TA Enterprise

TA Enterprise

Postby winston » Fri Mar 28, 2014 8:44 am

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TA Enterprise earnings above expectations, target price RM1

KUALA LUMPUR: Hwang DBS Vickers Research (HDBSVR) is maintaining a Buy recommendation on TA Enterprise with a target price of RM1.

It said TAE’s net profit for the financial year ended Jan 31, 2014 (FY14)cwas above its expectation, lifted by write-back in taxes.

“Property development activities picked up; we expect the positive traction to continue,” it said in its research note.

HDBSVR said TAE’s FY14 net profit was 10% above estimates, lifted by lower taxes due to utilisation of unabsorbed tax losses and capital allowances. Profit before tax was in line.

“Property development revenue and profit tripled on-quarter due to progressive billings and construction of Damansara Avenue project. Hotel revenue remained steady but profit was dragged by forex losses and goodwill impairment.

“Stockbroking revenue was flat on-quarter but profit fell due to decrease in brokerage and proprietary trade income. Credit and lending segment was boosted by recoveries in the quarter,” it said.

The research house said while no dividend was declared in the quarter, but based on past trends, it expected TAE to declare a final DPS in May and it assumed a 30% payout.

“The lower effective tax rate in FY14 may not be sustainable and hence we have maintained our effective tax rate assumption at 25% at this juncture.

“Going forward, we expect earnings to be driven by property while hotel continues to bring in a steady income stream,” it said.

HDBSVR said construction on the two apartment blocks of The Gardens (a Canadian project in which it has a 65% stake), should be completed by the second half of 2014.

“On completion, we expect TAE to recognise the remaining 90% revenue of the sold units. Based on a blended take-up rate of 80% and C$85mil GDV, we estimate the project would contribute C$40mil to top line in FY15.

“Maintain Buy and RM1 sum-of-parts derived target price. The near term re-rating catalyst is a potential sale of TAE's broking unit while it unlocks the value of its property and hotel business over the medium term,” it said.

Source: The Star
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Re: TA Enterprise

Postby winston » Sun Jun 01, 2014 9:05 am

TA Enterprise Q3 profit rises 25%
Dec 13, 2013

PETALING JAYA: TA Enterprise Bhd’s net profit rose 25% to RM42mil for the third quarter ended Oct 31 from RM34mil in a corresponding quarter last year, boosted by improved performance at key stockbroking and financial services business.

However, its revenue for the quarter fell 6.4% to RM179mil from RM191mil a year ago due to lower contribution from the credit and lending division, and the property development division.

“Although the group recorded foreign exchange translation loss in the current third quarter, we enjoyed higher profit due to higher contribution from investment portfolio, and higher reversal of impairment loss on trade receivables,” it said in a filling with Bursa Malaysia yesterday.

Meanwhile, for the first nine-month period financial year ending Jan 1, 2014, the group recorded higher net profit of RM108mil, increase 77% to RM61mil in the same period last year.

Its revenue for the period rose to RM548mil to RM544mil a year ago.

Moving forward, the group plans to continue expanding its derivative trading in the current financial year.

And the company will continue to grow by setting up more servicing branches and kiosk in various strategic locations locally.

Meanwhile, its property subsidiary, TA Global Bhd’s net profit shrank 44.2% to RM19mil for the third quarter ended October 31.

The company had recorded RM34mil in profit a year ago.

Revenue for the quarter fell 5.7% to RM150.5mil from RM159.7mil in the corresponding quarter last year.

In a filing with the local exchange yesterday, the company said lower profit and revenue for the third quarter was due to lower contribution from property development division and higher foreign exchange losses resulting from loans denominated in other foreign currencies, despite the gain on disposal of investment securities.

“The decrease in property development division was due to finance costs incurred during the year, as well as slow and steady progress on the ongoing development projects in Damansara Avenue,” it said.

Nonetheless, TA Global’s nine-month net profit rose 24% to RM63mil from RM51mil in the previous corresponding period.

Revenue for the period increased RM460mil from RM453.5mil a year ago.

Source: The Star

http://www.thestar.com.my/Business/Busi ... line.aspx/
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Re: TA Enterprise

Postby winston » Sun Jun 01, 2014 9:12 am

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Bandar Sri Damansara's new commercial centre by shalini ravindran
Mar 08, 2014

Residents of Bandar Sri Damansara now have a new commercial centre to look forward to with the launch of Ativo Plaza, located in the up and coming area of Damansara Avenue.

Developed by TA Global Bhd, Damansara Avenue is a mixed commercial development on 48 acres of freehold land in Bandar Sri Damansara with a gross development value (GDV) of RM3.8bil.

Conceived as a 10-year master-planned development, Damansara Avenue is anchored by a sprawling seven-acre urban park that provides communal space for interactions and activity.

Ativo Plaza, the first commercial development in Damansara Avenue, comprises two blocks of eight-storey buildings featuring 198 office suites and 43 retail units with a GDV of RM138.8mil.

“Ativo Plaza was first introduced into the market in 2010 and received an overwhelming response from the public, with some people queuing the night before just to secure their preferred unit.

“Today, it has achieved 100% sales,” said TA Enterprise Bhd managing director Datin Alicia Tiah during the opening ceremony recently.

TA Enterprise Bhd is the parent company of TA Global.

“Following this enthusiastic response, the first residential phase of Damansara Avenue, Azelia Residences was launched in May 2011,” Tiah added.

Azelia will comprise two tower blocks — an eight-storey apartment block of 43 units and a 28-storey block of 207 units. The units range from 600sq ft to 3,400sq ft in size.

“To date, 90% of the units have been sold and the project is expected to complete by the middle of this year,” Tiah said.


Source: The Star

http://www.thestar.com.my/Business/SME/ ... ched.aspx/
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Re: TA Enterprise

Postby winston » Sun Jun 01, 2014 9:15 am

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March 28, 2014

TA ENTERPRISE BHD

By HwangDBS Vickers
Rating: Buy
Price Target: RM1


TA’s FY2014’s net profit was 10% above our estimates, lifted by lower taxes due to utilisation of unabsorbed tax losses and capital allowances.

Property development revenue and profit tripled quarter-on-quarter (q-o-q) due to progressive billings and construction of Damansara Avenue project. Hotel revenue remained steady but profit was dragged by forex losses and goodwill impairments.

Broking revenue was flat q-o-q but profit fell due to decrease in brokerage and proprietary trade income. Credit and lending segment was boosted by recoveries in the quarter.

The lower effective tax rate in FY14 may not be sustainable and hence we have maintained our effective tax rate assumption at 25% at this juncture. Going forward, we expect earnings to be driven by property while hotel continues to bring in a steady income stream.

The construction work for the two apartment blocks of The Gardens (a Canadian project in which it has a 65% stake) should be completed by the second half of FY14.

Upon completion, we expect TA to recognise the remaining 90% revenue of the sold units. We maintain our buy call and the RM1 sum-of-parts derived target price.

The near-term rerating catalyst is a potential sale of TA’s broking unit while it unlocks the value of its property and hotel business over the medium term.

Source: The Star
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Re: TA Enterprise

Postby winston » Sun Jun 01, 2014 9:17 am

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Dec 26, 2013

Major shareholder Tiah Thee Kian, bought more shares in the company in Dec (totaling 1m shares so far at an average cost of RM0.766 per share).
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Re: TA Enterprise

Postby winston » Wed Jun 04, 2014 6:53 am

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Property & Hospitality

TA Global Berhad (TAG) is listed on the Main Market of Bursa Malaysia and is one of the largest listed property development companies in Malaysia by market capitalization.

TAG is involved in a diversified range of property services, which includes property development, property investment, construction and property management in Malaysia. Its hospitality division has hotels in Australia, Singapore, Canada and China.

Through its wholly owned subsidiary, TA Properties Sdn Bhd, TAG has established itself as a premier lifestyle property developer with a niche in residential and commercial developments. TAG’s achievements include gated and guarded luxury garden bungalows at Damansara Idaman, a semi-detached villa development, Idaman Villas located at Petaling Jaya and a luxury condominium development, Idaman Residence at KLCC.

The current development at Damansara Avenue, a 10-year master planned community development is sprawled across 48 acres of prime freehold land in Bandar Sri Damansara, one of Kuala Lumpur’s premier urban neighbourhoods. This well-planned mixed commercial development comprises signature office suites, high and low rise residences, small office home office (SOHO), corporate office towers, a community centre, lifestyle retail mall with courtyard and streetscape themes, entertainment and alfresco-styled food and beverage (F&B) outlets and a business class hotel.

Damansara Avenue is a revolutionary development for a sustainable lifestyle and community living, anchored by a 7-acre urban park, where the harmonious combination of parklands, residential and commercial elements provides the ideal working and living model for the future.

Upcoming developments in the near future include mixed commercial developments at Jalan P. Ramlee opposite KLCC and at Bukit Bintang, Kuala Lumpur. Future residential developments are its Dutamas project located next to Mont Kiara and at Taman Pertama, Cheras near the proposed Cheras MRT Station.

In its 15 years, TAG has also successfully acquired a substantial portfolio of landed properties in much sought after locations in Malaysia and overseas. TAG has also entered into a joint venture to develop a 22.78 acre parcel of land in Richmond, Canada with Townline Gardens as well as a sponsorship alliance with Charter Hall to develop a 33.6 acre parcel of land in Little Bay, Sydney.

TAG’s portfolio of investment properties in Malaysia includes its headquarters at Menara TA One in Kuala Lumpur, shop offices at USJ Taipan and Subang Business Center as well as all the ground and mezzanine floors of our Ativo Project in Damansara Avenue.

Its international property investment in Canada is the FortisBC Centre in Vancouver. In the year, 2010, TAE also acquired a building now named as Wisma TA in Petaling Jaya to cater to the growing business needs of its financial services division.
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Re: TA Enterprise

Postby winston » Wed Jun 04, 2014 7:04 am

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PROPERTY DEVELOPMENT

increase in Real Property Gains Tax (RPGT), removal of Developer Interest Bearing Scheme (DIBS) and higher floor price for foreign buyers succeeded in curbing speculative buying and upward price pressure.

The impact was less profound on property launches in good locations and landed properties. While we admit 2014 will be a challenging year, we believe our integrated revelopments in strategic locations would continue to attract interest from genuine buyers.

Damansara Avenue – Bandar Sri Damansara

Our landmark development in Petaling Jaya, Damansara Avenue with a gross development value (GDV) of RM3.8 billion saw the completion of Ativo Plaza consisting of 198 signature office suites and 43 retail units in August 2013. Our Group retained the 43 retail units on the ground and mezzanine floors for rental to provide a stable recurring income. The Azelia residences comprising of 250 units of condominiums which have been 92% sold, is scheduled for handover in the 2nd quarter of 2014.

Riding on the success of our Ativo Plaza, we are currently planning to develop Ativo Annexe, which is situated between Ativo Plaza and Azelia Residences. The Annexe will be seamlessly connected to Ativo Plaza and we plan to integrate both retail and residential elements.

The next project in the pipeline for Damansara Avenue is Ativo Sofo with a GDV of RM370 million, consisting of two towers located on a 2.83 acres site adjacent to Ativo Plaza. A development approval for 972 units of Small Offices Flexible Offices was obtained in March 2013 and sales will be launched in the 4th quarter of 2014.


TA 3 & 4 – Mixed Commercial Development opposite KLCC

Building plans for twin 50-storey buildings on a 2.47 acre piece of land opposite Kuala Lumpur City Centre Twin Towers have been approved in February 2014. Earthworks are expected to commence in the 3rd quarter of 2014 after obtaining the relevant building construction approvals. The project is expected to register an approximate GDV of RM1.4 billion upon completion.

We are currently in negotiation with a reputable international hotel chain to brand and operate the luxurious hotel and serviced residences. We are confident that the reputable hotel brand and prime location within the Golden Triangle will place the two landmark towers on the map of Kuala Lumpur City.


Taman Pertama, Cheras, Kuala Lumpur – Condominiums

We are currently planning to develop 2 blocks of condominiums, housing 275 units of residences with integrated facilities, which have a GDV of RM159 million.


The Peninsular - Mixed Development in Puchong

TA Global via its subsidiary, TA Properties Sdn Bhd entered into a joint venture project to develop 92 acres of leasehold land in Sepang, Selangor with a GDV of RM596 million. Sales of 98 units of 2.5 and 3-storey super link terrace houses will be launched in 1st quarter of 2015.


Nusa Lagenda – Bandar Saujana Putra

Nusa Lagenda, a 50 % joint venture between TA Properties Sdn Bhd and Prominent Xtreme Sdn Bhd, to develop 255 units of apartments with GDV of RM99.5 million at Bandar Saujana Putra, Selangor and is still in the planning stage.


CANADA

The Gardens- Richmond, Province of British Columbia The Gardens is a comprehensive master planned urban village in the heart of Richmond, British Columbia. The GDV is CAD85.0 million and construction of the two apartment blocks named Azalea and Magnolia containing 90 and 92 units respectively is currently in full progress with expected completion in June, 2014. The 2nd phase of 163 units of apartment with a retail podium within a 5-storey building named Camelia with a GDV of CAD48.4 million will be launched in the 2nd quarter of 2014.


Trump International Hotel & Tower
Vancouver – 1151 West Georgia, Vancouver, Province of British Columbia

TA Global is currently jointly developing Trump International Hotel & Tower Vancouver with Birkbeck Trust under a limited partnership arrangement with a contribution of CAD110 million by each party. The joint partnership to own and develop 1151 West Georgia is synergistic as the location is strategically adjacent to the FortisBC Centre, our 24-storey corporate office building in downtown Vancouver.

Trump International Hotel & Tower Vancouver is an iconic 63-storey luxury mixed-use development with a projected GDV of approximately CAD496 million. As at March 2014, the physical construction progress of the tower is at Level 23 and the building is expected to be completed in mid-2016.

The residential sales of Trump International Hotel & Tower Vancouver launched in the third quarter of 2013 has achieved 46.3% sales, valued CAD154.6 million as of April 2014.


Little Bay Residential Development Project, Sydney, Australia

Little Bay Cove in Australia is our first foray into residential development in Sydney with great development potential and prospects. The whole development of Little Bay Cove that originally started as collaboration will come under the stewardship of TA Global in second quarter of 2014 as Charter Hall, our alliance sponsorship partner, has sold its entire interest in theproject to a wholly-owned subsidiary of TA Global.

The overall project has a GDV of AUD600 million offering the community more than 3 hectares of open space and approximate 582 units of dwellings. Currently, development approval for the building of 66 townhouses and 224 low-rise luxury apartments has been obtained and these products are ready for sale and construction.

Works involving land remediation, earthworks, and service infrastructure are nearing completion in the 2nd quarter of 2014. The construction of Solis, a 45-unit luxury apartment which was 100% sold is expected to commence in the third quarter of 2014.
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Re: TA Enterprise

Postby winston » Wed Jun 04, 2014 7:10 am

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PROPERTY INVESTMENTS

MALAYSIA


Menara TA One, Kuala Lumpur

The current occupancy rate of our corporate headquarters, Menara TA One is maintained at 90%, while the average rental rate is RM5.14 per square foot. Menara TA One is currently undergoing a RM20 million facelift to enhance the image of the building and includes upgrading works, relocation of its main entrance to Jalan P. Ramlee, new F&B outlets at ground level and roof top, and other enhancements. Renovation works are expected to be completed by November 2014

The retail and office suites at Subang Business Centre and Taipan USJ in Selangor continue to boast 100% occupancy rate and to generate good rental income for the Group.


Ativo Plaza- Bandar Sri Damansara

Ativo Plaza, the flagship project of the Bandar Sri Damansara development was completed in August 2013. The retail units on the ground and first floors have been retained to provide a stable income for the Group. The retail units at the plaza achieved a respectable 81% occupancy rate, providing the community with facilities such as bank, supermarket and a wide variety of F&B outlets.


FortisBC Centre in Vancouver, Canada

The average rental rates of the FortisBC Centre, our Triple-A rated Office Tower in Vancouver increased by 1.0% per square feet in 2013. About 20% of the building's existing leases will be up for renewal between years 2014 and 2015. We anticipate a slight increase in our existing rental rates for these leases and this will have a positive impact on the overall revenue and average lease rate of the FortisBC Centre.

In tandem with the construction of Trump International Hotel & Tower Vancouver adjacent to it, the FortisBC Centre will be upgrading its current conference facilities to a brand new 16,000 square feet of glass structure on its 3rd floor patio. The seamless connectivity of FortisBC Center conference facilities to the Trump International Hotel and Tower will simultaneously uplift the corporate profile of FortisBC Centre and rental rates for its office tower.
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Re: TA Enterprise

Postby winston » Wed Jun 04, 2014 7:25 am

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M&A activity looming for TA Enterprise in property market

KUCHING: TA Enterprise Bhd (TA Enterprise) is expected to see mergers and acquisitions (M&As) looming, being a credible proxy to a stronger property market.

“A major catalyst for TA Global, a subsidiary of TAE, will be an establishment of a hospitality real estate investment trust (REIT) which will have at least an asset size of RM2 billion based on our sum-of-parts (SOP),” said analysts at HwangDBS Vickers Research Sdn Bhd (HwangDBS Research).

“The unlocking of deep latent value of largely prime overseas assets where one new hotel even has Donald Trump as an operator will lift TA Global’s SOP and in turn TA Enterprise’s,” the research house said.

Currently, the group owns seven acres (2.8 hectares) of very valuable land in key growth areas in the Klang Valley as well as overseas in Canada.

Property development earnings, according to the research house, have picked up.

To note, TA Enterprise is the only stand-alone broker left in Malaysia with a strong retail presence of 5.7 per cent market share (trading volume).

“Consolidation among brokers had been apparent with increased competition where valuation benchmarks have been set at between 1.1 to 1.9 times book value,” the research house added.

“In our view, the founding shareholders may warm up to a cash offer of at least one times Price/Book Value (P/BV) or RM687 million (broking and credit and lendingbusiness),” HwangDBS Research said.

This, it said, works out to be RM0.40 per share (or a 66 per cent yield) and can be distributed to shareholders via special dividends.

“Otherwise, this cash can be ploughed into growing its higher ROE property business locally and abroad where TA Global had been on an acquisition trail for hotels,” it noted.

“Even without a sale, the sharp surge in market volumes to above two billion shares daily post GE with increased participation from retailers is positive for TA Enterprise.”

HwangDBS Research reiterated a buy for TA Enterprise based on a revised SOP of RM1 per share.

The revised SOP now factors in a higher one times P/BV for its broking business and higher capital values for its property business.


http://www.theborneopost.com/2013/06/26 ... ty-market/
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Re: TA Enterprise

Postby winston » Thu Jul 12, 2018 8:16 am

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Tony Tiah ups stake in TA Enterprise with RM2.66m purchase

by Joseph Chin

Datuk Tony Tiah Thee Kian, who recently launched a mandatory general offer (MGO) at 66 sen per share for TA Enterprise Bhd, has been busy buying shares from the open market.

A filing with Bursa Malaysia showed that Tiah bought 4.06 million shares for a total of RM2.66mil on July 6, 9 and 10, raising his shareholding to 32.85% or 562.4 million shares.

He bought 2.50 million shares on July 6 for RM1.637mil and 1.36 million shares on July 9 for RM891.06mil and the following day, he purchased 200,000 units for RM131,000.

After the recent purchases, his direct shareholding in the company – which is involved in stockbroking & financial services; property development; and hospitality --- was raised to 562.407 million shares or 32.85%.

Tiah and his wife Datin Alicia Tiah co-founded the company in the 1990s.

He sought to further strengthen his grip on TA Enterprise but analysts said the MGO at 66 sen per share was seen to have significantly undervalued the assets of the company. The net assets per share was RM1.48 as at end-March 2018.

StarBiz reported that at only 0.45 times its book value, the offer price was unattractive, even though it may offer an exit opportunity for some investors who have acquired TA Enterprise’s shares at very low prices.

“The premium attached to the offer is rather low, so we don’t think there will be many takers,” a fund manager said.

Source: The Star

https://www.thestar.com.my/business/bus ... mI5wmLM.99
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