YNH Property

[winston]

not vested

YNH Property reveals proposed RM150 mil land buy from 2022, calls non-disclosure an ‘oversight’

YNH Property Bhd, whose share price had tumbled 72% from a high of RM4.35 on Jan 4, revealed that it had proposed to purchase 5.1 acres of land here back in 2022 for RM150 million, cash, calling its non-disclosure of the deal earlier an "oversight".

The land acquisition, which YNH Property viewed as a long-term investment, is subject to shareholder’s approval at the forthcoming extraordinary general meeting and is to be completed by June 2024.

By Justin Lim

Source: theedgemalaysia.com

https://theedgemalaysia.com/node/697780

[winston]

not vested

YNH reveals 2022 turnkey construction details, applies internal controls to address land deal disclosure oversight

By Justin Lim

Previously, YNH said it did not make any announcement pertaining to the termination of a turnkey construction agreement in April 2022 because "these are ordinary business of the company and to be consistent with the non-announcement of the turnkey construction agreement when the agreement was first entered into".

Baker Tilly had expressed a “basis for qualified opinion” and said that an amount of RM1.1 billion had been included in YNH Property’s inventories regarding the contracts entered into with the JV parties or landowners.

Source: theedgemalaysia.com

https://theedgemalaysia.com/node/698047

[winston]

not vested

YNH Property says it has received offers for its Mont'Kiara mall

By Justin Lim

The group has been loss-making over the past three years. It posted an annual net loss of RM2.79 million in FY2021, which swelled to RM14.59 million in FY2022, and rose further to RM18.23 million in the 18 months ended June 30, 2023 (FY2023).

For the first quarter of FY2024, YNH remained in the red with its net loss for the July-September months widening to RM10.22 million from RM2.22 million a year before, despite revenue rising 19% to RM62.74 million from RM52.84 million.

The quarterly performance was dragged by higher cost of sales, expenses and lower other income.

Source: theedgemalaysia.com

https://theedgemalaysia.com/node/698402

[winston]

vested

Jan 19, 2024

Our view on YNH Property Berhad

Highlights

Earlier in October, the auditor of YNH issued a qualified opinion on the group’s financial statement regarding their joint venture and turnkey contracts for property development work.

At the start of 2024, share price of YNH declined by 79% from RM4.04 to a low of RM0.86 as of 19 January 2024 with no substantial news and updates from the group.

Current business profile and liquidity of the group remains weak, especially since monetisation of their 2 malls is delayed, delaying a much-needed cash infusion for the company.

Furthermore, due to current developments, we think that investors and lenders may be taking a step back before committing to financing the group, further impeding their access to much needed refinancing.

As such, we suggest investors to consider selling their positions due to their current liquidity position, weak business profile and issues surrounding the group. Investors holding the 1.5x security cover will provide some recovery value in a worst-case scenario.

Auditors: The sum of these contracts amounts to roughly RM1.1b which in effect represents 45% of their total assets

Net debt to equity ratio of 1.48x while short-term liquidity seems tight with cash and cash equivalent of RM17 mil against short term borrowings of RM520 mil.

Current cash flow from operations for their Q1 ending September 2023 remains modest at RM14 mil, signaling a weak cash flow metric.

Source: ifast

https://www.fsmone.com.my/funds/researc ... rty-berhad

[winston]

vested

November 17, 2022

YNH to sell its two assets for RM422.5 mln cash

By Sharen Kaur

It informed the stock exchange that it is selling AEON Seri Manjung with land for RM152 million and 163 Retail Park for RM270.50 million (Nov 17).

YNH said it would be able to use the revenues from the sale of the two assets to pay off bank debt (RM335 million), replenish working capital (RM81.9 million), and cover projected costs for the disposals and the proposed ABS MTN programme offering (RM5.6 million).

Source: NST

https://www.nst.com.my/property/2022/11 ... 5-mln-cash

[winston]

not vested

YNH Property Bhd is planning to sell its Mont Kiara shopping mall, 163 Retail Park, to Sunway Real Estate Investment Trust (Sunway REIT) for RM215 million, cash.

Of the proceeds, RM110.94 million will be used to redeem the property from its chargee, Public Bank Bhd.

Another RM74.06 million will be used for the group's working capital, while RM30 million will go towards the repayment of borrowings.

The proposed disposal is expected to be completed by the second quarter of 2024 (2Q2024), subject to approval being obtained at the group’s forthcoming extraordinary general meeting.

Source: The Edge

[winston]

vested

YNH says ALX Asset can’t raise enough fund to buy 163 Retail Park

By Izzul Ikram

It decided not to pursue the proposed RM152 million disposal of AEON Seri Manjung in Perak to ALX Asset Bhd in view of the situation.

Shares in YNH ended three sen or 4.55% lower at 63 sen, giving the group a market capitalisation of RM333.27 million. Year to date, the stock has plunged 85%.

Source: theedgemalaysia.com

https://theedgemalaysia.com/node/699915

[winston]

vested

YNH's RM170m land sale to Sunway gets fourth time extension to fulfil conditions

By Izzul Ikram

YNH Property Bhd’s proposed sale of a 5.098-acre freehold land in Desa Seri Hartamas to Sunway Group for RM170 million has been extended for a fourth time, pushing the deadline to May 12.

There will be an extra RM50 million added to the price tag if YNH manages to obtain a new development order from authorities for a project with a minimum plot ratio of seven within one year from May 12, 2023.

Source: theedgemalaysia.com

https://theedgemalaysia.com/node/701098

[winston]

vested

22 Jan 2024

Frankly Speaking: Oversights overload

The first oversight announced on Jan 17 relates to an SPA entered into between YNH’s wholly-owned subsidiary Kar Sin Bhd (KSB) and Great Wall Park Sdn Bhd (GWP) for the said piece of land on April 18, 2022.

The second oversight announced on Jan 19 pertains to a turnkey construction agreement (TCA) entered between KSB and GWP for the purpose of developing the Desa Seri Hartamas piece of land in June 2016. A security deposit of RM41.5 million was paid.

According to listing rules, a listed company must make immediate public disclosure of any material information. Failure to do so could lead to queries by the listing authority and could result in a fine or administrative actions.

Source: The Edge Malaysia

https://theedgemalaysia.com/node/698108

[winston]

The curious case of YNH and its JVs

RM1.1 billion investment in numerous property development joint ventures (JVs) over the years.

In YNH’s case, the investments in JVs are huge relative to its cash holdings of RM16.8 million as at Sept 30, 2023. Of particular interest was the 5.098 acres of land situated in Desa Sri Hartamas, involving deposits of RM239.5 million.

Source: theedgemalaysia.com

https://theedgemalaysia.com/node/702202