Tue Aug 16, 2016 7:44 am

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IGB sells Renaissance KL Hotel to Ventura for RM765m

BY JOSEPH CHIN

KUALA LUMPUR: Property company IGB Corporation Bhd's unit Great Union Properties Sdn Bhd (GUP) is selling its Renaissance Kuala Lumpur Hotel to Ventura International Sdn Bhd for RM765mil as it unlocks its business assets at a favorable price.

IGB said on Monday it is expected to make a gain of RM85mil net of tax for FY ending Dec 31, 2017, which would improve the net assets per share and earnings per share by six sen.

It said the hotel was completed and started operations in mid-1996. The original cost of investment in hotel was RM506.6mil.

“The hotel had been revalued in previous financial years and the accumulated revaluation surplus net of tax of approximately RM140mil had been credited to GUP’s retained earnings.

Based on GUP’s latest audited financial statements as at Dec 31, 2015, the net book value of the hotel was RM667.2mil,” it said.

IGB intends to utilise the proceeds for working capital and to support its continued growth for suitable acquisitions or investments when such opportunity or opportunities arise.

“Business assets contributed approximately 8% to the group’s revenue for the FY ended Dec 31, 2015. GUP’s contribution to the group revenue and pretax profit for the past three FYs ended Dec 31, 2013, 2014 and 2015 were RM108.5mil, RM103.9mil and RM93.7mil respectively, and RM4.6mil, RM600,000 and net loss of RM7.9mil respectively,” it said.

Source: The Star
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Re: IGB Corp / Tan Chin Nam

Postby winston » Thu Aug 25, 2016 8:07 am

Dato' Tan Chin Nam (‹The template Zh is being considered for merging.› simplified Chinese: 陈振南; traditional Chinese: 陳振南; pinyin: Chén Zhèn Nán; born 18 March 1926)[1] is a Malaysian-born entrepreneur and developer. His family is the majority shareholder of IGB Corporation Berhad.[2]

Tan is reportedly one of the richest men in Malaysia and has several companies and businesses.[3][4]

He is famous as a property developer and was involved in various projects such as Shangri-La Hotel in Malaysia, shopping centres in Singapore and Malaysia, including one of the largest shopping malls in the world, Mid Valley Megamall.

In Australia, he is responsible for the renovation of Queen Victoria Building (QVB) and Capitol Theatre in Sydney. He also owns a number of Australian-based Thoroughbred racehorses.

Tan's biography, released in 2006 and published by MPH Malaysia, is called Never Say I Assume!.

Source: Wikipedia

https://en.wikipedia.org/wiki/Tan_Chin_Nam
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Re: IGB Corp / Tan Chin Nam

Postby winston » Thu Aug 25, 2016 8:12 am

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IGB - Below Expectations
24 Feb 2016

IGB Corporation’s 4Q earnings came in weaker than expected due to higher interest costs and lower contribution from property development.

Its 4QFY15 net profit of RM74.5m (-13.6% YoY, +13.8% QoQ) was below our and consensus expectations.

In FY15, the Group’s net profit was down marginally to RM216.9m (-0.6% YoY) and constituted only 87% of our and consensus estimates.

Property development profit contribution was down by c.60% YoY but other divisions performed within expectations, led by investment assets.

All told, FY16-17 earnings are adjusted by -25% and -31% respectively to factor in weaker property sales and higher interest costs.

An interim dividend of 5 sen was announced, bringing ytd dividends to 10sen which was higher than expected. Maintain Outperform and RM4.80 TP, which is based on 30% discount to our RNAV estimate.

Investment assets.

Earnings are driven mainly by rental income from offices and retail assets contributing c.78% to the operating profits.

Contributions from all business units came in within expectations with the exception of property development.

Given the current soft market conditions, it will defer the launch of “Stonor 3”. Recap that the project has a GDV estimated at RM638m.

As for investment assets, there’s not much change with four office towers in Mid Valley City almost 100% occupied while the fifth tower, Centrepoint North is now in the midst of being leased out.

Other assets such as Menara Tan & Tan and Plaza Permata’s occupancy rate were at 90% and 93% respectively.

Hotel division recorded lower average occupancy rates YoY but average room rate was up slightly. The Group added 4 new hotels during the year with a total of 1,139 rooms.

New Assets. IGB’s new mall in Johor i.e. Mid Valley Southkey (Phase 1; 1.5m sf) is expected to be opened in 2H2018. Recall that this project has combined GDV of RM8bn, to be developed in a few phases. The first phase is a mall which is said to be similar to the existing mall in Midvalley Megamall. Other phases will encompass 3 hotels (870 rooms), 4 offices and 1 service apartment (290 units) within estimated development period of 12 years.

Separately, IGB’s 18Medini (RM2bn GDV mixed development located in Zone A), which was purchased for RM97.2m, will only be launched when the situation has improved in Iskandar.

As for overseas projects, IGB is hopeful that its London project will be unveiled by 2H2016. The mixed project is said to have RM4.2bn in GDV. As for its 5.8-acre project in Bangkok, Thailand, the Group has plans to develop 2 blocks at this juncture with RM800 GDV.

Maintain Outperform and RM4.80 TP. We continue to like IGB’s investment grade assets, which generate c.75% of its earnings currently. Our earnings estimates have not factored in the contributions from the new assets, which we believe will be substantial in the next 3-5 years.

Source: PublicInvest

http://klse.i3investor.com/servlets/sta ... 277276.jsp
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Re: IGB Corp / Tan Chin Nam

Postby winston » Sat Oct 29, 2016 6:29 am

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IGB raising RM1bil to part finance one of Johor's biggest malls

BY THEAN LEE CHENG

KUALA LUMPUR: IGB Corp Bhd is raising RM1bil to part finance one of Johor’s biggest retail malls in a move to replicate its Mid Valley Megamall success.

IGB Corp Bhd group managing director Datuk Seri Robert Tan said: “We cannot promise that it will be as successful as the Mid Valley Megamall.... it may be 70% as successful.”

The 32.5-acre joint venture development, to be undertaken by JV company Southkey Megamall Sdn Bhd, will be a blend of Mid Valley Megamall and The Gardens, Tan told a press conference to announce the proposed RM1bil financing via a medium term notes (MTN) programme.

IGB Corp Bhd is principally an investment holding and property development company engaged in property investment and management, retail, hotel operations and construction. It also has the IGB REIT, a retail real estate investment trust.

The group’s largest project is the 50-acre Mid Valley Megamall/Gardens mall, which it had injected into the REIT. It also had interest in Australia and the UK.

Southkey City Sdn Bhd is a property development company affiliated to SELIA Group which has a flagship development in Iskandar Region A Johor Baru which spans over 330 acres.

It would take seven to 10 years for the Southkey mall to mature and they would then consider whether to inject it into the IGB Reit, he said.

“We will see how the mall is,” he said.

Tan said they had taken into consideration the demographics and population on a three, five and 10km radius.

“So it is something similar to the Klang Valley. Within a 5km radius, we have five million people. We don’t need five million people, but we need 1% of that, which is 50,000 people, but we need the spending power, not just the numbers.

“It will not be a Bangsar crowd in Johor. It will be more like a Cheras crowd so we will appeal to the mid-range crowd,” he said.

He declined to reveal the cost of funding, other than saying that they have concluded a win-win situation. The MTN programme is its latest step to realise the Southkey mall as one of Johor’s largest integrated retail and commercial developments.

IGB Corp Bhd recently sold its Renaissance Kuala Lumpur Hotel for RM765mil, making a gain of RM85mil net of tax in the next financial year, with the intention to use the proceeds for working capital and to support its development in the Southkey mall project.

The project has a total of 6,000 parking bays. It will have six retail floors, four office blocks with a net lettable area of about one million sq ft which it is targeting companies from Singapore to take up as a backroom office with a targeted rental of between RM5 and RM5.50 per sq ft.

The Southkey project will also have three hotels offering a range of three-, four- and five- star service and some serviced apartments.

Source: The Star

http://www.thestar.com.my/business/busi ... ohor-mall/
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Re: IGB Corp / Tan Chin Nam

Postby winston » Tue Nov 08, 2016 11:50 am

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PublicInvest Research retains Outperform for cash-rich IGB

KUALA LUMPUR: Public Investment Bank Research (PIVB) is maintaining its Outperform and RM4.80 target price for IGB Corporation Bhd.

It said on Tuesday this was based on a 30% discount to its realised net asset value (RNAV) estimate, as it continues to like the strong cash flow generative abilities of the company.

PIVB Research said a recent meeting with management revealed that with recent non-core assets disposal, it has raised RM1bil in “dry powder” for its new assets especially Mid Valley Southkey Megamall and its proposed mixed development in London and Bangkok.

On-going projects namely Southpoint Tower in Mid Valley City and Mid Valley Southkey Megamall are on track to be completed by 1H2017 and 2H2018 respectively.

As for property development projects, Stonor 3 was soft-launched in October 2016 while its mixed development project in London is now slated to be unveiled by end-2107, due to slower than expected approval for the amended planning permission.

PIVB Research said IGB disposed of Renaissance Kuala Lumpur Hotel for RM765mil, with the deal turned unconditional recently and expected to be concluded in 2017.

“We understand that IGB’s new mall in Johor i.e. Mid Valley Southkey (Phase 1; 1.5 million square feet of net lettable area (NLA) is expected to be unveiled in 2H2018,” it said.

As for construction progress, the foundation works are completed with the works already reached the typical floors.

As reported earlier, the project has a combined gross development value (GDV) of RM6bil, to be developed in a few phases.

As for the first phase, IGB will build a mall which is said to be an improved version of the existing mall in Midvalley Megamall, KL.

Other phases will encompass three hotels (870 rooms), four offices and one service apartment (290 units) with an estimated development period of 12 years.

As for Southpoint Tower in Mid Valley City, the project has been changed into mixed development with 25 levels of offices and 19 levels of residential units and expected to be completed in Apr 2017.

“We understand that it has secured an anchor tenant, taking up four floors and expects 70%-80% occupancy upon completion. Separately, its condominium project, Stonor 3 (RM640mil GDV) in KLCC was launched in October but take-up rate is understandably still slow.

“The key project for IGB is a mixed project in London which originally has RM4.2bil in GDV (based on old building plan) is now improved to RM9bil with higher plot ratio.

“The project is now slated to be launched by end-2017 from 2H2016 due to slower than expected approvals.

PIVB Research said as for IGB’s 5.8-acre project in Bangkok, Thailand, the group is still exploring the design for the project but based on the old design of building 2 blocks, the GDV is estimated to be RM800mil,” it said.

Similar to 18Medini (RM2bil GDV mixed development located in Zone A), the project will only be launched once the market condition is better.

The research house noted that recent assets disposal such as Renaissance Hotel is expected to add RM1bil to the group’s coffers.

“We understand that the proceeds will be mainly used to finance Mid Valley Southkey, among other projects,” it said.

Source: The Star
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