【HUNZPTY 5018 交流专区】汇华产业

scsiang82

弹姐的汇华还在吗？？

scsiang82

Performance review of the Group
The Group achieved revenue of RM53 million and profit before tax of RM15 million for current quarter which is 20% and 32% lower as compared to the preceding year’s corresponding quarter. The decrease is mainly attributable to:

i)        The revenue for Infinity project (which commenced in current financial year) is not consolidated in the Group revenue. (Note that a wholly-owned subsidiary of HPB is the project manager of this project and is entitled to share of profit from the project.)

ii)        Upon completion of Alila project, certain cost overuns/underaccruals of approximately RM3.5 million (representing less than 2% of GDV) have now been taken into account.

iii)        Income of RM2.9 million was recognised in the income statement in the quarter ended 30 June 2007. This resulted from the requirement of FRS140 Investment Properties to measure investment properties at fair value on yearly basis. For financial year ended 30 June 2008, based upon valuation exercise, there was no increase/decrease in values.

iv)        The strong sales of Bandar Putra Bertam’s shop offices at higher margin (developed by Bandar Kepala Batas Sdn Bhd, a 70% owned subsidiary of the Group) for quarter ended 30 June 2007. This also explained for the higher share of minority interest in that quarter.

v)        Our trading segment was enjoying higher profit margin for the preceding year. However, to be competitive and stay relevant in the industry, our trading segment had reviewed its margins and had to make necessary downwards revision.

vi)        Higher “other operating expenses” for current year’s 4th quarter is mainly due to donation to an educational institution (tax deductible). Prior year’s comparative was “low” due to certain reclassification to align to audited FY2007 numbers.


Prospects for the current financial year
As highlighted in our 3rd quarter announcement dated 26 May 2008, we have now achieved highest annual profit in our history. However, it was also noted that property sales have slowed down due to negative impact from depressed global economic outlook and uncertainty in local environment. At this juncture, the Board sees no reason to change its view that going forward strong growth will only re-materialise when the global and local uncertainties are addressed.

弹煮

还在
偶差点忘了有此股，快要心中无股（价）鸟

scsiang82

Standard & Poor's Research Report
21 August 2008


Results Review & Earnings Outlook
• Hunza’s FY08 (Jun.) results were broadly in line with our expectations. FY08 net profit of MYR48.4 mln was about 106% of our full-year forecast. The variance, we believe, was due mainly to higher-than expected property sales.
• Hunza‘s FY08 revenue and net profit of MYR245.1 mln (+31% YoY) and MYR48.4 mln (+23% YoY), respectively rose on the back of maiden booking of sales from its two condominium projects in Penang, namely Gurney Paragon and Infinity. Both projects have achieved take-up rates of 50% and 54%, and unrecognized sales of MYR165 mln and MYR98 mln, respectively as at end of June 2008. Note that as at end June 2008, Hunza’s total unbilled sales stand at MYR267.4 mln.
• In 4QFY08, Hunza sold MYR34 mln worth of properties, with MYR16 mln from sales of semi-detached houses in Mutiara Seputeh and MYR11.0 mln from Gurney Paragon. At this juncture, both the Mutiara Seputeh and Alila projects are nearing completion and have minimal outstanding unbilled sales.
• We have tweaked our full-year FY09 net profit forecast to MYR58.9 mln (previously MYR59.5 mln) and introduce our FY10 net profit forecast of MYR64.2 mln.

Recommendation & Investment Risks
• We maintain our Buy recommendation and also adjusted our 12-month target price to MYR2.30 from MYR2.20 after lowering our 2009 earnings projections, rolling over our valuation period and updating our valuation parameters.
• Hunza’s share price has corrected about 63% from its high of MYR3.82 in mid-July 2007, and, in our opinion, it is overdone. We begin to see value in Hunza at current level.
• Our target price is derived by applying a 5.5x (7x previously) PER multiple on our FY09 EPS of 40.4 sen (previously forecast FY08 EPS of 32.4 sen) and adding projected net DPS. In view of the dampened outlook towards property companies and also the current poor consumer sentiment, we have lowered our target PER benchmark to 5.5x (previously 7x), which is still within our normal 5-8x PER valuation for small and mid-cap property companies within our coverage.
• Risks to our recommendation and target price include slower-than expected construction progress and take-up rates for its projects, as well as execution risks in its maiden foray into retail management of its Gurney mall.

scsiang82

匯華：明年產業領域挑戰更嚴峻   
大馬財經  2008-08-23 12:31


（檳城）匯華產業（HUNZPTY，5018；主板產業組）預料今年及明年，產業領域將面臨嚴峻的挑戰及考驗。

公司執行主席拿督許廷忠在股東大會後表示，目前是產業週期性的運轉，正步下低谷，其中原因是產業在歷史上從來沒有發生過建材被壟斷後高價出售的問題，還有國家政治不明朗，可形容為對產業歷史性的強大殺傷力，或為產業帶來為期不短的挑戰。

在整個產業大環境來看，未來挑戰更嚴竣，產業界在強大的衝擊下，須精益求精，加強競爭力，防範風暴的吹襲。

他希望政府在下週五公佈的明年度財政預算案中，能夠控制建材價格，協助發展商減輕負擔，同時也讓消費者不必付出高昂的代價來購買房子。

不過，儘管前景險竣，他還是對對匯華業務未來的發展充滿信心，因為該公司的業績已經連績6年取得驕人成績。

公司截至2008年6月30日財政年度的營業額及盈利再創高峰，扣除稅後及股東盈利之後，凈利為4843萬令吉，比2007年財政年度增長達24%。

公司營業額為2億4513餘萬令吉，比去年的1億8673萬令吉，增長了31%，同時建議5.5仙終期股息。

星洲日報／財經‧2008.08.23

http://biz.sinchew-i.com/node/15925

scsiang82

更新: August 26, 2008 23:35

葛尼 Infiniti銷售若延長
匯華產業淨利受影響


（吉隆坡26日訊）海內外經濟不明朗，建築原料成本揚高，匯華產業（HUNZPTY，5018，主板產業）預測，產業銷量或持續走緩，分析界認為，假設產業葛尼廣場（Gurney Paragon）及Infiniti銷售期延長，匯華產業09及2010財年經常淨利（recurring net profit）將收窄。

肯納格證券研究指出，原料成本高企，葛尼廣場成本，從1年前的4億令吉勁揚25%至5億令吉。

“若原料價格回緩，及全面運用建築臂膀公司，進一步節省更多資金，公司有信心，將可維持早前設定的總發展成本。”

惟該券商保守估計，葛尼廣場將需耗時18個月，成本總值將達4億5000萬令吉。

“假設葛尼廣場及Infiniti銷售期延長，匯華產業09財年經常淨利將減低16%至5200萬令吉，2010財年則收窄19%至6200萬令吉。”

不過，肯納格證券研究提高2011財年經常淨利73%至7100萬令吉，主要考量到葛尼廣場及Infiniti銷量或越預期。

積極行銷海外

“料將在2010財年下半年及2011財年推出的Alila II和泗岩沫計劃，也將推高匯華產業2011財年經常淨利。”

聯昌證券研究說，繼新加坡及英國后，該公司也積極為葛尼廣場及Infiniti行銷，下一個海外市場目標為香港。

“該兩項計劃的平均銷量也提高，從原有的每平方尺約400令吉，漲至目前的約600令吉，曾經一度高企在790令吉。”

聯昌證券研究給匯華產業“中立”（Neutral）評級，目標價為1.65令吉；肯納格證券研究則維持“買進”投資評級，合理價為3.59令吉。

http://www.chinapress.com.my/content_new.asp?dt=2008-08-27&sec=business&art=0827bs19.txt

scsiang82

CIMB Research Report
21 August 2008


A yield story

• No surprises. Hunza Properties’ FY6/08 core net profit of RM48.4m was within our expectations but 4% above consensus. The group declared a final single-tier taxexempt DPS of 5.5 sen. Although this is a departure from the usual gross final DPS, the grossed-up amount is broadly in line with last year’s 7.5 sen. Including 3Q08’s interim DPS, full-year gross DPS amounted to 12 sen, in line with our projections.

• Paragon and Infinity boost. FY08 EBIT rose 37% yoy on the back of a 31% topline growth, thanks to maiden contributions from Gurney Paragon and Infinity which started booking profits in 2QFY08. Despite i) one-off donations, ii) underaccruals in relation to its completed Alila project, and iii) possibly rising cost pressures, EBIT margins expanded 1.1% pts during the year, largely reflecting the project management arrangement for Infinity where only profits are consolidated.

• RM268m property sales in FY08. During 4Q, the group sold properties worth RM34m (-59% yoy; +32% qoq) (Figure 1). The qoq improvement was largely due to a pick-up in sales at Gurney Paragon and Mutiara Seputeh after 3Q’s weakness which was attributable to the CNY festivity and election period. For the full year, property sales increased by 37% to RM268m, led primarily by stronger sales from Gurney Paragon. Including Infinity, property sales rose a commendable 68% yoy.

• Rights exercise still on hold. Given the current market conditions, the group’s proposed 1-for-4 rights exercise remains in freeze mode. To recap, the group has received SC approval to further extend the timeline of implementation to Oct 08.

• Fine-tuning FY09-10 forecasts. After adjusting for FY08’s actual numbers, our FY09-10 forecasts are tweaked by -0.9% to +0.4%. We have also introduced a core net profit of RM48m for FY11, down 34% from our FY10 estimate because we have conservatively excluded potential contributions from its Alila II and Segambut projects given the uncertainty over their launch timelines.

• Maintain NEUTRAL. There is no change to our end-CY08 target price of RM1.65 as we continue to attach a 55% discount to its unchanged RNAV/share of RM3.68 to reflect the difficult operating environment, its poor share liquidity, small market cap and sizeable exposure to the Penang market where political risk appears to be higher. We reiterate our NEUTRAL call, which is supported by its attractive dividend yields of 9%, the highest among the property stocks under coverage.

scsiang82

KENANGA RESEARCH
26 August 2008


Softer earnings ahead
We attended Hunza Properties’ (Hunza) post FY08 results briefing yesterday and took away the following key points;

-> Reigning in construction cost with own capabilities. Hunza intends to revive its 100% -owned construction arm, Masuka Bina Sdn Bhd, to improve time and cost management in constructing its projects. The construction arm will be undertaking the entire Gurney Paragon project and is expected to yield 6%-10% savings.

-> Gurney Paragon (GP) mall cost increases by 25% to RM500m from the initially guided RM400m, a year ago, due to rising raw material costs. However, Hunza believes that its initial gross development cost can be achieved if material prices continue to trend downwards and through further savings from utilizing its own construction arm. However, we are forecasting a more conservative mall’s cost of RM450m over a period of 18 months, commencing in 2HFY09.

-> Rights issue looking less likely. Hunza may forgo its proposal, although it has extended the right issuance date to Oct 08, given its depressed share price of RM1.40. Therefore, it will obtain further funding, particularly for the construction of GP mall, via borrowings. Based on its internal gearing limit of 50%, Hunza can afford to borrow another RM150m -RM160m.

-> Stretched-out sales for GP and Infiniti reduces our FY09E and FY10E recurring net profit by 16% and 19% to RM52m (+10% YoY) and RM62m (+20% YoY) , respectively. However, we are raising our FY11E recurring net profit by 73% to RM71m (+13% YoY) taking into account of spill over sales from GP and Infiniti, as well as, new launches namely, the RM250m Alila II and RM300m Segambut project in 2HFY10 to FY11.

-> We maintain our BUY call with a target price of RM3.59, based on our sum of parts RNAV on a fully diluted basis. FY08E and FY09E PERs are compelling at 4x and 3x, respectively, while dividend is extremely attractive for a property stock with FY09E net dividend yield of 6.6% (gross yield of 8.8%).


Key Points

We attended Hunza Properties’ (Hunza) post FY08 results briefing today and took away the following key points;

Reigning construction cost with own capabilities. Hunza intends to revive its 100%-owned construction arm, Masuka Bina Sdn Bhd, to allow for greater time and cost management to curb excess volatility in the construction business.

Hunza already enjoys economies of scale from bulk buying materials (e.g. steel and cement) for its contractors. However, it believes that having its own construction arm will allow for better time and cost management, which should result in 6%-10% savings on construction cost (note that Dato’ Khor, the major shareholder of Hunza, is a veteran in construction). This set-up allows Hunza to dictate the speed of construction, and more importantly, ensure high quality control. The construction arm will be dedicated to the Gurney Paragon (GP) condominium and mall project only.

We are unclear about the CAPEX requirements for construction machinery. However, management has advised that some 50% of machinery will be acquired and the rest will be rented.

Gurney Paragon (GP) mall cost increases by 25% to RM500m (RM420m without land cost), from its initial guided RM400m (RM320 without land cost) a year ago, due to rising raw material costs. Hunza believes that its initial cost guidance is achievable if (1) it uses its own construction arm (2) recent softening of material prices continue.

Management expects building material prices to return to mid-2007 levels. However, we are less optimistic and have conservatively accounted for RM370m CAPEX for the GP mall, over an expected 18 month construction period, with a commencemen t date in 2HFY09. Based on the guided RM50m to RM60m p.a. rental income, yields are still attractive at 11% to 13%.

In terms of the mall’s project approvals, Hunza is currently submitting its technical plans.

Rights issue status. Recall that Hunza has proposed to raise RM80m – RM100m capital from rights issuance for the mall’s construction and other new projects. However, Hunza may forgo the rights issue exercise given the nearing proposals’ extended dateline in October 2008 and Hunza’s depressed share price of RM1.40.

Therefore, Hunza will obtain further funding, particularly for the construction of GP mall, via borrowings. Based on its internal gearing limit of 50% and Hunza’s 32% gearing as at 30/6/08, Hunza can borrow an additional RM150m to RM160m.

Segambut project likely to be launched after FY10. Hunza is planning a 400-unit mid to high end condominium development with an indicative RM300m GDV. It plans to price the project at 60% of the average Mont Kiara pricing to appeal to a different target market. Hunza believes that such a product will appeal to Malaysia My Second Home (MM2H) participants from Indonesia, Hong Kong and Singapore.

Targeting 50% of FY08’s sale of GP and Infiniti. Management is expecting softer sales due to global economic and local political uncertainties. Hence, in FY09, we can expect an additional some RM76m and RM53m sales from GP and Infiniti, respectively.

Longer earnings gestation for GP and Infiniti reduces our FY09E and FY10E recurring net profit by 16% and 19% to RM52m (+10% YoY) and RM62m (+20% YoY), respectively, as we had previously expected more aggressive sales and quicker billings. Currently, both GP and Infiniti have 50% and 54% take-up rates. Key re-rating catalyst to FY09E and FY10E earnings lies with less uncertainties and lowered stamp duties.

Nonetheless, we are raising our FY11E recurring net profit by 73% to RM71m (+13% YoY), g iven the target launches of Alila II, Segambut project and residential units in Bandar Putra Bertam (BPB) in 2HFY10 to FY11, as well as, later sales arising from GP and Infiniti.

We maintain our BUY call with a target price of RM3.59, based on our sum of parts RNAV on a fully diluted basis. Our valuations are conservative as we have valued the Segambut project and pipeline BPB produ cts on land values. We have not included Alila II land values or DCF earnings into our valuations as due to its project management nature (similar to Infiniti). We will include Alila II DCF earnings upon launch of the project.
Nevertheless, our unchanged target price still gives a lucrative 156% upside to its last trading price.

FY08E and FY09E PERs are compelling at 4x and 3x, respectively, while dividend is extremely attractive for a property stock with FY09E net dividend yield of 6.6% (gross: 8.8%).

scsiang82

CIMB Research Report
26 August 2008


FY08 post-results briefing
Hunza Properties organised a briefing yesterday following the release of its FY6/08 results last Wednesday evening. The results briefing which is a biannual event was chaired by Corporate Planning General Manager Tay Phaik Huat who gave a comprehensive overview of the group’s financial details and property development projects. Executive chairman and founder Dato’ Dr. Khor Teng Tong took over during the Q&A session, addressing questions relating mainly to the group’s upcoming shopping mall and plans to revive its construction arm. The tone during the briefing was sombre, with Dato’ Khor painting a somewhat bleak outlook for the property sector in the near term. For us, the briefing revealed two major surprises: i) a more modest earnings growth outlook as property sales are expected to remain lacklustre in the near term and ii) revised launch timeline for its flagship Bandar Putra Bertam project. The key takeaways from the session are summarised below:

Key highlights

Property sales to remain lacklustre. To recap, 4QFY08 sales improved 32% qoq, driven primarily by a pick-up in sales at Gurney Paragon and Mutiara Seputeh after 3Q’s CNY festivity and election period weakness. Nevertheless, management expect property sales to remain lacklustre in light of the depressed global economic outlook and uncertain local environment. Having said that, the group is still actively marketing overseas its two latest projects i.e. Gurney Paragon and Infinity. Having recently completed its marketing drives in Singapore and the UK, the group is targeting the Hong Kong market next.

Gurney Paragon’s construction works in full swing. Construction of its Gurney Paragon serviced condos is ongoing. As Gurney Paragon covers a 10-acre site vs. 3 acres for Infinity, construction works at the former is still at the ground floor level. As at end-Jun 08, overall take-up rates stood at 50%, a slight improvement from end-Dec 07’s 46% and end-Mar 08’s 48%. The slow uptick in take-up rates is not overly surprising given the high percentage of foreign purchasers.

Shopping mall – issues remain unresolved. As the group is still waiting for the authorities’ approval of building technicalities for its upcoming shopping mall, it is likely to be able to start construction sometime in 1H09 instead of our earlier timeline estimate of 2H08. Given the unprecedented rise in building material prices, the overall construction cost of the mall is now estimated at RM450m-500m, up from RM400m previously. Funding-wise, given the deferment of its proposed rights exercise, the group is likely to rely on external borrowings to fund the development. Simultaneously, the group is still talking with prospective partners to take a 20-30% stake in the mall.

Infinity – show unit by next week. Construction of its beach-fronting Infinity project is progressing well, with works reaching the 10th storey for one tower and 16th storey for the other. Two units are earmarked as show units. With fit-out works almost completing, the show units are expected to be formally opened by next week. As at end-Jun 08, overall take-up rates stood at 54%, a slight pick-up from end-Mar 08’s 52%.

Average selling prices still on an uptrend. For its two latest projects, i.e. Gurney Paragon and Infinity, the group has been steadily increasing selling prices on the back of rising costs. From an initial launch price of approximately RM400 psf, average selling prices are now hovering at around RM600 psf, with the highest price achieved recently being a record RM790 psf.

Reviving construction arm. In an effort to counter rising construction costs, the group has decided to revive its in-house construction arm, Masuka Bina, to carry out construction works for the serviced condos and the shopping mall at Gurney Paragon. Apart from greater management control, the move will allow the group to improve pretax margins by circa 6-10%.

Segambut – a post-FY10 undertaking. In Feb 08, the group purchased 6.28 acres of freehold land in Segambut for RM21m. This RM300m GDV project will be Hunza Properties’ second Klang Valley-based project. The group intends to target Malaysia My Second Home (MM2H) participants, particularly from Indonesia and S. Korea for this project. As a rough indication, pricing will be at a 40% discount to the average pricing for the Mont’ Kiara area. The group is targeting to launch this project after FY6/10.


Valuation and recommendation

Adjusting FY09-11 earnings for new recognition timelines. Our FY09-10 earnings forecasts are revised downwards by about 13%, largely to reflect i) the deferred launch timeline of Zone L2 at its flagship Bandar Putra Bertam project to post-FY12 from FY09 previously, ii) a 10-15% cut in our property sales assumption and an extended construction timeline. FY11 net profit forecast is raised by 12%, largely reflecting i) the delayed profit recognition from FY09-10 and ii) small contributions from Alila II. At this juncture, we are still conservatively excluding potential earnings contribution from its Segambut project as the proposed launch timeline remains uncertain.

Reiterate NEUTRAL. Our end-CY08 target price of RM1.65 remains intact as we continue to attach a 55% discount to its unchanged RNAV/share of RM3.68. The discount is in line with the targeted property sector average discount and reflects the difficult operating environment, Hunza Properties’ poor share liquidity, small market cap and sizeable exposure to the Penang market where political risk appears to be higher. The stock’s attractive dividend yields of 9%, the highest among the property stocks under coverage, supports our NEUTRAL call.

longsion

分析员说的话不能相信.因为他们这样做可以令更多散户买进,令股价升高.然后从中得利.而且股市大跌才刚开始.还是静观其变好.

scsiang82

更新: September 25, 2008 19:02

馬股大減價
趁低網羅價值股


（吉隆坡25日訊）全球股市震盪，綜指一度挫至970點，聯昌證券研究認為，現今是“馬股大減價”（Mega Sale），投資者可根據價值分析，網羅價廉值美的股。

分析報告指出，綜指從1月份巔峰期至今已重挫逾30%，馬股內有許多股已跌至非常低且誘人的價格。

“有些公司目前股價水平，甚至低至可隨時被私有化或成為收購目標。”

該行認為，近期不少上市公司已被私有化，倘若公司具有強穩的業務基本面、目前股價又低，或可考慮成為合併對象。

報告說，目前億順機構（EKSONS，9016，主板工業）、安裕資源（ANNJOO，6556，主板工業）、速伯瑪（SUPERMX，7106，主板工業）、匯華產業（HUNZPTY，5018，主板產業）及陳唱摩哆（TCHONG，4405，主板消費）09年的本益比（P/E）是低于4倍，除了亞洲金融風暴外，本益比從未曾有如此低的倍數。

偏向持大量現金

“這或許是趁低吸納有潛在價值股的大好時機。”

此外，聯昌證券經過分析，馬股共有15家公司在08至10年，平均股票回酬率達10%或更高。

自亞洲金融風暴以來，許多公司儘量維持派高息的舉措，不過越來越多公司逐漸趨向持有大量現金甚于派息。

聯昌證券經過計算，在得分最多的20家上市公司中，首選陳唱摩哆、LCL機構（LCL，7177， 主板貿易）及緯鉅（WELLCAL，7231，主板工業）。

“有意長期投資12個月或更長的投資者可考慮上述優質股，一旦市場穩定上述各股的價值或翻倍。”

整體而言，儘管廉價股比比皆是，惟國內政局不穩，加上公司基本面退化，該行對馬股持“中立”（neutral）投資評級。


3股收益增長強
報導：吳俐瑩

聯昌證券指出，陳唱摩哆、LCL機構及緯鉅本益比低，但收益增長強勁值得留意。

聯昌證券主要分析公司的六大因素，分別是股價淨值比（P/BV）、股本回酬率（ROE）、每股盈利（EPS）、年複成長率（CAGR）、股票回酬率及現金/債務市值比，以衡量公司投資價值。

分析結果顯示，沒有一家公司得滿分，但以安裕資源及緯鉅得分最高，表現不俗。

不過在20強名單內，該行欽點LCL機構、陳唱摩哆及緯鉅。

LCL：明年迪拜上市

LCL機構3年以來淨收益年複成長率達50%，以09年3.7倍的本益比，該公司應值得更高的價值。

在全球經濟走軟時，LCL機構在阿聯酋（UAE）的房地產業務仍可穩住陣腳，市場地位相當穩固。

LCL機構90%收益來自迪拜，並計劃在明年上市迪拜。

陳唱：汽車銷量佳

儘管市道欠佳，但陳唱摩哆旗下日產汽車（Nissan）銷售額仍可刷新紀錄。

日產汽車在汽車業銷售量下滑的時候，仍推出深受歡迎的新車款。

目前，陳唱摩哆3年複成長率每股盈利達50%，股票回酬為8.8%。

緯鉅：現金充裕

緯鉅是一家現金充裕的公司，為出口市場生產工業管幾乎不受經濟放緩影響。

另外，原料成本走高緯鉅受益不淺，因為業者都選擇外包給低成本生產商如緯鉅。

緯鉅並沒很大筆的資本開銷，料可持續派息至少收益的50%。



http://www.chinapress.com.my/content_new.asp?dt=2008-09-26&sec=business&art=0926bs02.txt

scsiang82

Friday October 3, 2008
Brisk sales for Hunza project
By DAVID TAN


GEORGE TOWN: Hunza Properties Bhd has sold over 95% of its RM105mil Alila Homes project, comprising 122 three-storey linked houses and 40 three-storey townhouses, in Tanjung Bungah Hill.

Executive chairman Datuk Khor Teng Tong said the group spent RM5mil on landscaping the terraced garden according to feng shui principles.


The 3-storey linked houses in Alila Homes.

Besides the terraced garden, purchasers were attracted to the project’s elevated location at least 50m above sea level and its security system, he told StarBiz.

“It is a gated and guarded community.

“There are also closed-circuit televisions strategically located in the development,” he said.

Although construction and land costs had increased by 30% and 200% respectively, Hunza had maintained the original selling price of RM786,000 for the three-storey linked houses, he added.

The linked houses have built-up areas ranging from 2,218 to 2,378 sq ft. The project also has a clubhouse with various facilities.

http://biz.thestar.com.my/news/story.asp?file=/2008/10/3/business/2135273&sec=business

scsiang82

吉實行50%土著固打制‧房產業長期或受衝擊
大馬財經  2008-10-07 19:23



以吉打州人均收入1800令吉來看，一個雙薪家庭，只有能力購買價值12萬2000令吉的房屋。（圖：星洲日報）

（吉隆坡）吉打州實行房屋發展計劃保留50%土著固打制，短期雖對發展商衝擊不大，但長期將影響其業績表現與業務發展。

儘管州內發展商普遍不認同，但吉打州行政議會已通過實行50%土著固打制。

州務大臣拿督斯里阿茲占早前披露，上述措施主要是期望發展商為吉打州人民興建更多中低價房屋，因為他們大多沒有能力購買較高檔的房產單位。

僑豐投資研究指出，截至2008年首季，吉打州面對滯銷房產單位1792個，稍高於吉隆坡的1603個，而當中，高達897個即是低於10萬令吉的房屋。

賺幅料進一步削弱

此州發展商普遍面對低吸購率的問題（平均只有33%），假如推行較高的土著固打限額，料進一步削弱賺幅，特別是高檔房產發展商。

馬來西亞房地產發展商會甚至認為，新政策的推行或迫使吉打州的發展商“收盤”。

發展商會表示，有些土著也不準備購買土著房產單位，原因是土著單位的增值潛能不大，加上售賣通常面對不容易物色適當買主的問題，新措施料限制賺幅。

以吉打州人均收入1800令吉來看，一個雙薪家庭，只有能力購買價值12萬2000令吉的房屋，政府放寬從公積金第2戶頭提款，償付房貸分期付款的措施，有助於提高吉打州人的償貸能力，但只是有能力購買每單位14萬7800令吉的房屋。

州內房產吸納率僅33%

僑豐投資研究指出，問題的關鍵並非供應，而是有沒有真正買家，特別是州內房產市場的吸納率只有33%，且購屋者普遍是中低收入群，容易受到經濟起落的衝擊，不可能在短期內對購買房屋做出承諾。

“假如發展商會的論證正確，以及假如吉打州人平均只有能力購買價值不到10萬令吉的單位，也許找出吉打州的房屋吸購率呆滯的原因，比實行50%土著固打限額來得有意義。”

近年活躍於吉打州的房屋發展商有PLENITU（PLENITU,5075,主板產業組）、匯華產業（HUNZPTY,5018,主板產業組）、優賓機構（EUPE,6815,主板產業組）及僑豐產業（OSKPROP,6661,主板產業組）。

PLENITU與匯華產業最近盈利表現強穩，主要是比較依賴其他地區的產業發展計劃，譬如檳城、巴生河流域及柔佛，吉打州最近幾年對該公司盈利做出的貢獻比重已經縮小。

“這些發展商大多數沒有推行新的發展計劃，新措施的實行可能促使他們進一步觀望，並將新計劃暫擱一邊，因此對其盈利短期影響不大。”

不過，僑豐投資研究補充，假如繼續擱置新的房產計劃，沒有全面使用其地皮資產，為公司增加收益，長期來說，有關措施可能影響發展商的身價。

星洲日報／財經‧2008.10.07

http://biz.sinchew-i.com/node/17052

scsiang82

M&A Securities
3 Oct 2008


1. Results Review
Hunza Property Berhad (HPB) posted 23.4% increase in net profit for FY08. Revenue rose 31.3% to RM245.1mn from RM186.7mn previously while profit before tax rose 18.9% to RM68.3mn. The increase in earnings is mainly attributed to the two high-end condominium projects in Penang (Phase 1 Service Condominiums of Gurney Paragon and the Infinity projects) which have started contributing to the earnings and as well as the improved take up rate for Alila project of 96% as compared to 48% in previous year.

For the quarter ended June, the group posted a net profit of RM10.2mn compared with RM16.1mn in the previous corresponding period. The Group achieved revenue of RM53mn and profit before tax of RM15mn for current quarter which is 20% and 32% lower as compared to the preceding year’s corresponding quarter.

The decrease is mainly attributable to:
i) The revenue for Infinity project (which commenced in current financial year) is not consolidated in the Group revenue.
ii) Upon completion of Alila project, certain cost overuns/underaccruals of approximately RM3.5mn (representing less than 2% of GDV) have now been taken into account.
iii) Income of RM2.9mn was recognised in the income statement in the quarter ended 30 June 2007. This resulted from the requirement of FRS140 Investment Properties to measure investment properties at fair value on yearly basis. For financial year ended 30 June 2008, based upon valuation exercise, there was no
increase/decrease in values.
iv) The strong sales of Bandar Putra Bertam’s shop offices at higher margin (developed by Bandar Kepala Batas Sdn Bhd, a 70% owned subsidiary of the Group) for quarter ended 30 June 2007. This also explained for the higher share of minority interest in that quarter.

2. Earnings Outlook
Going forward, HPB in poised to register a total revenue of RM230.4mn for FY09 as it has unbilled sales of RM261.1mn as of end-June 2008. Furthermore the take up rate of two high-end condominium projects in Penang have risen to about 50% since their launches in 2007. As construction of these two projects is progressing well, the group should be booking more significant earnings from here on.

Furthermore HPB maiden foray into retail management of its Gurney mall (net lettable area of 650,000 sf) will provide HPB with future recurring income and future capital gains if it decides to dispose the asset later.

3. Recommendation
We are maintaining our BUY recommendation as it represents the best choice for investors seeking exposure to Penang and is presently developing in the most strategic location is Penang which provides the best margins. We have also lowered our target to RM3.00 pegged against a prospective sector PER of 10X.

scsiang82

確保實力應對危機‧產業界展開“保本”措施
大馬財經  2008-10-15 11:31


（吉隆坡）全球金融危機籠罩，衝擊產業市場，隨著今年新產業計劃明顯放緩，產業發展商唯有開始“保本”，以確保在長期經濟不景後，仍能養精蓄銳進行計劃和恢復元氣，整裝待發。

肯納格研究的產業分析指出，產業發展商已啟動“保本”之舉，以作為緩衝現有產業計劃。

無法確定危機期限

“每個人都無法確定這次信貸危機將持續多久，惟信貸緊縮已遍及全球，除產業發展商外，所有行業也同樣面對貸款的困境。”

他透露，許多發展商在2006和2007年間預售產業計劃，惟現在則保存實力，以確保公司擁有可利用的資金進行產業發展。

“儘管原料價格稍微下調，惟仍舊高企，公司若持有額外現金為更安全之舉。”

他提到，產業和地皮的價格目前維持良好，惟仍無人可預測是否終將衰退，因此發展商也希望備有資金趁低吸購廉價地皮。

“目前已看到次級產業市場的銷售放緩，然而，自住市場仍發展良好。”

從數據來看，雪蘭莪實業（SPB,1783,主板產業組）截至今年7月31日止，第3季現金和銀行結存自前期2億4940萬令吉提高到4億3910萬令吉；匯華產業（HUNZPTY,5018,主板產業組）今年6月30日的現金也自前期的1830萬令吉增加至6870萬令吉。

原料價格自今年初高企，加上全球金融危機持續，產業發展今年走勢也不及去年，因此不傾向推介新產業計劃。

根據亞歐美產業研究，發展商在推介計劃前更關注市場趨勢，確保產品的需求和推介時機切合時宜。

“儘管原料價格和通膨有下滑的趨勢，惟購買力也同時下跌。”

肯納格分析，與去年比較，產業市場需求顯著疲弱，產業發展商傾向推介更小型計劃，大部份推介集中在城鎮，同時非高檔產業。

星洲日報／財經‧2008.10.15

http://biz.sinchew-i.com/node/17259

傻人最有傻福

产业领域长期正面

此外，大马房地产业能获得的正面效应还包括：

一、商业大楼的素质及种类获改善；

二、交易活动能带动资本增值；

三、房地产管理服务提升，将带来更高的租赁率。

分析员解释，外资一般注入具休闲概念的高档产品，但我国位于金三角区的“A”级产品，却还未达国际标准；放宽条例将刺激需求及租赁回酬，这有助改善素质。

分析员说，吉隆坡黄金地段的租用回酬平均为8％至9％，新加坡及香港为2％至4％，这意味我国有更高的资本增值潜能。

“因此，若政府放松外资房地产拥有权，料外资将大批涌入，这能抵消资金流出的问题，并减缓经济因出口销量减低而面对的冲击。”

该行建议买入拥有商业发展的房地产公司，包括：城中城产业（KLCCP，5089，主板产业股）、实达建筑（SPSetia，8664，主板产业股）、马星集团（MAHSING，8583，主板产业股）、依恩奥（E&O，3417，主板产业股）及汇华（Hunza，7029，二板消费产品股）。

scsiang82

派发终期息5.5仙　汇华产业净利创历史新高
二零零八年十二月十一日 晚上九时三十六分


（槟城11日讯）汇华产业有限公司(HUNZPTY，5018，主板产业组)于2008年6月30日财政年取得的净利创下达4840万令吉的历史新高！

汇华产业董事主席拿督许廷忠代表董事部，出席主持汇华产业第11届常年股东大会上，宣布上述好消息。

他透露，这是由于位于丹绒武雅的雅逸岚豪华房屋计划与在吉隆坡士布爹的珍珠士布爹两项计划销售反应极佳，同时，新关仔角高档综合计划的超级公寓（Gurney Pentagon）及Infinity超级豪华公寓计划开始取得利润，另外，今年来自甲抛□底城镇有较低的小股东盈利，综合上述原因间接促成2008年6月30日财政年取得贡献。

他说，董事局建议于上述的财政年，分发终期每股5.5仙免税股息，已在周四举行的常年股东大会上通过，并于2008年12月31日除权，及在2009年1月14日支付。

“我们也曾宣布在财政年派发中期每股3.7仙的免税股息，中期股息是于2008年7月支付。因此，在财政年，公司共发出9.2仙的净股息，相等于2007年6月30日财政年，所派发的12.5仙毛股息。”

许廷忠表示，柏淡太子镇第2C阶段、雅逸岚及珍珠士布爹的实体工程建设已完成，同时，珍珠士布爹、新关仔角高档综合计划及Infinity超级公寓正在大动土木兴建中。

“这两座总销售价值超过6亿令吉的超级公寓，现在是汇华产业集团主要的收入来源。鉴于经济放缓，管理层预料未来这两项计划的销售量放慢，不过，管理层有信心，当经济复苏，这两项计划将取得更大的盈利。”

至于未来的发展计划，他说，当建筑成本及建材原料价格降至稳定水平时，该公司将开始兴建新关仔角高档综合计划中的购物广场。

他续说，目前，管理层对当前汇华产业的财务状况深具信心，因为公司享有低负债率，充足的流动现金而没有财务的压力。

他在总结时表示，该公司在房产业有将近30年的经验，熟悉及了解房产业的走势，凭着公司的丰富经验，强稳的基础及有能力购屋者提供高素质的房屋，促使集团在过去的数年来，业务屡创佳绩。

他说，尽管在2008年的常年报告书中及季度业务报告提到，由于全球化的经济不景气，同时，国内环境不稳定，造成了产业销售量放缓。

“当全球与本地不稳定局势获得解决，本公司的强劲成长将会重现。此时刻，集团拥有充裕的未付款的销售单位（超过2亿6000万令吉），可作为未来2年化解冲击的作用。”

http://www.kwongwah.com.my/news/2008/12/11/109.html

scsiang82

Friday December 12, 2008
Gurney Paragon mall delayed
By DAVID TAN


Hunza will review the situation in March

GEORGE TOWN: Hunza Properties Bhd has delayed the construction of the RM400mil Gurney Paragon shopping mall on Penang island, said group executive chairman Datuk Khor Teng Tong.

Construction work on the mall was originally scheduled to begin in September, Khor said.

“But we decided to hold back because the cost of building materials is still high,” he told reporters after the group AGM yesterday.


A model of Gurney Paragon. Inset: Datuk Khor Teng Tong.

“Although the price of steel has dropped, the other aggregates such as sand and cement are still costly.

“We will review the situation in March before setting a fresh target (for the) completion date.”

He added that “the present cost of building the shopping mall, taking into consideration also the cost of land, is about RM400mil.”

The Gurney Paragon shopping mall, with a gross built-up area of over one million sq ft with 700,000 sq ft of lettable area, was originally scheduled for completion in 2010.

But the construction of two condominium blocks in the Gurney Paragon project, which had a a gross development value of RM400mil, would continue and should be completed in 2010, as planned, Khor said.

“We started work last July and (work) has been going on non-stop since. Some 50% of the 220 units have been sold,” he added.

On the soft property market environment ahead, Khor said the group would still look for land for new projects in prime locations on the island and in the Klang Valley.

“We are also planning new residential projects in Tanjung Bungah on the island, Bertam on the mainland, and in Segambut (in Kuala Lumpur),” he said.

The group still has about 755 acres of undeveloped land in Tanjung Bungah (nine acres), Bertam (400 acres), Juru (40 acres), Sungai Petani (300 acres) and Segambut (six acres).

On its 36-storey “super-condominium” Infinity project in Tanjung Bungah, Khor said the group had recently completed the 26th storey. “It is scheduled for completion next year. About 60% of the project has been sold.”

http://biz.thestar.com.my/news/story.asp?file=/2008/12/12/business/2784036&sec=business

scsiang82

全球经济前景虽欠佳　汇华产业净利达2760万
二零零九年八月二十六日 晚上七时三十四分

（槟城26日讯）汇华产业有限公司（HUNZPTY，5018，产业组）执行主席拿督许廷忠宣布，随着第四季度业绩的上升，使该集团截至今年6月30日的财政年结束，取得2760万令吉净利（2008年财政年度为4840万令吉），营业额为9200万令吉（2008年财政年度为2亿4500万令吉）。

他表示，房产业销售量之所以下滑，是因为受到全球化经济前景欠佳，以及本地环境不稳定带来的负面冲击。此外，新关仔角高档公寓与购物休闲广场综合计划（Gurney Paragon）也基于承包商工程进展（地下层与地基）缓慢，落后于预定的时间表。

不过，他说，第四季度的销售量上升，归功于公司销售人员强化市场销售策略成功，所取得的成果，另一方面则是房产业市场情绪的改善。

他于新闻发布会上指出，汇华产业集团自2000年上市以来，连续9年终期派息7.5％毛利。而在2007年及2008年6月30日财政年结束，加上中期派息，则相等于派息12.5％毛利。

“今年6月30日财政年的结束，董事部建议派息5.6仙（相等于7.5％毛利）。不过，根据惯例，派发终期股息还须在即将举行的股东常年大会由股东批准。”

他说，根据工程计划的最新进展，位于丹绒武雅的Infinity超级豪华公寓，预定在2009年杪落成。至于Gurney Paragon－超级豪华公寓高楼，则预料将于2010年或2011年初落成。

他欣慰有关计划获本地与国际市场热烈的欢迎，这将对该集团2010年及2011年的盈利作出强力的协助。此外，Infinity及Gurney Paragon计划，迄今已吸引来自世界20个国家的外国房产业投资者购置。

截至2010年6月30日财政年财务展望，他说，Infinity超级豪华公寓将在年杪中落成，而新关仔角高档公寓计划进度料显著加速，这应归功于引进韩国铝制系统组成及技术，用来兴建两幢超级豪华公寓的高楼结构。

他说，鉴于上述的因素，以及最近市场情绪开始改善，该集团深信2010年的财政年业绩可取得更优异的表现。

对于槟城产业市场展望，许廷忠则认为，虽然房屋供应不足，导致房产业价格上涨，但槟城房产业仍然有成长的潜能。

他说，当前，槟岛房产业的供应仍不足，以致对房产业的需求有持续上升的趋势。而房产业的供应短缺，主要因素是发展商放缓房屋计划。

“此外，近年来所兴建的新房屋计划也不多。而且，州内的工程施工规定须在傍晚6时停工，这也造成拖延移交房屋单位的时间，以及影响房屋供应不足。”

scsiang82

面对经济危机仍获2760万净利 汇华产业连续10年派息
二零零九年十二月十五日 晚上七时三十分

（槟城15日讯）汇华产业有限公司（HUNZPTY，5018，产业组）在周二的股东大会上通过2009年6月30日全年财政年派息5.6仙，股东可享有派息权的日期为2010年1月13日，以及有关的股息将于1月28日，即华人新年前2周派发，而这是汇华产业集团连续10年派发股息。

此外，在今天同日举行的特别股东大会上，也通过发售该公司每股面值1令吉的4520万7697张附加股，凡每10张该公司面值1令吉的现有普通股，可获3张附加股，以及该公司也派发总数为4520万7697张年限5年的免费凭单，凡认购1张的附加股，可获1张免费凭单。

该公司将把发售附加股所筹措的资金，充分使用在发展计划（包括收购土地），投资产业或流动资金的需求上。

这是该公司执行主席拿督许廷忠于今日在公司的股东大会后，向记者如此指出。

许廷忠透露，截至2009年6月30日财政年，汇华产业虽然面对经济危机，但仍取得2760万令吉的不俗净利。

他说，在2009年财政年的第一至第九个月，由于世界性的经济危机，造成公司的业务放缓，不过第四季度，公司业绩转变为正成长，主因是全球政府及中央政府努力克服危机，推动经济信心及旺盛，这促使创下历史性的低借贷利息，促使市场有大量资金流动。

他指出，2009财政年，从第四季度起，公司业务开始朝向正成长的趋势后，一直保持强劲的成长，这反映在2010年财政年首季度业绩中，并于2009年8月24日公布。

许廷忠透露，Gurney Paragon超级豪华公寓高楼工程经已动工，进展十分顺利，而Gurney Paragon商业购物广场工程则预订于明年3月大兴土木。

他说，Gurney Paragon的建筑成本为4亿令吉，商业购物广场的店铺只供出租，商业购物广场的店铺面积合共为100万平方尺。

他继透露，Gurney Paragon商业购物广场建筑工程预料将于2012年竣工。

他强调，Gurney Paragon商业购物广场建立后，该公司预料可获租金的收入，作为该集团于未来奠下持续性的收入来源。