【AEON 6599 交流专区】永旺

icy97

分析：或回調15%‧永旺再創新高

熱股評析  2013-05-30 17:40
（吉隆坡30日訊）永旺（AEON,6599,主板貿服組）股價屢屢飆破歷史高位，分析員憂慮其股價已遠超基本面支撐範圍，潛存回調超過15%的空間，但卻無阻投資者唱好情緒，推動股價今日再創新高。

股價遠超基本面支撐範圍

受趁高套利活動影響，永旺開盤大跌90仙至17令吉零6仙，最低見17令吉零4仙，跌92仙或5.12%，但隨場內逐步消化賣壓，股價開始由跌轉升，最高起62仙至18令吉58仙。終場挂18令吉，起4仙，再創歷史新高。

MIDF研究表示，截至2013年5月29日止，永旺股價達到17令吉96仙的歷史新高，遠超現有目標價14令吉零2仙，即有回調超過15%的空間，但卻基於基本面強勁的理由，克制住將評級從“中和”下調至“賣出”的決心。

“永旺擁有穩定的盈利增長表現，過去5年年均增長率達到15.3%，就算在2007/2008年全球金融危機期間盈利也持續呈上升趨勢發展。”

有能力保派息水平

該證券行說，永旺也透過內部資金來執行常年擴充計劃來維持淨利增長，縱然沒有設定派息政策，集團也持續向股東派息，過去6年平均派息率達到27%，相信集團有能力保持相關派息水平。

“但是，縱然業務基本面穩固，永旺現卻以2013和2014年高達29倍和26.2倍本益比進行交易，較區域同儕平均本益比溢價12.5%和28.2%，而當前27.9倍估值更是突破集團10年新高。”（星洲日報／財經）

icy97

3大顧慮卻步產託‧永旺財測上調

熱股評析  2013-06-06 17:30
（吉隆坡6日訊）永旺（AEON，6599，主板貿服組）在產業管理能力良好，並擁有相當大規模的產業資產，惟該公司卻無意涉足產業投資信托（REIT）領域，主要是有3大顧慮，使它對旗下產業資產注入產業投資信托的興致缺缺。

達證券指出，上述3大顧慮，包括它非常依賴租金收入供資本開銷發展，採用保守的資本架構，以及需要偏高重新投資需求等。

該行指出，自1989年創立以來，該公司持續不斷地在市郊為主地區發展購物中心，以為公司提供零售銷售及額外租金收入。去年購物中心的租金收入，占公司營運收入約50%比重。

該行指出，目前該公司的租金收入來自26間購物分店，淨可租面積總共達910萬平方尺，它自行管理其中的21間，其餘5間則由第三方負責管理。

“該公司採取良好的營運資本管理，以及與供應商維持良好關係，使其自由現金流保持充裕。預料未來4年的資本開銷假設是有增無減，包括2014年及2015年財政年分別增加33.3%及26.7%，分別達到4億令吉及3億8千萬令吉。相信其未來派息率有望揚升潛能。”

2新分店今明年啟業

達證券指出，該公司兩間新分店，將在今年12月及2014年第三季啟業，它們分別坐落在古來及大山腳。而雙溪大年分店則稍為延遲開店。

該行對該公司的財測假設基礎，包括上述3間新分店的出租面積達150萬平方尺，其同店銷售成長（SSSG）調高至4.5%至5.0%（前為4.0%至4.5%），租金成長率從4.0%調低至3.0%，以及資本開銷調高26.7%至33.3%之間。

該行將其2013年至2015年財政年的淨利預測，分別調高5.2%、8.2%及5.5%。惟財測未包括最近收購的沙亞南土地的盈利貢獻。

該行指出，該公司未來3年營運盈利復合平均成長率，料從2013年的11.5%下降至2016年的7.0%，因受到貶值成本增加，及資本開銷走高的雙重影響。

該行以新折扣現金流估值方式，將其目標價定在11令吉82仙水平，或等於預測本益比16.6倍，仍比目前市價高出約27.8%，而給它“賣出”評級。（星洲日報／財經）

icy97

不急于设实业投资信托　永旺积极扩充据点

二零一三年七月七日 晚上九时十九分
永旺（马）有限公司（AEON，6599，贸易服务组）将增加其股票的自由浮动，及容许其母公司探讨透过注入多间购物广场于一个实业投资信托而受惠的可能性。

大马永旺超执行董事裴荣裕表示：“我们了解投资者要求更高回馈，但集团仍然在成长阶段。”

他是针对该公司积极扩充其据点和成长其收益基础时，如是表示。

但他拒绝评论董事部是否考虑股票拆细以扩大投资者基础，或股票配售以筹集现金作扩充用途。

目前，大马永旺仍然手握约4亿令吉现金，这也是投资者不预期实业投资信托短期内实行的原因。

“实业投资信托是当出现需要时，其中一个可评估的选择。但现今尚没有这个意愿。现在并没有急切需要，除非现金需求出现重大改变。”

“我们现在拥有充足现金迎合我们的扩充需求。”

有传言指，其现金需求的改变，可能胥视其与第三团体的洽商，以在沙巴和砂拉越开设首间永旺购物广场的落实。

裴荣裕指出：“3年前，我们仍然在策划阶段。我们目前仍然进行洽商和拟定最后细节。如果一切顺利，最早我们可在2015年以后拥有一间位于沙巴和砂拉越的广场。”

不过，他拒绝透露其他详情，因洽商属于机密进行。

他只表示，这间广场将可能由第三团体兴建与拥有，并租赁予大马永旺。

根据裴荣裕称，“设立该广场将须15至18个月时间，及达到收支平衡则平均需要4年半”。

这家日本最大超级市场连锁永旺集团的51%子公司，看到扩充的空间，并将在年杪之前于柔佛古来再也开设一间分店，及明年至少于大山脚、太平和霹雳怡保附近的佳邦开设3间分店。

目前全国共有26间永旺分店，其中21间坐落于该公司管理的广场内。它拥有21间广场中的11间，及向第三团体租赁其余10间。

大马永旺也是其中5间第三团体管理广场的主要租户，如嘉德大马信托旗下槟城皇后湾广场。

这也是投资者看到大马永旺从所拥有的11间广场中释放现金潜质的原因。

大马永旺也拥有4间MaxValue超级市场分行，后者拥有不同的零售模式，它将引入便利商店模式进入住宅区，如吉隆坡的迪沙城市园。

马银投资研究分析师不排除大马永旺考虑为其产业设立实业投资信托的可能性，但他认为“不急切这样做”，因它拥有健康资产负债表和较不积极的扩充计划。

在决定是否落实实业信托之前，大马永旺需要平衡扩大作为零售商和主要租户之间盈利的冲突。

它也将须评估“产业管理收入的潜在淡化”，后者目前占了约43%的税前盈利贡献。

在收购大马家乐福后易名的AEON Big方面，裴荣裕表示，它将由日本永旺独立管理，并不属于大马永旺旗下。

他说，两造将不会形成重叠，因它们拥有不同的目标市场。[光华日报财经]

icy97

永旺斥7020萬柔佛購地

企業財經17 Jul 2013 20:42
（吉隆坡17日訊）永旺（AEON，6599，主要板貿易）以7020萬令吉向柔佛置地購買柔佛一商業用地。

該公司向馬證交所報備指出，與柔佛置地達成買賣協議，購買面積達20.93英畝的商用購物中心地段。

上述位于柔佛拿督安城鎮（Bandar Dato Onn）的土地，將用以興建及經營一個附有停車場的購物中心。

報備文件指出，上述購買價格7020萬令吉，相等于每平方尺售價77令吉；該塊地總面積20.93英畝，即是91萬1710.8平方尺。[中国报财经]

Type	Announcement
Subject	TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) NON RELATED PARTY TRANSACTIONS
Description	AEON CO. (M) BHD. ("AEON" OR "COMPANY") - Acquisition of Land
1.        INTRODUCTION The Board of Directors of AEON (“Board”) is pleased to announce that the Company has on 17 July 2013 entered into a Sale and Purchase Agreement (“Agreement”) with JOHOR LAND BERHAD (Company No. 12379-K) having its registered address at Suite 12B, Level 12, Menara Ansar, No. 65, Jalan Trus, 80000 Johor Bahru, Johor (“Vendor”) in respect of the acquisition of a freehold land with land use stated as “Building-Commercial Shopping Centre” measuring approximately 20.93 acres or 911,710.80 square feet (“Shopping Centre Land”) upon the issuance of a new separate documents of freehold title for the Shopping Centre Land which shall be procured by the Vendor at its own cost and expense after the application for the surrender and re-alienation of three (3) pieces of freehold land held under H.S.(D) 484892, Lot. PTD 156358, H.S.(D) 484890, Lot PTD 156356 and H.S.(D) 511835 Lot PTD 168451, all of which situated in Mukim Tebrau, Daerah Johor Bahru, Negeri Johor and a green area reserve (Kawasan Lapang) (“the Development Land”) which form part of the mixed development known as Bandar Dato’ Onn at a purchase price of Ringgit Malaysia Seventy Million Two Hundred One Thousand Seven Hundred Thirty One and Cent Sixty (RM70,201,731.60) only for the purpose of constructing and operating of a mall with car parks and a departmental store cum supermarket in accordance with all the terms and conditions as stipulated in the Agreement (“Acquisition”). 2.        THE ACQUISITION 2.1        Information on the Sale Property (i)        Johor Land Berhad (Company No. 12379-K) (“Vendor”) is the registered owner of the Development Land. (ii)        The Vendor shall, at its own cost and expense, apply for and obtain the necessary approval from the Relevant Authorities for the Surrender and Re-Alienation of the Development Land (“Surrender and Re-Alienation”) including amendments thereto as may be approved by the Relevant Authorities from time to time (“Amended Master Lay-Out Plan”) and procure the issuance of a separate document of freehold title measuring approximately 20.93 acres or 911,710.80 square feet with the land use of Shopping Centre Land for the construction and operation of a mall with car parks and departmental stores cum supermarket with such express condition as contained in the Agreement. (iii)        Subject to the terms and conditions, the Vendor is desirous of selling the Shopping Centre Land measuring in total area of approximately 20.93 acres or 911,710.80 square feet which is to be stated in the separate document of freehold title of the Shopping Centre Land after the Surrender and Re-Alienation process to the Company, and the Company is desirous of purchasing the Shopping Centre Land free from all encumbrances, in which both the Vendor and the Company have mutually agreed to enter into an Agreement for the purpose of constructing a mall with a car park (“Complex”) thereon by the Company at its own costs and expenses. (iv)        The Vendor intends to sell and the Company intends to purchase the Shopping Centre Land free from all encumbrances, caveats, liens and other restraints with vacant possession but otherwise subject to all the conditions whether express or implied and restrictions-in-interest endorsed on the separate document of title upon issuance of the same and upon the terms and conditions hereinafter contained in the Agreement. 2.2        Basis of arriving at the purchase consideration         The purchase consideration for the Acquisition amounting to Ringgit Malaysia Seventy Million Two Hundred One Thousand Seven Hundred Thirty One and Cent Sixty (RM70,201,731.60) only (“Purchase Price”) is arrived at the rate of Ringgit Malaysia Seventy Seven (RM77.00) only per square feet on an estimated total area of approximately 20.93 acres or 911,710.80 square feet of the Shopping Centre Land. The purchase consideration was arrived at a “willing-buyer willing-seller” basis in an arm’s-length transaction after taking into consideration the potential development of the Shopping Centre Land, the range of market values for similar lands in the vicinity and the valuation carried out by the Company’s valuer, C H Williams Talhar & Wong on 9 August 2012 which adopted the Comparison Method. The Comparison Method entails analyzing recent transactions and asking prices of similar properties in and around the locality for comparison purposes with adjustments made for differences in location, accessibility, visibility/exposure, terrain, size and shape of land, tenure, planning status, title restrictions if any and other relevant characteristics to arrive at the market value. The Company is not able to disclose the net book value of the Shopping Centre Land as the said net book value is not made known to the Company. The Acquisition will be fully satisfied by cash and funded by the Company’s internal generated funds. 2.3        Assumption of liabilities including contingent liabilities and guarantees The Company will not be assuming any liabilities including contingent liabilities and guarantees pursuant to the Acquisition. 2.4        Salient terms and conditions of Agreement The salient terms and conditions of the Agreement, among others, are as follows:- 2.4.1        The completion of the Agreement of the Shopping Centre Land is subjected to and conditional upon the fulfillment of the following conditions precedent (“Conditions Precedent”) within sixteen (16) months from the date of the Agreement or such other extended date as may be mutually agreed by the parties:- (a) The Vendor shall at its own costs and expenses obtain the Amended Master Lay-Out Plan approval for the development of the Complex on the Shopping Centre Land including obtaining the followings approvals:- (i)        the agreed traffic light junctions; (ii)        road circulation as indicated in orange and yellow colours; (iii)        road widening and upgrading if required by Relevant Authorities; and (iv)        the necessary infrastructures as may be required by the Relevant Authorities. (b) The Vendor shall, at its own costs and expenses, obtain the approval from the Relevant Authorities for the Surrender and Re-Alienation of the Development Land for the purposes of the issuance of a new separate document of freehold title for the Shopping Centre Land with the land use of “BUILDING-COMMERCIAL SHOPPING CENTRE” or its equivalent for construction and operation of a mall with car parks and departmental stores cum supermarket and with such express conditions on the Shopping Centre Land applicable for its use; (c)        The Vendor shall at its own costs and expenses obtain the Planning Approval/ Development Order Approval for the development of the Complex on the Shopping Centre Land (d)        The Vendor shall, at its own costs and expenses, obtain the approval from the Relevant State Authorities for the transfer of the Shopping Centre Land to the Company, ,if applicable; (e)        The Company shall, at its own costs and expenses, obtain the approval for the Building Plan from the Relevant Authorities of which the Vendor has agreed to assist the Company in the submission of the Building Plan. (f)        The Company shall, at its own costs and expenses, apply for and obtain the approval of the Economic Planning Unit, Prime Minister Department for the acquisition of the Shopping Centre Land in accordance with the terms of this Agreement; (g)        The Company shall, at its own costs and expenses, apply for and obtain the approval of the State Authority for the acquisition of the Shopping Centre Land in accordance with the terms of this Agreement under Section 433(B) of the National Land Code 1965; (h)        The Company shall, at its own costs and expenses, obtain the approval of the Distributive Trade Committee of the Ministry of Domestic Trade, Cooperative and Consumerism for the operation of the Complex and the departmental store cum supermarket on the Shopping Centre Land. (i)        The Company shall, at its own costs and expenses, be allowed to enter into the Shopping Centre Land from time to time after the execution of this Agreement with notice to be given to the Vendor, solely for the purpose of survey, soil inspection or preparing for the earthworks. 2.4.2        The Company shall pay the purchase price in the following manners, which the events referred to hereunder are not set out in chronological order and may be fulfilled in any order or manner:- (a)        The Company has paid to the Stakeholders, the Earnest Deposit in the sum of Ringgit Malaysia Seven Hundred Two Thousand Seventeen and Cent Thirty Two (RM702,017.32) Only being a sum equivalent to one percent (1%) of the Purchase Price upon obtaining approval from the Board for the purchase of the Shopping Centre Land SUBJECT TO the refund of the same to the Company within seven (7) days from the date of the written notice of the Company upon the non-agreement of the terms and conditions or the non-execution of this Agreement or if the transaction is aborted for whatsoever reasons, as the case may be; (b)        The Company shall pay to the Stakeholders the Balance Deposit in the sum of Ringgit Malaysia Six Million Three Hundred Eighteen Thousand One Hundred Fifty Five and Cent Eighty Four (RM6,318,155.84) Only being a sum equivalent to nine percent (9%) of the Purchase Price upon the execution of this Agreement. The Earnest Deposit and Balance Deposit shall hereinafter collectively be referred to as the “Deposit” for this Agreement and shall form part of the Purchase Price upon execution of this Agreement; (c) The Company shall pay to the Stakeholders the sum of Ringgit Malaysia Seven Million Twenty Thousand One Hundred Seventy Three and Cent Sixteen (RM7,020,173.16) Onlybeing a sum equivalent to ten percent (10%) of the Purchase Price (“First Payment”) withintwenty one (21) days from the date of the Purchaser’s receipt of the Distributive Trade Committee (“DTC”) Approval and Economic Planning Unit (“EPU”) Approval, issued by the Relevant Authorities, whichever is later; (d)        The Company shall pay to the Stakeholders the sum of Ringgit Malaysia Fourteen Million Forty Thousand Three Hundred Forty Six and Cent Thirty Two (RM14,040,346.32) Onlybeing a sum equivalent to twenty percent (20%) of the Purchase Price (“Second Payment”) within twenty one (21) days from the date of the Company’s receipt of the Building Plan Approval issued by the Relevant Authorities; (e)        The Company shall pay to the Stakeholders the sum of Ringgit Malaysia Fourteen Million Forty Thousand Three Hundred Forty Six and Cent Thirty Two (RM14,040,346.32) Onlybeing a sum equivalent to twenty percent (20%) of the Purchase Price (“Third Payment”) within twenty one (21) days from the date of the Company’s receipt of the written notice from the Vendor pertaining to the completion of the external infrastructure and road works, at the Vendor’s own costs and expenses, with approvals from the Relevant Authorities, which shall include but not limited to completion of the infrastructures outside the boundary of the Shopping Centre Land, road widening and upgrading the existing road conditions and traffic lights including synchronizing of the traffic light; (f)        The Company shall pay to the Stakeholders the sum of Ringgit Malaysia Fourteen Million Forty Thousand Three Hundred Forty Six and Cent Thirty Two (RM14,040,346.32) Onlybeing a sum equivalent to twenty percent (20%) of the Purchase Price (“Fourth Payment”) within twenty one (21) days from the date of the Company’s receipt of the State Authority 433B Transfer Approval issued by the Relevant Authorities and the receipt of the State Authority’s Approval from the Vendor issued by the Relevant Authorities (if applicable), whichever is later; (g)        The Company shall pay to the Stakeholders the sum Ringgit Malaysia Fourteen Million Forty Thousand Three Hundred Forty Six and Cent Thirty Two (RM14,040,346.32) Onlybeing a sum equivalent to twenty percent (20%) of the Purchase Price (“Final Payment”) within two (2) months after the Unconditional Date. 2.5        Background Information on the Vendor The Vendor is a public limited company incorporated in Malaysia with its place of business at Kompleks Mutiara Johor Land, Jalan Bukit Mutiara, Bandar Dato’ Onn, 80000 Johor Bahru, Johor. The present authorized share capital of the Vendor is RM500,000,000.00 divided into 500,000,000 ordinary shares of RM1.00 each, of 452,000,000 ordinary shares have been issued and fully paid-up. The principal activity of the Vendor is property development, construction and investment holding company. 2.6        Completion Date (a)        The completion of the sale and purchase of the Shopping Centre Land hereunder shall take place on the day the Transfer Documents as defined in the Agreement are presented or caused to be presented for registration at the relevant land office/registry (“Completion Date”) and in the event the Company has not presented or caused to be presented the Transfer Documents for registration at the relevant land office/registry by the expiry of the Presentation Period for any reason whatsoever, the last day of the Presentation Period as stated in the Agreement shall be deemed the Completion Date. (b)        The Company shall notify the Vendor and the Stakeholders of the presentation of the Transfer Documents for registration at the relevant land office/registry as soon as practicable but no later than three (3) working daysfrom the date of the presentation of the Transfer Documents for registration at the relevant land office/registry. 3.        RATIONALE FOR THE ACQUISITION INCLUDING ANY BENEFIT WHICH IS EXPECTED TO ACCRUE The Acquisition is in line with the Company’s corporate strategy of accelerating the expansion of its retail business through opening of new malls and outlets. The Acquisition provides such an opportunity for the Company to acquire land and expands its presence in the growing area of Kempas, Johor. 4.        FINANCIAL EFFECTS OF THE ACQUISITION The Acquisition is not expected to have any material impact on the earnings per share, net assets per share and gearing of the Company for the financial year ending 31 December 2013, but is expected to contribute positively to the future earnings of the Company. There will be no change in the share capital and substantial shareholders’ shareholdings of the Company. 5.        PROSPECTS The Acquisition is part of the Company’s expansion plan for opening new stores and malls in strategic locations for the convenience of the customers. The Acquisition is expected to contribute positively to the future earnings and net assets of the Company. 6.        APPROVALS REQUIRED AND ESTIMATED TIMEFRAME The Acquisition is not subject to approval of the shareholders of the Company. Barring any unforeseen circumstances, the approvals required from the relevant authorities disclosed in Item 2.4 above are expected to be obtained within sixteen (16) months from the date of the Agreement or such other extended date as may be mutually agreed by the parties. The Board expects the Acquisition to be completed within twenty (20) months from the date of the Agreement. 7.        DIRECTORS’ AND MAJOR SHAREHOLDERS’ INTERESTS None of the Directors and/or major shareholders of the Company and/or persons connected to them has any interest, direct or indirect, in relation to the Acquisition. 8.        DIRECTORS’ RECOMMENDATIONS The Board having considered all aspects of the Acquisition, is of the opinion that the Acquisition is in the best interests of the Company. 9.        RISK FACTORS The economic value of the Acquisition is subject to the risks inherent in the property market. These include inter-alia changes in general economic, business and credit conditions and other external factors such as, obtaining approval for satisfactory performance from the relevant authorities. Apart from the above, the Board does not foresee any other significant risks arising from the Acquisition. 10.        DOCUMENTS AVAILABLE FOR INSPECTION A copy of the Agreement executed on 17 July 2013 and the Valuation Report by C H Williams Talhar & Wong dated 9 August 2012 are available for inspection at the registered office of the Company at 3rd Floor, AEON Taman Maluri Shopping Centre, Jalan Jejaka, Taman Maluri, Cheras, 55100 Kuala Lumpur during normal office hours from Monday to Friday (except public holidays) for a period of three (3) months from the date of this announcement. This is a voluntary announcement under Paragraph 10.05(2) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad. This announcement is dated17 July 2013.

icy97

甘拔士購地擴展‧永旺前景看俏

熱股評析  2013-07-18 17:59
（吉隆坡18日訊）
■新聞
永旺（AE O N，6599,主板貿服組）以7千零20萬令吉，向柔佛置地（JLAND）購置20.93英畝土地作建購物中心用途，以擴展甘拔士市鎮之市場。

■分析
分析員正面看待永旺的擴張步伐，可鞏固永續成長前景，料2017財政年才開始作盈利貢獻。

分析員認為，上述永久地契土地每平方英呎約77令吉為合理價，擁有現金3億9千840萬令吉，料可內部融資。

興業研究估計花15至18個月建築，預料未來兩年可開張，維持“中和”評級不變；相信此擴張可擴大成長足跡至中的甘拔士新鎮。

肯納格研究相信新購物中心未來有助加強零售業務，對其今明兩財政年前景看法正面。今年12月在柔佛古來，明年在大山腳、雙溪大年開新購物中心，現有旺沙馬朱與武吉拉惹購物中心將進行裝修工程。

肯納格目前未預估上述行動之潛在盈利，基於內部理由調整今明兩年淨利至2億5千580萬與2億6千790萬令吉之間（分別調整0.7%與調低0.9%）。

達證券估計新購物中心之淨出租面積介於50萬至55萬平方英呎之間，擴大之零售空間可增進零售與出租收益。

“基於該購地預料於20個月內完成，再加上一兩年時間建竣，預料2017財政年起才可正式貢獻盈利，並預料使總盈利增長5.2%（以每商場銷售增長4.5%與租金收益增長3.0%計算）。”

儘管永旺永續成長前景佳，但基於估值已太昂貴（2014財政年估本益比19.6倍），2013財政年回酬率只達0.8%或每股12仙，給予“售出”評級，目標價調低至12令吉71仙。

週四閉市，永旺上揚18仙，收15令吉24仙。（ 星洲日報／財經）




買柔地有利業務發展 永旺一度高漲44仙

財經股市18 Jul 2013 23:00
（吉隆坡18日訊）永旺（AEON，6599，主要板貿易）7020萬令吉購買柔佛塊土地，以擴展公司在柔佛的業務網絡，有利未來業務發展，帶動該股今日高漲44仙至15.40令吉。

永旺今日漲勢如虹，開盤先揚24仙至15.30令吉，隨后持續攀高至15.40令吉，漲34仙，休市時報15.28令吉，起22仙，半日易手4400股。

閉市時，該股漲18仙至15.24令吉，交投量錄得2萬1100股，為十大上升股之一。

大眾投銀研究指出，這項購地計劃提供了機會給永旺在柔佛甘拔士（Kempas）擴展業務。該土地每平方尺約70.60令吉，相信這個收購價是公平的，該地區商業用地價格介于每平方尺68至210令吉之間。

另外，在該土地增建的新購物中心將可進一步提升公司零售業務。

這項土地收購案的收購資金7020萬令吉，全由公司內部支出，但這點並不讓人擔憂，因該公司淨現金強勁，截至本財年首季，公司淨現金高達3億9840萬令吉。

大眾投銀研究認為，永旺所面臨的風險包括了新購物中心的延遲，及落實消費稅所帶來的影響，故保持“符合大市”評級，目標價為16.40令吉。

根據昨日報導指出，永旺以7020萬令吉向柔佛置地（JLAND，6564，主要板房產）購買柔佛一商業用地，土地面積達20.93英畝。

該土地位于柔佛拿督安城鎮（Bandar Dato Onn），將用以興建及經營一個附有停車場的購物中心。[中国报财经]

lcchong76

AEON – Q1 2013 季度报告 (http://www.bursamalaysia.com/mar ... nouncements/1294617) (22 May 2013)

我的分析 – http://lcchong.files.wordpress.com/2013/08/aeon-q1-2013.pdf or more (http://lcchong.wordpress.com/knowledge-sharing/)

icy97

明年4亿扩充翻新 永旺开设3新购物中心

财经新闻 财经  2013-08-17 12:35
（吉隆坡16日讯）永旺（AEON，6599，主板贸服股）将于明年耗资4亿令吉，开设3间新购物中心以及翻新1间现有购物中心。

新购物中心分别位于槟城、马六甲及柔佛。届时，该公司将在全国拥有34间购物中心。

该公司执行董事裴荣裕说：“我们计划在两年内耗资7亿令吉，今年的成本则是3亿令吉。”

鉴于国内零售领域走强，永旺在近年来积极扩充业务版图。该公司尚未进军的市场计有沙巴、砂拉越、吉兰丹、登嘉楼、玻璃市及吉打。

裴荣裕指出，该公司正探讨在上述州属开设新购物中心，但是应该要在2015年后才能落实。

目前，永旺在全国拥有30间分行，其中4间是MaxValue超级市场，其余的则是普通商店。

在26间普通商店当中，21间是永旺拥有的购物中心，其余的则是大型购物中心，如万达广场、双威购物中心、IOI广场以及谷中城购物中心，全部都集中在巴生谷。

今年杪，该公司将在柔佛古来开设第31间分行。

1上个月，该公司在新山地不佬购买了3块地皮，总值7000万令吉，主要是用来兴建停车场、百货商店以及超级市场。

裴荣裕称，该公司放眼成为本地零售界的主导业者，因为该领域拥有很大的发展潜能。

他说：“我们的定位是迎合大马中产阶级人士的购物需求，我们希望能够为客户提供方便。”[南洋网财经]

icy97

SUMMARY OF KEY FINANCIAL INFORMATION 30/06/2013

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		30/06/2013	30/06/2012	30/06/2013	30/06/2012
		$$'000	$$'000	$$'000	$$'000

1	Revenue	819,345	758,675	1,688,611	1,538,139
2	Profit/(loss) before tax	67,444	51,685	142,263	107,399
3	Profit/(loss) for the period	47,291	38,239	98,403	75,879
4	Profit/(loss) attributable to ordinary equity holders of the parent	47,291	38,239	98,403	75,879
5	Basic earnings/(loss) per share (Subunit)	13.47	10.89	28.04	21.62
6	Proposed/Declared dividend per share (Subunit)	0.00	0.00	0.00	0.00
		AS AT END OF CURRENT QUARTER		AS AT PRECEDING FINANCIAL YEAR END
7	Net assets per share attributable to ordinary equity holders of the parent ($$)	4.3300		4.1900

icy97

半年業績符預期‧永旺下半年可期

2013-08-30 17:11      
（吉隆坡30日訊）受惠於強穩的零售與產業管理業務，永旺（AEON，6599，主板貿服組）上半年業績符合市場預期，隨著更多新商場的開設，分析員預期下半年業績能享有較可觀的增長率。

興業研究預測，永旺未來在2015財年結束前，將再開設7至8家購物商場，除了迎合下半年向來較高的消費趨勢外，也為了更進一步激勵長期業務表現。

這些購物商場的地點包括柔佛古來、檳城大山腳、馬六甲吉里望、太平及沙亞南，合計淨可出租面積（NLA）約為255萬7千平方尺，分析員亦不排除該公司未來可能進軍東馬古晉。

此外，馬銀行研究認為，賺幅擴大亦是業績成長的推動力之一，並指出該公司上半年零售業務的賺幅提高至3.8%，使盈利增長32%；產業管理則因租金率上漲，導致賺幅揚升至39.2%。

該公司零售與產業管理業務，上半年盈利分別增長了32.2%與24.8%，帶動淨利上揚29.6%。

興業表示：“儘管上半年向來為零售業業績較弱的季度，但該公司仍憑著開設更多新商場與會員卡促銷日，刺激消費，致令零售業務營業額起9.4%。”

另一方面，產業管理業務亦由於公司在怡保和斯里曼絨開設新的購物商場，加上租金走高，因而激勵該項業務的營業額漲12.4%。（星洲日報／財經）

lcchong76

AEON – Q2 2013 Financial Report (http://www.bursamalaysia.com/mar ... nouncements/1393253) on 29 Aug 2013

Analysis Report – http://lcchong.wordpress.com/201 ... alysis-31-aug-2013/ or http://lcchong.wordpress.com/knowledge-sharing/

icy97

永旺聯營斥3150萬 進軍泰家具市場

企業財經20 Sep 2013 20:37
（吉隆坡20日訊）永旺（AEON，6599，主要板貿易）與泰國Index Living Mall私人有限公司（簡稱ILM）進行聯營，進軍泰國家庭和辦公室家具市場。

永旺向馬證交所報備，永旺與ILM將組成 Aeon Index Living 聯營私人有限公司。

通過該聯營計劃，永旺將在泰國 Index Living 商場，銷售家庭和辦公室家具。

該聯營公司的繳足資本達4500萬令吉，永旺與ILM分別持有該聯營公司70%和30%股權。永旺將透過內部融資，投資3150萬令吉。

永旺指出，上述活動是該公司加速業務拓展的策略之一，但相信不會影響2013財年盈利。[中国报财经]

Type	Announcement
Subject	OTHERS
Description	AEON CO. (M) BHD. ("the Company" or “AEON CO.”) - JOINT VENTURE AGREEMENT ENTERED INTO BETWEEN AEON CO. AND INDEX LIVING MALL COMPANY LIMITED
1.        INTRODUCTION The Board of Directors of the Company (hereinafter referred to as the “Board”) wishes to announce that the Company has on 20 September 2013 entered into a Joint Venture Agreement (hereinafter referred to as the “Agreement”) with Index Living Mall Company Limited (hereinafter referred to as the “ILM”) to jointly incorporate and register a private limited company in Malaysia in the name of “AEON INDEX LIVING SDN. BHD.” to engage in a business as furniture retailer who provides complete selections of unique-designed and high quality of home or office furniture and various home fashion products accessories and related services under one-stop shopping centre in Malaysia (the “Business”) (“Proposed Subscription”). 2.        INFORMATION ON ILM ILM is a limited company incorporated in Thailand with its registered office located at 147 Soi Rama 2 Soi 50, Rama 2 Road, Samaedam, Bangkunthien, Bangkok 10150, Thailand, a Thailand-based furniture retailer who develops and owns a proprietary system relating to the operation of the business as home furnishings store for furniture and home decorative items and such business is carried on under the trade names/trademarks of “INDEX LIVING MALL”. The authorised share capital of ILM is 2,000,000,000 Baht comprising 20,000,000 ordinary shares of 100 Baht each and an issued and paid-up share capital of 2,000,000,000 Baht comprising 20,000,000 ordinary shares of 100 Baht each. 3.        SALIENT FEATURES OF THE AGREEMENT 3.1 The Company and ILM will jointly incorporate and register a private limited company in Malaysia namely AEON INDEX LIVING SDN. BHD. (the “JV Company”) pursuant to the Agreement to carry out the Business and the Agreement shall subject to the fulfillment of the following conditions precedent (hereinafter referred to as the “Condition Precedent”) on or before the end of June 2014 (hereinafter referred to as the “Conditional Period”) or such other extension of time mutually agreed by the Company and ILM: (a) the approval of the Board of Directors of AEON CO. and ILM, if required; (b) the approval of the shareholders of the AEON CO. and ILM at the annual general meeting or the extraordinary general meeting to be convened, if required; (c) the approval of the Ministry of Domestic Trade Cooperatives and Consumerism for the execution of the Joint Venture Agreement and to operate the joint venture Business, if required; (d)        the approval by the AEON CO. and ILM on the draft Memorandum and Articles of Associations for the JV Co; (e)        the approval by the AEON CO. and ILM on the draft License Agreement (1), License Agreement (2); (f) such other relevant approval required by the Relevant Authorities for this incorporation. 3.2        The JV Company name shall be “AEON INDEX LIVING SDN. BHD.” and the shop name shall be “INDEX LIVING MALL” or such other names as both parties mutually agreed upon. 3.3        The authorised share capital of JV Company shall be RM50,000,000.00 divided into 50,000,000 ordinary shares of RM1.00 each and paid up share capital shall be RM45,000,000.00 divided into 45,000,000 ordinary shares of RM1.00 each (hereinafter referred to as the “Paid-Up Capital”). 3.4        The amount to be paid by each of AEON CO. and ILM in relation to the Paid-Up Capital according to the investment ratio is as follows (“Investment Ratio”): Shareholders Investment Ratio (%) Amount to be Paid (RM) AEON CO. 70% 31,500,000.00 ILM 30% 13,500,000.00 4. SOURCE OF FUNDING The Proposed Subscription will be funded from internally generated funds. 5.        RATIONALE OF THE PROPOSED SUBSCRIPTION The Proposed Subscription is in line with the Company’s corporate strategy of accelerating the expansion of its business. 6.        THE EXPECTED GAINS OR LOSSES ARISING FROM THE PROPOSED SUBSCRIPTION The Proposed Subscription is not expected to give rise to any material gains or losses on the earnings of the Company for the current financial year ending 31 December 2013. 7.        ASSUMPTION OF LIABILITIES FOR THE PROPOSED SUBSCRIPTION The Proposed Subscription will not have any effect on the liabilities of the Company. 8.        EFFECT OF THE PROPOSED SUBSCRIPTION 8.1        Share Capital and Substantial Shareholders’ Shareholdings The Proposed Subscription will not have any effect on the share capital of the Company or the shareholdings of substantial shareholders. 8.2        Earnings and Net Assets The Proposed Subscription is not expected to have any material impact on the earnings and net assets per share of the Company for the financial year ending 31 December 2013. 8.3        Gearing The Proposed Subscription does not have any gearing impact on the Company. 9.        DIRECTORS AND MAJOR SHAREHOLDERS’ INTEREST None of the Directors and/or major shareholders of the Company and/or persons connected to them has any interest, direct or indirect, in relation to the Proposed Subscription. 10.        STATEMENT BY THE BOARD OF DIRECTORS Having considered the rationale and effects of the Proposed Subscription, the Board is of the opinion that the Proposed Subscription is in the best interest of the Company. 11.        PROSPECT The Proposed Subscription of seventy percent (70%) equity shares in JV Company will enable the Company to participate in the Business for synergistic benefits and further allow the Company to continue to enjoy and share in the potential future returns generated by the JV Company. 12.        RISK FACTOR Apart from the ordinary business risks, there are no other additional risks envisaged that may arise from the Proposed Subscription. 13.        APPROVALS REQUIRED The necessary approvals for the Proposed Subscription is as stated in item 3 above and the Proposed Subscription does not require the approval of the shareholders of the Company. 14.        ESTIMATED TIMEFRAME FOR COMPLETION Barring unforeseen circumstances and fulfillment of all terms and conditions precedent, the Proposed Subscription is expected to be completed on or before the end of June 2014 or such other extension of time mutually agreed by AEON CO. and ILM. 15. DOCUMENTS FOR INSPECTION A copy of the Agreement dated 20 September 2013 is available for inspection at the registered office of AEON at 3rd Floor, Jusco Taman Maluri Shopping Centre, Jalan Jejaka, Taman Maluri, Cheras, 55100 Kuala Lumpur during normal office hours from Monday to Friday (except public holidays) for a period of three (3) months from the date of this announcement. This announcement is dated 20 September 2013.

icy97

日本永旺产托购大马部分资产 永旺售大学城18.18%

财经新闻 财经  2013-10-03 11:54
（吉隆坡2日讯）配合日本母公司旗下的永旺产托上市，永旺（AEON，6599，主板贸服股）将以2000万令吉，脱售柔州大学城永旺购物商场及相关用地的18.18%股权予永旺产托。

大马永旺向大马证券交易所报备，公司已与日本永旺产托签署协议，将柔州蒲莱德3万5070平方尺土地及该土地的大学城永旺购物商场的18.18%股权，脱售予前者。

此外，双方也达至10年期的租借协议，大马永旺每月将支付日本永旺产托11万7466令吉的租金，回租上述脱售的资产，租金每三年根据大马的通胀率调整，预计幅度不超过之前缴付租金的10%。

大马永旺是根据2013年7月1日的资产估值（1亿1000万令吉），估算出股权脱售价格。

报备文件指出，大马永旺可透过此交易与日本永旺产托共享协同效益。

永旺盈利增1500万

日本永旺产托将先支付2%款项予大马永旺，在完成上市后，缴付8%，其余90%款项则在售股作业规定期限内付清。

“在完成售股作业后，大马永旺截至2014年12月31日财政年的盈利，料可增加1500万令吉。”

路透社报道指出，日本永旺计划透过永旺产托上市筹资900亿日元（约29亿7907万令吉），预期可向银行及股市筹集1700亿日元（约56亿2713万令吉），所筹款项将用作开设新购物商场。

即将在下个月上市的永旺产托，将会是日本今年来的第三大上市产托公司。

全球包括马来西亚在内的15家永旺购物商场，将注入日本永旺产托，后者将把资产回租当地商场经营公司。[南洋网财经]

Type	Announcement
Subject	TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) RELATED PARTY TRANSACTIONS
Description	AEON CO. (M) BHD. ("the Company" or “AEON CO.”) - SALE AND PURCHASE AGREEMENT ENTERED INTO BETWEEN AEON CO. AND AEON REIT INVESTMENT CORPORATION
1. INTRODUCTION The Board of Directors of the Company (“Board”) wishes to announce that the Company has on2 October 2013 entered into a Sale and Purchase Agreement (“Agreement”) with AEON REIT INVESTMENT CORPORATION having its registered office at 1-2-1 Kandanishiki-cho, Chiyoda-ku, Tokyo 101-0054 JAPAN (“J-REIT”) in respect of the disposal of 18.18% undivided share of a piece of land held under Geran Hakmilik No. 76558, Lot No. 49045, Mukim Pulai, Daerah Johor Bahru, Negeri Johor, measuring approximately 35,070 square meters in area (“Land”) together with 18.18% undivided share of the AEON Taman Universiti Shopping Centre erected thereon (“Building”) and bearing the postal address of No. 4, Jalan Pendidikan, Taman Universiti, 81300 Skudai, Johor Darul Takzim at the disposal price of Ringgit Malaysia Twenty Million (RM20,000,000.00) only (“Disposal Price”) which is derived from the valuation of the Land and Building in the sum of Ringgit Malaysia One Hundred and Ten Million (RM110,000,000.00) only in accordance with the terms and conditions as stipulated in the Agreement (“Transaction”). The Land and Building are collectively referred to as “Property”. 2.        INFORMATION ON J-REIT J-REIT is an investment company incorporated in Japan with its place of business at 1-2-1 Kandanishiki-cho, Chiyoda-ku, Tokyo 101-0054 Japan with a paid-up share capital of JPY500,000,000. J-REIT’s principal activities are to own and operate real estate properties and property-related assets. 3.        INFORMATION OF THE PROPERTY The Property comprising Land which is a freehold land, held under an individual title Geran No. Hakmilik 76558, Lot No. 49045, Mukim Pulai, Daerah Johor Bahru, Negeri Johor, measuring approximately 35,070 square meters in area and the Building erected thereon and bearing the postal address of No. 4, Jalan Pendidikan, Taman Universiti, 81300 Skudai, Johor Darul Takzim is currently used for the purpose of operating of a shopping centre with car parks and departmental stores cum supermarket. The Net Book Value of the 18.18% undivided share of the Land and the Building based on the latest Audited Financial Statements for the financial year ended 31 December 2012 is RM5.08 million and the age of the Building is 11 years. 4.        DETAILS OF THE DISPOSAL 4.1        The Company is the registered, legal and beneficial owner of the Land together with the Building erected thereon including all fittings and fixtures. 4.2        The Property is presently free from encumbrances. 4.3        The Land is subject to the express conditions and restrictions in interests. 4.4        The Company has agreed to sell to J-REIT and J-REIT has agreed to purchase from the Company the18.18% undivided share of the Property for the sum of Ringgit Malaysia Twenty Million (RM20,000,000.00) only (“J-REIT Share”) which is derived from the valuation of the Property in the sum of Ringgit Malaysia One Hundred Ten Million (RM110,000,000.00) only and the remaining 81.82% undivided share of the Property shall be retained by the Company (“Aeon Malaysia Share”) and the Company’s capacity as the owner of the Aeon Malaysia Share shall be hereinafter referred to as “Aeon (M) Share Owner”. 4.5        The parties contemplate that the Company as trustee for J-REIT shall be registered as the legal owner of the J-REIT Share and a declaration of trust (“Declaration of Trust”) shall be executed simultaneously with the Agreement to declare that the J-REIT Share is held by the Company (this capacity of the Company shall be hereinafter referred to as “Trustee”) in trust for J-REIT in absolute benefit but shall only take effect upon fulfilment of the terms and conditions of the Agreement. 4.6        The Company and J-REIT further agreed that the J-REIT Share shall be purchased free from all encumbrances, subject to the terms and conditions, either expressed or implied, in the document of title of the Land, at the Disposal Price subject to the terms and conditions of the Agreement. 4.7        In consideration of mutual promises set out in the Agreement, J-REIT has agreed to grant and the Company, Aeon (M) Share Owner has agreed to take a lease of the J-REIT Share to continue to use the entirety of the Property for a period of 10 years at the monthly rent of RM117,466.00 per month in consideration for the Company’s performance of its obligations in accordance with the terms and conditions set out in the lease agreement. The monthly rent shall be adjusted once every three (3) years in line with the changes in the Consumer Price Index (CPI) of Malaysia provided that such increase shall not be more than ten (10%) percent from the last monthly rent payable. A lease agreement shall be executed simultaneously with the Agreement. 4.8        Further to the above, the Parties also agree to enter into the Declaration of Trust to govern, inter alia: (a) the Company’s various obligations as the Trustee including, without limitation, reporting obligations to J-REIT with respect to the maintenance of the trust account; and (b) rental to be paid to J-REIT by making payments to the account held by the Company as trustee for the benefit of J-REIT for leasing rights and interest arising from the J-REIT Share to the Company in the capacity of the Aeon (M) Share Owner and allowing the Company to continue to use the entirety of the Property, in accordance with the terms and conditions set out herein. 4.9        J-REIT has agreed to appoint and the Company has agreed to be appointed as shopping centre business manager to J-REIT to operate and maintain the Property upon the terms and conditions set out in the SC Business Management Agreement which shall be executed simultaneously with the Agreement. 5.        BASIS OF DETERMINING THE VALUE OF THE PROPERTY The valuation of the Property amounting to Ringgit Malaysia One Hundred Ten Million (RM110,000,000.00) only was carried out by the valuer, Knight Frank, on 1 July 2013 which adopted the Investment Method which is a method that considers income and expenses related to the Property being valued and estimates value through a capitalisation process. 6.        SALIENT FEATURES OF THE AGREEMENT The salient terms and conditions of the Agreement, among others, are as follows:- 6.1        The sale of the J-REIT Share by the Company to J-REIT shall be conditional upon the following being fulfilled within 7 months commencing from the date of the Agreement or such other extended period that may be mutually agreed between the Parties in writing:- a)        J-REIT shall at its own cost and expense apply for and obtain the approval of the State Authority pursuant to Section 433B of the National Land Code for the sale and purchase of the J-REIT Share by J-REIT; b)        J-REIT shall at its own cost and expense apply for and obtain the approval of the Distributive Trade Committee of the Ministry of Domestic Trade, Co-operatives and Consumerism in relation to the transaction contemplated in the Agreement and for the continual operation of a shopping centre and a departmental store cum supermarket on the Land, if required; c)        the Company shall at its own cost and expense apply for and obtain the approval of the State Authority pursuant to Section 433E of the National Land Code for the sale of the J-REIT Share by the Company, if required; d)        the Company as trustee for J-REIT in its capacity as Lessor shall at its own cost and expense apply for and obtain the approval of the State Authority pursuant to Section 433E of the National Land Code to lease the J-REIT Share to the Company, if required; e)        the Company in its capacity as the Lessee shall at its own cost and expense apply for and obtain the approval of the State Authority pursuant to Section 433B of the National Land Code for the lease of the J-REIT Share, if required; f)        The Company shall at its own cost and expense apply for and obtain the approval of the Distributive Trade Committee of the Ministry of Domestic Trade, Co-operatives and Consumerism in relation to the transaction contemplated in the Agreement and for the continual operation of a shopping centre and a departmental store cum supermarket on the Land, if required; g)        the listing of the shares of J-REIT on the Tokyo Stock Exchange; and h)        all works and other actions of delivery documents such as corporate documents, J-REIT’s Documents, Title Deed and other documents listed and defined in the Agreement shall have been completed. 6.2        Two percent (2%) of the Purchase Price for the J-REIT Share shall be paid by J-REIT to the Company upon the execution of the Agreement (which has been received by the Company) and eight percent (8%) of the Purchase Price for the J-REIT Share shall be paid by J-REIT to the Company upon completion of listing of the shares of J-REIT on the Tokyo Stock Exchange. The remaining ninety percent (90%) of the Disposal Price shall be paid by J-REIT to the Company on or before the expiry of the completion period. 7.        COMPLETION OF THE DISPOSAL TRANSACTION 7.1        The completion of the transfer of the J-REIT Share to AEON CO. as trustee for J-REIT in accordance with the terms of the Agreement. 7.2        Upon the receipt of the duly endorsed Title Deed of the Transfer and Declaration of Trust from the land registry, J-REIT shall cause J-REIT’s Solicitors to deliver the duly registered original Title Deed to the Company and a certified true copy of the same to J-REIT. 8.        RATIONALE OF THE TRANSACTION The Transaction allows the Company to enjoy synergistic benefits with J-REIT. 9.        THE EXPECTED GAINS OR LOSSES ARISING FROM THE TRANSACTION The Transaction is not expected to give rise to any gains or losses on the earnings of the Company for the current financial year ending 31 December 2013. Upon the completion, the Transaction is expected to give rise to an estimated gain of RM15 million for the financial year ending 31 December 2014. 10.        ASSUMPTION OF LIABILITIES FOR THE TRANSACTION The Transaction will not have any effect on the liabilities of the Company. 11.        EFFECT OF THE TRANSACTION 11.1        Share Capital and Substantial Shareholders’ Shareholdings The Transaction will not have any effect on the share capital of the Company or the shareholdings of substantial shareholders. 11.2        Earnings and Net Assets The Transaction is not expected to have any material impact on the earnings and net assets per share of the Company for the financial year ending 31 December 2013. Upon the completion, the Transaction is expected to give rise to an estimated gain of RM15 million for the financial year ending 31 December 2014. 11.3        Gearing The Transaction do not have any gearing impact on the Company. 12.        DIRECTORS AND MAJOR SHAREHOLDERS’ INTEREST AEON Co., Ltd (“ACL”), a major shareholder of the Company, is the holding company of J-REIT and is deemed interested in the Transaction. Mr Nagahisa Oyama, Mr Naoki Hayashi and Mr Mitsuru Nakata who are the directors of the Company and also key employees of ACL and persons connected to ACL. Therefore, Mr Nagahisa Oyama, Mr Naoki Hayashi and Mr Mitsuru Nakata are deemed interested in the Agreement shall abstain and have abstained from all deliberations and voting in connection with the Transaction. Save as disclosed above and the best of the Company’s knowledge, none of the Directors and/or major shareholders of the Company and/or persons connected with them, have any interest, directly and/or indirect in the Transaction. 13.        STATEMENT BY THE BOARD OF DIRECTORS Having considered the rationale and effects of the Transaction, the Board is of the opinion that the Transaction is in the best interest of the Company. . 14.        RISK FACTOR Apart from the ordinary business risks, there are no other additional risks envisaged that may arise from the Transaction. 15.        ESTIMATED TIME FRAME FOR COMPLETION Unless otherwise agreed by the parties, the completion date is expected to be twelve (12) months from the date of the Agreement or such other date to be agreed between the Company and J-REIT. 16.        HIGHEST PERCENTAGE RATIO The highest percentage ratio applicable to the Transaction, pursuant to Paragraph 10.02(g) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad is 1.36% based on the consideration for the Transaction, compared to net assets of the Company. 17.        APPROVALS REQUIRED The necessary approvals for the Transaction are as stated in the item 6 above and the Transaction do not require the approval of the shareholders of the Company. 18.        DOCUMENTS AVAILABLE FOR INSPECTION A copy of the Agreement and the Valuation Report by Knight Frank dated 1 July 2013 are available for inspection during normal office hours of the Company from Monday to Friday (except public holidays) at the registered office of the Company at Level 3, AEON Taman Maluri Shopping Center, Jalan Jejaka, Taman Maluri, Cheras, 55100 Kuala Lumpur for a period of three (3) months from the date of this Announcement. This announcement is dated 2 October 2013.

icy97

永旺料不會增派息

2013-10-03 17:39      
（吉隆坡3日訊）永旺（AEON，6599，主板貿服組）以2千萬令吉脫售士姑來大學城購物中心的18.18%股權，儘管這次交易一次過獲利1千500萬令吉，分析員認為對盈利衝擊不大，應該也不會因此增加股息派發。

盈利衝擊不大

馬銀行研究說，永旺的產業管理佔大馬今年首半年營運盈利的66%，士姑來購物中心只是永旺大馬管理與獲取租金收入21間購物中心的其中一間；脫售其18.18%股權對未來盈利衝擊不大，估計一年只少100萬令吉盈利。

脫售股權對象為永旺產業投資信託（J-REIT）或日本永旺子公司，後者積極收購日本永旺零售的9項產業與日本永旺購物中心的6項產業，旗下國內產託未成氣候。

永旺保留其餘股權，脫售18.18%股權，永旺以月租11萬7千500令吉回租整個產業達10年，租金每3年調整一次；公司也委任J-REIT購物中心商業經理管理與維修保養該產業。

興業研究稍微調低2014財政年盈利0.4%，主要是需年付140萬令吉租J-REIT。肯納格研究則基於本身原因，稍微調高今、明兩財政年財測0.1%與0.8%。

4年需4億資本開銷

肯納格研究說，永旺基本面保持正面，今明兩財政年將有新購物中心投入運作，包括45萬7千平方呎的古來購物中心與大山腳、雙溪大年各一座購物中心。旺沙馬珠與武吉拉惹購物中心正裝修中。

達證券說，基於未來3至4年需要3億至4億令吉資本開銷，認為不會多派股息，維持每股派12仙股息預測。（星洲日報／財經‧報導：張啟華）




售地套利　永旺財测不变

財经 2013年10月3日
（吉隆坡3日讯）虽然永旺集团（AEON，6599，主板贸服股）脱售柔佛士古来永旺购物广场和土地的部份股权，將从中获利约1500万令吉；不过，分析员认为，有关获利不会对永旺集团的盈利带来显著贡献。基于以上交易带来的效益不大，分析员维持永旺集团的投资评级。       

然而，永旺集团股价在今天走跌，但交投淡静。

闭市时，该股报15.48令吉，全天跌10仙或0.64%，是全场第11大下跌股，共有3万2800股易手，相比昨日的15万2600股。

永旺集团昨天宣布，以2000万令吉脱售柔佛士古来永旺购物广场和土地的18.8%股权，予日本永旺房地產投资信託。有关脱售行动预计將在12个月內完成。

日本永旺房地產投资信託是日本永旺公司的独资子公司；该房產信託在集团內大举收购，为上市铺路。

除了收购柔佛士古来永旺购物广场和土地的18.8%股权，日本永旺房地產投资信託也收购日本永旺零售公司9项產业资產的股权，以及日本永旺广场公司的6项產业资產。

艾芬投行分析员称，永旺集团的母公司－－日本永旺公司在周二宣佈，计划在东京交易所进行一项商业房地產投资信託的上市活动，以从中集资900亿日圆（约9亿1700万美元）。

「文告指出，日本永旺公司考虑將大马的购物广场纳入房地產投资信託，但是，我们无法向永旺集团的管理层证实这项消息。」

无论如何，该分析员认为，现阶段將永旺集团在大马的所有购物广场綑绑为房地產投资信託的机率低。

这是因为会稀释其產业管理业务的收入。该业务占永旺集团税前盈利的45%比重。

「再者，我们不认为永旺集团急需现金来融资其资本开销，因为该集团的资產负债表强稳，手握每股78仙净现金。

而且，该集团已经放缓扩充购物广场的步伐。更重要的是，如果永旺大马转为房地產投资信託的持有人，同时也是相关產业的主要租户，这將引起潜在利益衝突，例如租金调涨与租金收入的问题。」

根据莱坊（Knight Frank），柔佛士古来永旺购物广场的估价是1亿1000万令吉，是净帐面价值2800万令吉的4倍左右。

以2000万令吉脱售当中的18.8%股权，意味永旺集团將取得1500万令吉的一次过获利。

马银行金英投行分析员表示，1500万令吉的一次过获利对永旺集团的未来盈利影响不显著。

艾芬投行分析员也赞同地维持永旺集团2013至2015財政年的盈利预测；拉昔胡申研究分析员则稍微將该集团2014財政年的盈利预测调低0.4%，以反映必须支付日本永旺房地產投资信託较高的租金开销，即140万令吉。

拉昔胡申研究分析员说，「由于1500万令吉的一次过获利並非经常性收入，所以没有將它纳入盈利预测。」

但是，达证券则將永旺集团2014和2015財政年的盈利预测，稍微调高0.4%和0.9%。

达证券分析员称，基于永旺集团的母公司急需更多的现金，所以不排除永旺集团在今年派发更高的股息。

「然而，隨著永旺集团在未来3至4年需要3亿5000万至4亿令吉的资本开销，以及近期与泰国Index Living Mall进行联营协议，我们现阶段维持该集团每股12仙的股息派发预测。」[东方日报财经]

icy97

icy97 发表于 29-12-2012 12:07 AM
永旺斥9001萬莎阿南購地

企業財經28/12/2012 20:44

AEON CO. (M) BHD

Type	Announcement
Subject	TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) NON RELATED PARTY TRANSACTIONS
Description	AEON CO. (M) BHD. (“AEON” OR “COMPANY”) -        Acquisition of Land
Reference is made to the announcement dated 28 December 2012 in relation to the acquisition of a piece of vacant land held under Pajakan Negeri 73008, Lot 2437 Seksyen 13 Bandar Shah Alam Daerah Petaling Negeri Selangor (“Land”) pursuant to the Joint Development and Sale and Purchase Agreement dated 28 December 2012 (“Agreement”) entered with Lebar Daun Development Sdn Bhd (Company No. 474585-K) (“Vendor”) and Perbadanan Kemajuan Negeri Selangor (PKNS) (“Proprietor”) at the purchase price of Ringgit Malaysia Ninety Million Ten Thousand and Fifty Two (RM90,010,052.00) only (“Purchase Price”), the Board wishes to announce that the Company and the Vendor have mutually agreed to further extend the Conditional Period for another six (6) months commencing from 8 October 2013 to 7 April 2014 and the clause 5.3 (iii) of the Agreement shall be amended as follows: (i)         the Vendor’s Solicitor (“Stakeholders”) shall release thirty percent (30%) of the Purchase Price to the Vendor not later than fourteen (14) days from the date of the Vendor’s receipt of the Development Order approval from the relevant authority AND the Transfer has been presented to the relevant land office for registration of the same by the Company upon the receipt of the Transfer from the Stakeholders pursuant to Clause 8.3 and also all other relevant documents from the Vendor pursuant to Clause 8.2 of the Agreement, whichever is later; and (ii)        the Stakeholder shall release another thirty percent (30%) of the Purchase Price to the Vendor not later than fourteen (14) days  from the date of the Purchaser’s receipt of the Building Plan approval from the relevant authorities. Save and except for the above, the terms and conditions in the Agreement remain the same. This announcement is dated 11 October 2013.

icy97

大永旺：日本母公司有經驗 準備好迎消費稅

企業財經14 Nov 2013 21:15
（吉隆坡14日訊）由于日本落實消費稅已多年，母公司永旺集團應對消費稅經驗豐富，大永旺（AEON Big）已做好準備迎接將在2015年落實的消費稅。

大永旺董事經理尾山長久說：“永旺集團是日本公司，日本在1989年開征3%消費稅，之后上調至5%，明年則會上調至8%，公司在應對消費稅已有經驗，在大馬落實消費稅前做好準備功夫不是問題。”

他指出，消費稅落實后，民眾購物方式會有很大轉變，民眾會趨向謹慎購物，但適應后，還是會消費。

“消費稅落實前、落實后和民眾適應消費稅后等階段都相當重要。”

他今日出席大永旺會員卡推介儀式時如是說道，其他出席者包括董事中田滿、拉昔阿當和大永旺谷中城分店主管斯威庫瑪。

大永旺從今日起推出會員卡，此會員卡適用于大馬38家大永旺，會員只要消費1令吉即可獲得1分，每集滿100分便可抵扣5令吉。

另外，會員在週六帶著大永旺環保袋在大永旺購物，便可獲得額外50分。

尾山長久指出，民眾可在任何一家大永旺免費申請成為會員。

“目前該會員卡只能在大馬大永旺使用，往后或許可在永旺（AEON，6599，主要板貿易）使用也說不定，因大家都是屬于同一個集團。”

他預計，本月底預計可招募50萬名會員，今年底會員人數可達100萬人，隨著會員卡推出，公司銷售額料可獲得3%至5%的成長。

年增3家分店
每間耗至少7000萬

大永旺計劃每年新增3家分店，每家分店預計投資7000萬令吉至1億5000萬令吉。

尾山長久說：“目前大永旺共有38家分店，33家為霸級市場，5家為超級市場，我們希望每年可新增3家分店。”

他指出，每家新分店的投資金額都不同，這取決于地點、土地價格等，倘若購買舊建築物整修，成本則較低。

他說，該公司暫時還沒有物色新分店地點，希望可在更多地方增設，包括沙巴和砂拉越，目前大永旺在東馬沒有任何分店。

“大永旺每月會有300萬至500萬名顧客前來購物，在38家分店中，以旺沙瑪朱分店銷售額最高。”

永旺集團在去年12月以5億7600萬令吉，全面收購家樂福大馬業務，並將其易名為大永旺。

另外，尾山長久也指出，大馬今年通脹預計為2%至3%，表現相當穩定，比起印尼等其他國家，大馬通脹處于低水平。[中国报财经]

icy97

icy97 发表于 29-12-2012 12:07 AM
永旺斥9001萬莎阿南購地

企業財經28/12/2012 20:44

AEON CO. (M) BHD

Type	Announcement
Subject	TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) NON RELATED PARTY TRANSACTIONS
Description	AEON CO. (M) BHD. (“AEON” OR “COMPANY”) -        Acquisition of Land
Reference are made to the Company’s announcements dated 28 December 2012 and 11 October 2013 in relation to the acquisition of a piece of vacant land held under Pajakan Negeri 73008, Lot 2437 Seksyen 13 Bandar Shah Alam Daerah Petaling Negeri Selangor by the Company pursuant to the Joint Development and Sale and Purchase Agreement dated 28 December 2012 entered with Lebar Daun Development Sdn Bhd (Company No. 474585-K) (“Vendor”) and Perbadanan Kemajuan Negeri Selangor (PKNS) (“Proprietor”) at the purchase price of Ringgit Malaysia Ninety Million Ten Thousand and Fifty Two (RM90,010,052.00) only for the purpose of constructing and operating a shopping centre and a departmental store cum supermarket (“Acquisition of Land”). The Board of Directors of the Company wishes to announce that the Acquisition of Land has been completed on 21 November 2013, the date of the presentation of the Memorandum of Transfer and relevant documents at the relevant land office for the purpose of registration (“Completion Date”). This announcement is dated 21 November 2013.

icy97

永旺第三季淨利增11%

2013-11-26 11:31      
（吉隆坡25日訊）受到零售業務帶動，永旺（AEON，6599，主板貿服組）截至2013年9月30日止，第三季淨利增長11.20%至5千711萬7千令吉，並帶動首9個月淨利走高22.22%至1億5千552萬令吉。

第三季營業額上升5.74%至8億9千316萬8千令吉，而首9個月營業額則揚升8.35%至25億8千177萬9千令吉。

該公司發文告指出，首9個月零售業收益成長8.1%至22億3千萬令吉，受惠於新分店貢獻及會員卡日銷售攀升。

至於產業管理服務業收益也增長10%至3億5千萬令吉。（星洲日報／財經）

SUMMARY OF KEY FINANCIAL INFORMATION 0/09/2013

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		30/09/2013	30/09/2012	30/09/2013	30/09/2012
		$$'000	$$'000	$$'000	$$'000

1	Revenue	893,168	844,684	2,581,779	2,382,823
2	Profit/(loss) before tax	82,098	75,744	224,361	183,143
3	Profit/(loss) for the period	57,117	51,366	155,520	127,245
4	Profit/(loss) attributable to ordinary equity holders of the parent	57,117	51,366	155,520	127,245
5	Basic earnings/(loss) per share (Subunit)	16.27	14.63	44.31	36.25
6	Proposed/Declared dividend per share (Subunit)	0.00	0.00	0.00	0.00
		AS AT END OF CURRENT QUARTER		AS AT PRECEDING FINANCIAL YEAR END
7	Net assets per share attributable to ordinary equity holders of the parent ($$)	4.4800		4.1900

icy97

永旺雙位數成長樂觀

2013-11-26 17:13      
（吉隆坡26日訊）永旺（AEON，6599，主板貿服組）首9個月淨利上揚22.2%至1億5千550萬令吉，分析員對其扎實基礎、強大品牌和凌厲擴充信心十足，這一切足以讓永旺維持亮麗前景。

興業研究說，基於繼續有新購物中心設立，對永旺維持雙位數盈利成長感到樂觀。

馬銀行研究預期，第四季零售賺益會大約倍增至9至10%水平，主要是學校假期與年終節慶的到來。

永旺首9個月營業額揚8.3%至2億5千810萬令吉，其中零售升8.1%、產業管理揚10.1%，淨利上揚主要是賺益由5.3%升至6%。

集團第三季淨利按年增長11%，主要是受更高營運盈利（9.1%）所推動，更低稅率（30.4%）亦是功臣。

其中第三季零售賺益由前季的4.5%，上揚至5.6%，使零售營運盈利升31%，首3季則增32%。

永旺今明兩年將開設更多分行，甚至擴展至沙、砂兩州。今年開設的新購物中心在柔佛古來，明、後年則在大山腳、太平、沙亞南，也可能在雙溪大年。（星洲日報／財經‧報道：張啟華）





购物广场竞爭剧烈　永旺凭优势吸引投资者

财经 2013年12月12日
（吉隆坡12日讯）虽然购物广场的市场竞爭剧烈，不过，永旺集团（AEON，6599，主板贸服股）长久以来建立的品牌仍有优势，加上独特的经营模式和稳健的盈利纪录，相信可继续获得投资者的青睞。        

永旺集团日本母公司早前收购大马家乐福业务，並改以AEONBig品牌经营，市场持续关注这项业务对永旺集团带来的影响。

分析员指出，市场人士均对永旺集团和AEON Big会出现协同效应或相互竞爭感到关注，而其实永旺集团所经营的百货商场，和AEON Big的霸级市场的客源有一定的分別，两者之前相互竞爭侵占对方市场的忧虑不大。

相反的，两家公司联手进行採购，由于採购量大大的增加，则可以提高议价能力，是一项优势。

分析员指出，永旺集团也进行购物广场的经营和管理业务，在这方面，竞爭更为剧烈。其中，一些建筑商，如WCT控股（WCT，9679，主板建筑股）开始涉足商场营运佰乐泰广场（Paradigm Mall），同时，百货公司业者如百盛，也转型为购物中心经营者百乐广场（Festival City Mall），再加上、霸市业者如特易购（Tesco）重整他们的租户组合，都將对永旺集团的业务带来衝击。

分析员则认为，永旺集团的优势在于，它大部份店面都接近住宅区或在郊区，此外，其强大品牌也是吸引客户的重要因素。

另一方面，永旺集团仍持续其扩充计划，最新的一家购物中心于11月27日开张，位于柔佛古来再也，是其第27间购物中心，净可租用面积（NLA）约45万7000平方尺。该购物中心有4层楼高，包括两层停车场和两层零售商店。

接下来在2014年，永旺集团也打算开设3间新购物中心，分別位于檳城大山脚、太平和怡保佳邦（Klebang），可租用面积分別有60万、40万和50万平方尺。

下调净利预测

由于新分店的资本支出，使到该集团面对较高的折旧，分析员决定將该公司2013和2014財政年净利预测分別下调3至4%，同时，分析员维持该股的「中和」投资评级和15.9令吉的目標价，並指出，该股目前以接近23倍的歷史本益比交易，属于合理水平。

该公司股价早前跟隨综合指数创新高的走势上扬，然而在过去两个交易日也开始跟隨大市下滑。永旺集团週四闭市价为14.82令吉，跌38仙，或2.5%，是今日跌幅最大股项，全天成交量达22万4200股。[东方日报财经]

icy97

永旺立足大馬30年

2014-01-26 19:00      
1984年，前稱佳世客（Jusco）的永旺（AEON，6599，主板貿服組）受前首相敦馬哈迪醫生之邀，從日本東渡大馬，引入先進管理技術，肩負國內零售業現代化轉型的責任。

2014年，這家零售業巨頭進入三十而立關鍵點，從當初的被動，到今日的主動出擊，正面迎向市場變化及挑戰。

誠如該集團董事經理周瑪莉所說，30年彷彿經歷了三代成長，是讓永旺做得更好的永續跳板，唯有顯著改變才能無懼的前進，繼續在大馬紮根。

重塑品牌
提高辨識度

30週年慶，對一個外企而言至關重要，尤其是大型零售商如永旺，能夠在遠離日本原鄉後，成功在多元文化的大馬市場屹立多年，站穩一線城市零售市場確實不容易。

對於公司即將邁入關鍵的30年，周瑪莉認為就像經歷了三代的成長療程，是時候跳脫現有業務成長平台，以更創意手法進行改革及開發永續經營模式，讓公司做得更好以保持競爭優勢。

她說，過去兩年公司最顯著的改變是從佳世客易名至永旺，重新進行品牌包裝，讓零售業務更貼近整體集團核心文化，改善及豐富顧客購物體驗。

“這是以顧客為中心出發點考量所作的品牌改革，相信最終將換來顧客的支持，尤其是目前面臨消費者生活方式的改變，包括國家朝高收入目標、城市化邁進及無界限的溝通方式，讓所有東西及資訊都在迅速移動，促使我們想方設法的去豐富顧客的生活體驗。”

創意、設施及打造適於購物的環境是永旺零售經營的重要文化之一，她認為唯有每天改善才可不斷精進，同顧客、社區及員工與時並進，並不是只有每年或每30年才著手改變得來的成果。

雖然顧客還須更多時間適應“永旺”這個新名字，周瑪莉卻因能夠擁有更清晰的品牌形象及高辨識度感到高興，至少在投入許多資源後，目前已有許多人不再對永旺的企業及運作感到混淆，知道永旺除了信貸業務，還有零售及購物中心。

“重塑品牌及改變定位後，公司就像蝴蝶破繭而出一樣展翅高飛，按照顧客需求給予服務，按部就班的往設定目標前進。

顧客注重產品附加價值
期望擁有更多元選擇

對於當今消費者不單是購物及低價格就可獲得滿足的現象，她認為當購物已從採購必需品進階至全方位生活體驗時，顧客將開始注重產品所帶來的附加價值及期望擁有更多元化的選擇。

“就以選購蔬果為例，改變非常明顯，以前的顧客滿足於本地水果，可是現代消費者卻熱衷於發掘新事物，希望超市也能供應不同類型的進口水果及蔬菜，如各種莓果、牛油果、葡萄、菇類等，我們正致力於滿足此健康飲食趨勢，相信這些附加商品組合的價值將讓公司有別於其他業者。”

另外，她也指出，目前的消費者對各種優格、早餐谷糧、三文魚、鱈魚及已腌製肉類的需求不斷增加，意味消費者需要更健康、便捷、可即時回家烹煮的食材組合，在選購有機食品時比以往更少在意價格問題。

“這顯示超級市場不再是購買食物的地方，而是體驗新商品組合的生活態度之一，這些成長中的市場是公司未來的轉換點及專注區塊，讓新奇、多樣化的產品激發更高的消費興致，增加顧客消費金額。”

前進二三線城市

業務經營策略方面，近年明顯可見永旺轉向消費需求逐漸趨向多元化的大馬二三線城市落戶，包括在霹靂州的怡保、Seri Manjung、檳城威省、芙蓉、馬六甲及柔佛古來等地開設購物中心，把都市化的購物體驗融入當地社區。

就以2013年11月開幕的古來再也永旺購物中心為例，雖然規模不如巴生河流域的一些分行，可是她認為這是當地首家結合一體化設施的購物中心，足以為該區消費者帶來前所未有的購物體驗。

“除了商戶組合，我們更注重基本設施的方便及舒適度，如為伊斯蘭顧客、父母及孩子特設的祈禱室、哺乳室，讓消費者不受時間及地點限制，從容的購物，自開幕以來已成為古來區最｀WOW’的購物話題。”

她指出，現代化的目的是開創更便利的空間設施，而擁有一體化元素的購物中心在二線城市不常見，一線城市的5星級購物中心更是廣邀國際品牌進駐，擁有各種便利設施，可是對廁所及坐椅設備不太注重。

“購物過程讓人感到疲憊，當商場可供休息的坐椅有限、設施標誌不顯眼都將影響購物興致，因此不管是在一線或二線城市，我們都積極提昇廁所及坐椅設施，相信貫徹此獨樹一格的概念，顧客將接受、感激及提供更佳建議。”

TOPVALU
秉持高水平

至於未來的產品轉型計劃目標，周瑪莉表示早前旗下的自有品牌佳世客精選（Jusco Selection）系列產品經過重新包裝，由源自日本的TOPVALU品牌推出市場，為消費者提供本地製造的高品質、誠信可靠的食品選擇。

“這是永旺的私人品牌，向來都秉持高品質水平開發新口味，維持產品物有所值的宗旨，以區隔市面上其他產品，雖然該系列還在成長階段，尚未達預設指標水平，但預見短期內它的貢獻將為公司帶來極大影響。”

該品牌是在2012年12月在大馬推出，從不間斷推出新產品，除了食品，亦提供日常用品。永旺設定目標在2015年前，TOPVALU貢獻至少成長10%，營業額100萬令吉以上，目前TOPVALU已貢獻日本母公司營業額20%。

另外，鑒於食品安全問題趨向全球化，永旺在2012年1月聯同聯合國工業發展組織（UNIDO）及日本政府推出中小型企業家食品安全訓練計劃，並在大馬國際貿易及工業部、中小型企業機構、大馬伊斯蘭發展局、衛生部等機構支援下，為旗下25家食品供應商提供食品安全提昇訓練。

“雖然活動性質傾向於履行企業社會責任，可是當食品安全從原本的國家問題演變成全球課題時，加強食品生產過程及系統安全顯得至關重要，國內許多中小型企業雖具強韌創業精神，卻無正確管道強化安全性，希望參與此活動將讓他們從中受益，開拓更大的市場商機。”

永旺商業學院
提供職訓

在巴生河流域，一些商場的租戶組合，開始出現銀行、郵局、兒童圖書館、醫療等服務設施，因此她預測，未來大馬的商場組合將不再強調產品銷售，而是朝強化便利的社區服務方向發展。

“我們的日本商場，甚至設有醫生特區及12家診所，服務生病人士，國內一些商場設有登記局或移民局服務柜台已不是新鮮事，因此未來永旺將探討增設上述服務的創意租戶組合，並擴大運用在二三線城市商場裡，維持平衡的商業及社區元素。”

近期，該公司重新在旺沙馬朱購物廣場設立永旺商業學院（前身為佳世客商業學院），以應付未來業務拓展所需的人力資源需求，為大馬及東南亞市場提供職訓。

“在大馬難以找到零售業相關的課程，永旺商業學院將扮演公司培養未來領導人才的重要平台，不過該校空間有限，未來可能會搬至更大的地方。”

新業務方面，她表示城市人生活變得日益繁忙，導致許多人無法經常造訪區域購物中心，為迎合他們簡易迅速的採購需求，計劃擴大MaxValu品牌超級市場至巴生河流域，同時也積極推動其他新業務成長。

目前永旺新業務包括4間Max Valu超級市場，13間Daiso百貨用品店、13間Wellness健美產品銷售中心及12間Mister Donut。

今年，永旺計劃在業務版圖未涉足的北及南馬區域探討增設2或3間購物中心，預計整體集團資本開銷至少5億令吉。

做足準備
應對消費稅

消費稅預定2015年4月1日開始實行，針對這項新措施，周瑪莉表示其影響廣泛，不過永旺會學習日本母公司過去幾年的經驗，提前準備就緒，確保與業務夥伴之間的運作維持順利。

她認為，實行消費稅各具好處及挑戰性，尤其是零售業者，不僅要管理這些挑戰，還需考量業務夥伴及顧客感受，提前預設即將面對的狀況，再與業務夥伴共同演變進化。

“消費稅還在初步探討階段，對永旺及大馬人而言非常陌生，未知因素促使業者進一步整理及掌握相關知識，包括參與消費稅講座等相關活動，相信措施剛開始階段將改變市場消費習慣，過後表現則持穩，尤其是最基本的食品，顧客將持續採購，促使該領域需求維持強勁。”

她說，市場變化如燃油、電費調漲等趨勢是大環境難以逃避的現實問題，可是這些成本都可通過能源節約減輕，目前零售業面對最大的挑戰是市場變化速度加快、人力資源及競爭問題。

不過對於未來零售市場競爭劇烈的情況，她將坦言面對，因為這會是推動公司更創意及求進步的“苦口良藥”，讓永旺從競爭中學習，變得更好、更具競爭力。

“沒有競爭會讓我們渾身不自在，因為這將無法激發潛能及發掘新機會，讓業者不斷的從競爭中成長，就像永不眠休的曼谷城市一樣，零售業也是一個永不言休的領域，只有不停創造獨特體驗，才能留住顧客。”（星洲日報／投資致富‧企業紅人館‧文：郭曉芳）

icy97

必需品销售与租金支撑增长 永旺评级目标价上修

财经新闻 财经  2014-02-07 11:46
（吉隆坡6日讯）尽管大股东抛售股权，导致永旺（AEON，6599，主板贸服股）的股价从去年5月份高峰期滑落了32%，但券商相信，必需品销售额与租金将有助于支撑其盈利增长。

分析员把永旺的评级，从“减持”上修至“买入”，目标价则从每股13.80令吉，上调至13.92令吉。

估值更具吸引力

艾芬投行研究分析员表示，目前永旺股价已经跌至2年新低水平（今年至今下滑了12%），估值更具吸引力，即2014财年15.6倍的本益比。

“该公司的股价暴跌，主要是估值过高（高峰期为22倍本益比），以及投资者担忧政府减少补贴后，消费者开支整体会放缓。

“这导致该公司的大股东雇员公积金局（EPF）与Aberdeen资产管理公司，相继削减持股权。”

去年5月，Aberdeen资产管理持有永旺的22.5%股权（高峰期），目前已降低至20.3%。

雇员公积金局的持股权，则从去年1月份高峰期11.3%，减持至目前的9.1%。

分析员指出，在食品、汽油与公用事业价格上涨，以及过路费可能调高等大环境下，导致消费者更加谨慎，并减少开支。

因此，他相信与纯零售商如百盛控股（PARKSON，5657，主板贸服股）相比，以提供必需品为主（占总营业额50%）的永旺，盈利不会受到经济衰退的影响。

经济低迷净利仍走稳

根据记录，即使处于经济低迷时期，永旺都有能力取得稳定的净利增长。

分析员表示，在2008/09年金融危机时，消费者信心指数与永旺的同店销售（SSS）增长骤降，永旺仍有能力在2009年取得11%盈利增长。

他说：“从估值的角度来看，现在永旺的本益比为15.6倍，低于过去4年16倍的中间值，非常具吸引力。”

他举出了五大诱人理由，包括：（1）强劲品牌及分行遍布全马各地、（2）基本面强稳（健康的现金流、强劲的资产负债表与零贷款）、（3）健康的广场扩充计划，支撑未来增长、（4）超强的管理团队，致力推动增长与专注于改善成本，以及（5）可投资性偏高（符合回教教义）。

他认为，综合上述因素，该股的下行风险有限。【南洋网财经】