CORPORATE PRESENTATION

Transcription

1 CORPORATE PRESENTATION June 2014 Glomac Berhad M Menara Glomac, Glomac Damansara, Jalan Damansara, Kuala Lumpur, Malaysia. T F W

2 CONTENT Executive Summary Review of 9M FYE Apr 2014 Financial Results Sales & Progress Billings Update on Projects Summary & Conclusion 2

3 Overview Founded by Tan Sri Dato FD Mansor and Datuk Richard Fong in 1988 Listed on the Main Board of Bursa Malaysia in June 2000 Helmed by Datuk Seri FD Iskandar as Group Managing Director / Chief Executive Officer Over 2 decades of solid record in developing innovative residential & commercial properties Properties worth over RM4bn handed over to-date Klang Valley / Greater Kuala Lumpur focus 3

4 Financial Snapshot FY 09 FY 10 FY 11 FY 12 FY 13 FY 14 (9-mth) Revenue RMmil FY 09 FY 10 FY 11 FY 12 FY 13 FY 14 (9-mth) Profit Attributable to Owners' of the Company RMmil

5 8 6 4 Financial Snapshot , FY 09 FY 10 FY 11 FY 12 FY 13 FY 14 (9-mth) 364 Net Dividend Per Share (Sen) FY 09 FY 10 FY 11 FY 12 FY 13 FY 14 (9-mth) 731 Unbilled Sales RMmil

6 RESULTS REVIEW 9M FYE Apr 2014 Glomac Berhad M Menara Glomac, Glomac Damansara, Jalan Damansara, Kuala Lumpur, Malaysia. T F W

7 9M FY14 Financial Results FYE Apr (RM mil) 9M FY14 9M FY13 % chg 3Q FY14 3Q FY13 % chg Revenue Gross profit Pre-tax profit Net profit Net EPS (sen)^ Gross margin 28.7% 30.0% % 30.1% - Pre-tax margin 23.7% 23.5% % 23.1% - 1 attributable to equity holders of the company ^ Based on weighted average share base of 723.1m for 9M FY14 and 683.0m for 9M FY13 7

8 Financial Highlights 9M FY14 revenue +12.7% to RM501.8m sustained by Lakeside Residences and Saujana Rawang Tail-end of Glomac Damansara and Glomac Cyberjaya 2 New projects Glomac Centro and Reflection Residences are beginning to contribute PBT rose 13.8% to RM118.9mil Construction progress at ongoing projects RM15m gain from sale of Australian investment at associate level registered in 2Q FY14 9M FY14 PAT up 22.3% to RM86.0mil Net EPS of 11.9sen; Annualised net EPS of 15.9sen Corresponding P/E of 6.8x at RM1.08 share price 8

9 Financial Highlights PBT margin maintained at 23.7% at 9M FY14 stage 3Q FY14 margin impacted by higher construction materials and labour cost, and new land conversion premium rates in Saujana Rawang Net gearing is at a comfortable 24% Ample capacity to acquire additional landbank Recently bought 62.6 acres in Bandar Saujana Utama for RM23mil (RM8.44 per sq ft) cash Net assets per share of RM1.21 RM1.08 share price represents 11% discount 9 Proposed interim dividend of 2.25 sen per share (single tier) Matching the 3 sen less tax at 25% previously

10 SALES & PROGRESS BILLINGS Glomac Berhad M Menara Glomac, Glomac Damansara, Jalan Damansara, Kuala Lumpur, Malaysia. T F W

11 9M FY14 New Sales At RM368mil Modest performance; impacted by recent measures RPGT re-introduced, withdrawal of DIBs, net income calculation for mortgage, etc Sales Summary (RM mil) 3Q FY14 9M FY14 9M FY13 Lakeside Residences Glomac Centro Reflection Mutiara Damansara Bandar Saujana Utama Saujana Rawang Glomac Damansara Residences Glomac Cyberjaya Others

12 Strategic Decision To Defer Selected Launches Fine-tuning pricing strategy and costing for some projects Including assessing GST impact Anticipate improved visibility and outlook for property demand once market adjusts to tightening measures Expect consolidation to last another 6 to 12 months Revised launch dates Phases 6 & 7 of Lakeside Residences and Saujana KLIA township in FY15 Centro V in CY15/16 FY14 sales guidance revised to RM500mil 12

13 Unbilled Sales At RM792m Summary Of Projects 31 Jan 2014 (RM mil) Launched GDV (RM mil) Overall Take- Up Rate (%) Unbilled Sales* Lakeside Residences Glomac Damansara Glomac Cyberjaya Glomac Centro Reflection Mutiara Damansara * Bandar Saujana Utama 1, Saujana Rawang Sri Saujana, Johor Total 4, *Unbilled sales is net of minority interest in projects with < 100% equity interest 13

14 PROJECTS UPDATE Glomac Berhad M Menara Glomac, Glomac Damansara, Jalan Damansara, Kuala Lumpur, Malaysia. T F W

15 15 Strong Greater KL Presence

16 16 Projects Enjoy Excellent Connectivity

17 RM7.7 billion Future GDV Summary Of Projects 31 Jan 2014 (RM mil) Total GDV (RM mil) Remaining GDV (RM mil) Estimated Launches FY14 Est. GDV Beyond FY14 Lakeside Residences 2,809 2,545-2,545 Glomac Damansara Glomac Centro Bandar Saujana Utama 1, Saujana Rawang 1, Sri Saujana, Johor Glomac Cyberjaya Glomac Cyberjaya Others

18 RM7.7 billion Future GDV continued Summary Of Projects 31 Jan 2014 (RM mil) Total GDV (RM mil) Remaining GDV (RM mil) Estimated Launches FY14 Est. GDV Beyond FY14 New Projects Saujana Utama Saujana KLIA 1,200 1,200-1,200 Plaza Kelana Jaya, Phase PPKS (newly acquired) Kulaijaya, Johor (newly acquired)

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20 Overall Development Clubhouse Phase 3, Symphony - Facade Symphony Living room 20

21 Flagship project with sizeable GDV of at least RM2.5bn 200 acres leasehold land acquired for RM77m Prime location in close proximity to Puchong s thriving commercial hub Serviced by KESAS and LDP 2 new LRT stations (Ampang extension line) targeted for completion in

22 RM229m worth of properties successfully launched in FY13 (Phases 2 to 4) Take-up at 97% with remaining unsold comprising a handful of Bumi units Targeted launch of 153 units of 2-storey link houses under Phases 6 & 7 with GDV of RM120m in FY15 Fine-tuning pricing and costing Ongoing improvements to surrounding infrastructure to improve pricing power and saleability in future 22

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24 Glomac Damansara Facade storey Office Tower Main Lobby

25 356 units in two 26-storey tower blocks with estimated GDV of RM285m Overall take-up has improved further to 96% Delivery of vacant possession in April Final phase of Glomac Damansara comprising boutique retail mall with GDV of RM375m Earmarked for en-bloc sale on tenanted basis to capture better value Actively engaging with potential tenants in anticipation of completion in CY15 25

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27 Steady Demand Affordable township development in Rawang continues to enjoy encouraging demand Egrata comprising 122 units 2-storey link houses (22 x 75 ) with GDV of RM58m launched in June last year is fully sold Saujana Square shop-offices with RM64mil GDV also 100% sold 27 Egrata Exterior

28 New Phases Alcedo in November units of Semi-Ds with GDV of RM51m Alcedo 2 storey Semi-D Ardea 50 units of 2-storey link houses under Phase 1 with GDV of RM26m 2 nd Phase to comprise another 68 units Alcedo 2.5 storey Semi-D Aquila Phase slated for 1Q FY units of 2-storey link houses with preliminary GDV estimate of RM63m 28

29 29 Prime PJ Location

30 Healthy Take-Up For Phase 1 Take-up of Phase 1 with estimated GDV of RM381m at 75% Centro V (Phase 2) now scheduled for FY15 launch 394 units serviced apartments valued at RM214m Layout will focus on smaller units with sizes ranging from 600 to 1,100 sq ft 18 units 2-storey shop office with GDV of RM43m Centro V 30

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32 299 units freehold serviced apartments in a 39-storey block with estimated GDV of RM286m Take-up is at a solid 94% Meaningful bottomline contribution expected from FY15 onwards Building works are now in full swing 32

33 New Acquisition in Kulaijaya, Johor Bahru Project Location Approx. 6km from Lagenda Putra 33

34 New Acquisition in Kulai Jaya, Johor Bahru New acquisition by Glomac in Kulaijaya, Johor Bahru. Land size of about 174 acres with an indicative GDV of RM700mil. Exciting new township which is within the Iskandar Region, development will focus on the affordable segment. This acquisition spreads Glomac s presence in Johor Bahru on top of the current Sri Saujana, Kota Tinggi project that has an indicative GDV of RM700mil. 34

35 35 New Acquisition Sungai Buloh, Selangor

36 New Acquisition in the District of Kuala Selangor Glomac bought 6 pieces of land for RM23mil in Sungai Buloh which totals to about 62.6 acres with an indicative Gross Development Value of RM300mil The new acquisition is within Glomac s thriving Bandar Saujana Utama (BSU) township The acquisition is Glomac overall strategy to extend the BSU township which has matured over 15 years, and is now well established with a hypermarket, shopping mall, shop offices and has more than 65,000 residents. 36

37 SUMMARY & CONCLUSION Glomac Berhad M Menara Glomac, Glomac Damansara, Jalan Damansara, Kuala Lumpur, Malaysia. T F W

38 Continued Focus On Landed Products In FY15 Earnings prospects for next 12 months anchored by high unbilled sales of RM792m Confident of delivering improved net earnings in FY14 More modest FY14 sales target of RM0.5bn Short-term market consolidation due to cooling measures Strategic decision to push launches (Lakeside Residences, Saujana KLIA, Centro V) into FY15 Key launches to resume in FY15 and we are continuously adding to future GDV Recent acquisition of 62.6 acres in Bandar Saujana Utama will add indicatively another RM300m to future GDV Another new acquisition in Kulaijaya, Johor. 174 acres with an indicative GDV of RM700m 38 Target to match FY13 s net dividend of 4.9 sen/share Proposed interim dividend of 2.25 sen/share (single-tier)

39 THANK YOU Q & A Session IMPORTANT DISCLAIMER The information in this report has been prepared for general circulation based on internal sources available at the time of issue of this report and opinions are subject to change without notice. This report may contain forward looking statement and forecasts, which are based on the assumptions that are subject to uncertainties. This report is prepared solely for information purposes only and not to be construed as a solicitations for contracts. The Company accepts no liability whatsoever for any direct or consequential loss arising from the use of this document. Glomac Berhad M Menara Glomac, Glomac Damansara, Jalan Damansara, Kuala Lumpur, Malaysia. T F W