Tambun

Tambun Indah raises stake in Pearl City development
Tags: acquisition , corporate exercise , EGM , extraordinary general meeting , Nadayu Properties Bhd , Palmington Sdn Bhd , Pearl City , Penang , private placement , Tambun Indah Land Bhd , Teh Kiak Seng
       
By Bernama
Friday, 21 June 2013 19:31       

GEORGE TOWN: Property developer Tambun Indah Land Bhd expects better profits ahead with the proposed acquisitions of a minority equity interest in two subsidiaries undertaking the development of the Pearl City township in mainland Penang.

In a statement today, Tambun Indah Land said it plans to acquire the remaining 30% stake in Tambun Indah Development Sdn Bhd (TIDSB), comprising 300,000 ordinary shares and 8.04 million redeemable preference shares.

It said Tambun Indah Land also hopes to acquire a 40% take in Palmington Sdn Bhd (PSB), consisting of 2.3 million ordinary shares, from Pembangunan Bandar Mutiara Sdn Bhd, a 100% subsidiary of Nadayu Properties Bhd, for a purchase consideration of RM112.2 million.

"The purchase consideration will be satisfied via a combination of RM40.7 million cash payment and an issuance of 55.0 million new Tambun Indah shares at an issue price of RM1.30 per share.

"The cash payment will be funded by internal funds and bank borrowings, as well as partly from the proposed private placement of 15.0 million new shares to identified institutional investors," it said.

It added that the corporate exercises of acquisition and private placement will result in Tambun Indah enlarging its share capital by 70.0 million ordinary shares of RM0.50 par, from the current share capital of 318.6 million shares to 388.6 million shares. It said the proposed acquisitions are expected to be completed in fourth quarter of 2013 and will be subjected to approval from the relevant authorities, as well as shareholders in an Extraordinary General Meeting (EGM) at a later date.

However, Tambun Indah Land Managing Director Teh Kiak Seng said the acquisition is a strategic move for the Group to gain complete exposure of the fast growing township near the Penang Second Bridge.

"The acquisition will also enable the group to capture a bigger pie of the expanding profits coming from the Pearl City development," he said.

For the financial year ended Dec 31, 2012, the two subsidiaries -– TIDSB and PSB -- contributed about 70% or RM39.8 million to the Group’s profit after tax of RM57.0 million, out of which profit attributable to Nadayu was RM14.0 million.

On prospects, Teh said the remaining gross development value of RM1.9 billion in Pearl City is expected to contribute to the Group with a profit before tax in excess of RM600.0 million over the next six to seven years.

"With the future profits from the township to be fully attributed to our shareholders, we believe the deal upon completion will create great value for them,” he added. - Bernama


Purchase 30% Tambun Indah Development          300,000 shares

Purchase Redemable preference shares             8,040,000 shares

Purchase Palminton 40% share                       2,3000,000shares

Total above share cost                            RM 112,200,000

Pay Cash                                                  RM 40,700,000

Issue new share                                               55,000,000 shares

New share price                                                   RM 1.30

Total money collect form new share                  55,000,000X1.30= RM 71,500,000

Payment cash some borrow form bank and some using

Private Placement                                               15,000,000 shares

Par Value                                                                   RM 0.5

Total money get form Private Placement           15,000,000X0.5=RM 19,800,000

Current NOSH                                                     318,598,000 shares

Number of new share form this proposed          55,000,000+15,000,000=70,000,000       

New NOSH will be                                             318,668,000 shares

New added share in %                                          70,000,000/318,668,000=0.022%


以他march 有430 mil unbilled sales, 假设35% 今年收到钱 - 120mil, 赚幅30%, = 36mil.

现在有90+mil cash,
 90 mil+ 36mil+ 19.8mil (placement) - 给nadayu的cash 40mil = 105.8 mil.

应该够cover, 买地可以用bank borrowings. 

	Q1	Q2	Q3	Q4	Q1	Rolling 4 Qtrs/
Segment
	Mar-12	Jun-12	Sep-12	Dec-12	Mar-13
CURRENCY	MYR	MYR	MYR	MYR	MYR	MYR
Turnover ('000)*	65,987	78,847	76,640	75,471	78,324	309,282
Profit before Tax ('000)*	18,154	17,884	22,110	20,838	23,977	84,809
Net Profit ('000)*	9,159	9,492	10,911	11,251	11,726	43,380
EPS (cent/sen)**	4.14	3.78	3.52	3.62	3.77	13.616***		3.97	4.02	4.07	12.06	15.83	0.1583	0.20579
DIVIDEND CURRENCY	MYR	MYR	MYR	MYR	MYR	MYR
DPS (cent/sen)	0	0	2	3.3	0	5.3
Special DPS (cent/sen)	0	0	0	0	0	0
												1.8	11.37	8.747
			-0.26	0.1	0.15	0.2	0.25	0.3

     

    
Pearl City 100% Belongs To Tambun Indah
On the 21st June 2013, both Tambun Indah & Nadayu have their share trading suspended.

Nadayu owns 30% & 40% in Tambun Indah Land Berhad's subsidiaries Tambun Indah Development Sdn Bhd. & Palmington Sdn Bhd. respectively.

When both companies have something to announce at the same time, it must be related to the matter above. The Edge reported a possible merger between Tambun Indah & Nadayu. Fortunately it is not a truth. As a minor shareholder of Tambun Indah, you don't want to merge with a badly managed company (though it carries quite a lot of landbank in Klang Valley).

Nadayu is previously called Mutiara Goodyear who first developed a township in Simpang Ampat, Seberang Perai Selatan called Bandar Tasek Mutiara in the early 90s. Later Mutiara Goodyear's major shareholder left and sold its shares to ATIS/Zhuojian, who then changed its name from Mutiara Goodyear to Nadayu.

After that, Nadayu sold its land at Bandar Tasek Mutiara to Tambun Indah, in which a JV 60:40 Palmington Sdn Bhd was formed to develop it. Tambun Indah has then successfully developed the land so far, with the target to turn it into an integrated township called Pearl City

Bandar Tasek Mutiara master plan by Mutiara Goodyear

So if it is not a merger between the two, then it must be related to these companies. True enough, both companies announced that Nadayu will sell its remaining shares of 40% in Palmington & 30% in TID to Tambun Indah (TILB). The purchase price is RM112 million and will be settled with RM40.7 million of cash & 55 million new Tambun Indah shares at RM1.30 each.

Pearl City development projects have been Tambun Indah's current & future profit generator as a big chunk of revenue (60% in 2012) and landbank come from here. So if you realize that Tambun Indah will only enjoy 60% of the potential of Pearl City, then it is some kind of setback. If the proposed sales & purchase go through, then Tambun Indah can expect better earning in the future by owning 100% of Pearl City.

 Pearl City Business Park


At the same time, Tambun Indah also announced a proposed private placement of 15 miilion (4.7%) new shares. Together with Nadayu's 55 million (17.3%) new shares, earning will be diluted by about 22%. Nadayu will become a major shareholder in Tambun Indah.


Nevertheless, the issuance of new shares should be justified, as it is not easy for a small cap company to fork out more than RM100 million (Tambun Indah has RM94 million cash). Too much bank borrowing is also not very good, though currently Tambun Indah has a very low gearing. With its earning potential after the purchase, Tambun Indah may earn more to maintain or even improve its earning per share.

 Tambun Indah first project in Pearl City - Pearl Garden in progress


Back to Nadayu, in year 2011 its boss said that the company is confident to achieve RM500-600 million of sales in 2011 & 2012. The outcome is, it only manage to sell RM175 million in each of these 2 years when almost all property developers' revenue and earning soar. Its net profit stood at RM15.8mil & RM9.6mil for the past 2 years.

According to news, Nadayu's major shareholders plan to privatise Nadayu with RM1.39 per share. With the cash from the disposal of its associates, Nadayu can concentrate on other property development projects, while still able to benefit from the development of Pearl City by holding 15% of Tambun Indah's shares.

http://bursadummy.blogspot.com/search/label/Tambun


Tambun Indah Land - A Strategic Value-Enhancing Move

We raise our fair value to MYR1.82 and maintain our Buy rating on the stock. We view Tambun Indah’s (TILB) acquisition of the minority stake in Pearl City positively, given the resulted RNAV and EPS enhancement. We also bump up our GDV for Pearl City by 26%, as the latest launching price has way exceeded the price assumption for the previous GDV estimate. FY14 PE is compressed back to an undemanding level of 6.4x.

- Pearl City is now 100% owned.TILB is acquiring the minority stake in Pearl City from Nadayu for a consideration of MYR112.2m, to be satisfied via MYR40.7m cash and 55m shares issued at MYR1.30 each (worth MYR71.5m). Meanwhile, TILB has also announced its proposed private placement of 15m shares. Proceeds will be used to partly fund the deal and future new landbank acquisition. At the same time, it will also further enhance TILB’s institutional shareholder profile.

- A good deal. Based on our minority interest estimate of MYR23-24m (only for Pearl City), the transaction is valued at a PE of only 4.7x. Upon completion of the deal in Sept, Nadayu will emerge as the second largest shareholder, with a shareholding of about 13-14%, and Mr Teh’s shareholding will be lowered to about 38-39%. The composition of board members and control will remain unchanged. After factoring in the impact of the deal, our RNAV/share estimate is enhanced by 14 sen.

- Upward revision in Pearl City’s GDV. We are impressed with the management ability to buyout the minority stake in Pearl City. TILB now claims the full ownership of its crown jewel and it is a motivational deal for the management. This has always been the idealsituation as minority interest in P/L will be largely wiped out, and net profit will see a quantum leap immediately. Net profit could potentially hit MYR100m mark in FY15. We raise our GDV estimate for Pearl City by 26%, as the recent launch of terraces at Pearl Residence has already achieved an ASP of MYR438k/unit, vs. the price assumption of MYR350k for the previous GDV estimate. Our RNAV/share is boosted by an additional 18 sen.

- No dilution. Our FY13-14 net profit forecasts are raised by 9-37%. After factoring in the larger share base, our FY14 EPS estimate is enhanced by 9.2%, and FY14 DPS is now 7.8 sen vs. 7.2 sen previously.

- Our top small cap pick. Our fair value on TILB is raised to MYR1.82 (from MYR1.55), based on an unchanged 15% discount to RNAV. BUY.

Pricing and the placement.Based on the announcement, the 55m new shares to

Nadayu will be issued at MYR1.30. This is based on a discount of about 3.7% from

the 5-day VWAMP of TILB shares up to and including 20thJun 2013. Note that, under

the SPA with Nadayu, the issue price of the placement shares should not be less

than MYR1.30. Therefore, we estimate that, TILB will raise about MYR20m from the

placement exercise. TILB’s balance sheet strength is solid enough to undertake the

acquisition. With some new borrowings of about MYR30m, we expect TILB’s net

gearing to rise to over 10% from the current 4% upon the completion of the

transaction and the placement exercise. An EGM will be called to approve the

proposals

My google drive

股海探温：恒大置地套利好时机

2013-06-24

1.槟城第二大桥引桥坍塌事故，会影响恒大置地（Tambun，5191，主板产业股）的业绩吗？

2.该公司现有的发展项目情况如何？

3.恒大置地的股价起了很多，还值得买入吗？

4.恒大置地的合理价是多少？

答：

恒大置地（Tambun，5191，主板产业股）刚刚宣布2013财年首季业绩，取得1170万令吉净利，按年增长28%，此外，也分别占我们和市场全年预测的23%和24%。

首季营业额则达到7830万令吉，按年增长18.7%，主要归功于威省珍珠城（Pearl City）项目，它占了首季总营业额的66%或5170万令吉。

据我所知，珍珠城的发展总值30亿令吉，剩下未发展的有20亿令吉，该公司将分阶段推介直至2020年。

此外，槟岛的Straits Garden项目，也为首季营业额做出贡献。

恒大置地短期的展望仍然亮丽，截至3月底，该公司进行中的房产项目（发展总值12.3亿令吉），取得70.9%的认购率。

此外，目前未进账的销售额达到4.25亿令吉，相等于2012财年2.97亿令吉营业额的1.4倍，意味着盈利能见度长达2至3年。

槟城房市依然蓬勃

位于槟城的产业股，包括了恒大置地、环球东方（GOB，1147，主板产业股）和大马永泰（WingTM，2976，主板产业股）的股价近期挫跌。

我们相信，这与投资者趁机套利有关，因为马交所的产业指数自大选结束后不到一个月攀升了18.7%。

此外，槟城第二大桥部分引桥坍塌的事故，多少也打击了投资情绪。

然而，我们认为冲击微小，主要是因为该桥的工程进度超前，而且槟城的房市依然蓬勃。

我们认为，目前是把恒大置地套利实现回酬的好时机，因为该股自从我们在4月份给予“买入”评级以来，已经大幅攀升了35.4%至1.32令吉的水平，超越了我们每股1.10令吉的合理价格。

今年至今，恒大置地的股价也一样出色，攀升了74.8%，目前处于8.0倍的本益比交易，符合中型股6.0至9.0倍的平均值。

  

恆大联大復牌　一跌一起
（吉隆坡24日讯）在上週五暂停交易的恆大置地（TAMBUN，5191，主板產业股）与联大地產（NADAYU，5043，主板產业股），在今日復牌一跌一起。

恆大置地周一以1.39令吉的全日最高水平开市，尔后呈跌，並一度跌至1.32令吉的全日最低水平，该股暂停交易前掛价为1.37令吉。

该股在午盘时持续低迷走势，闭市时以1.31令吉掛收，全天下跌6仙或4.38%。

另一边厢，联大地產以1.31令吉开市，之后一度走高至1.35令吉全日最高水平；不过，在早盘休市时，该股收窄涨幅，以1.30令吉休市，微起1仙或0.775%。

午盘开市，该股在1.30令吉至1.31令吉之间游走，最后以1.30令吉结束全天交易，起1仙或0.775%。

联大地產在上週五宣布，接获两大股东联手提出收购献议，採取局部削资以及回退每股1.39令吉予股东的方式，將该公司私有化。

与此同时，恆大置地於上周五宣布以1亿1223万令吉，收购PALMINGTON私人有限公司40%股权和联大地產私人有限公司30%股权。

该公司建议以现金和私下配售方式完成这项收购活动，因此將会进行占缴足资本4.71%的私下配售活动。

如此一来，联大地產最终將成为恆大置地的大股东，持有4.71%股权。

拉昔胡申研究分析员指，恆大置地的私下配售活动，所得资金可用以完成上述交易外，未来亦可以用以收购新地库。

同时，这亦有助加强恆大置地的机构投资者组合。

隨著恆大置地进行上述股权收购活动，並100%持有Pearl City，相信净利表现將显著提升。

分析员相信，该公司的净利表现，可在2015財政年突破1亿令吉。此外，分析员將PearlCity的总发展价值预测提升26%，促使其每股净资產价值（RNAV）额外提振18仙。

分析员將恆大置地2013至2014財政年净利预测，分別上调9%至37%，並且上调2014財政年每股股息至7.8仙，並给予该股「买进」评级和1.82令吉的合理价格。
http://www.orientaldaily.com.my/ ... 818:&Itemid=198 

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TAMBUN之前是在Fledging的，现在已转去Small Cap，Emas Shariah，主要是市值和Liquidity达到某个标准。

我想，这是EPF可以买入的原因吧？

    Indices based on the Main Market:

1 FTSE Bursa Malaysia KLCI
This index comprises the largest 30 companies by full market capitalisation that meet stated eligibility requirements.

2 FTSE Bursa Malaysia Mid 70 Index
This index comprises the next 70 companies by full market capitalisation that meet stated eligibility requirements.

3 FTSE Bursa Malaysia Top 100 Index
This index comprises the constituents of the FTSE Bursa Malaysia KLCI and the FTSE Bursa Malaysia Mid 70 Index.

4 FTSE Bursa Malaysia Small Cap Index
This index comprises those eligible companies within the top 98% of the Main Market by full market capitalisation and meet stated eligibility requirements, but are not constituents of the FTSE Bursa Malaysia Top 100 Index

5 FTSE Bursa Malaysia EMAS Index
This index comprises the constituents of the FTSE Bursa Malaysia Top 100 Index and the FTSE Bursa Malaysia Small Cap Index.

6 FTSE Bursa Malaysia EMAS Shariah Index
This index comprises the constituents of the FTSE Bursa Malaysia EMAS Index that are Shariah compliant according to the Securities Commission‟s Shariah Advisory Council (SAC) screening methodology.

7 FTSE Bursa Malaysia Hijrah Shariah Index
This index comprises the largest 30 companies by full market capitalisation of the FTSE Bursa Malaysia EMAS Index that are in compliance with Yasaar and the Securities Commission‟s SAC screening methodology

8 FTSE Bursa Malaysia Fledgling Index
This index comprises the Main Market companies which meet stated eligibility requirements, but are not in the top 98% by full market capitalisation and are not constituents of the FTSE Bursa Malaysia EMAS Index.

9 FTSE Bursa Malaysia Palm Oil Plantation Index
This index comprises the constituents of the FTSE Bursa Malaysia EMAS Index that derive substantial revenue from palm oil activities that meet the stated eligibility requirements.

Index based on the ACE Market:
10 FTSE Bursa Malaysia ACE Index
This index comprises all the companies listed on the ACE Market. Constituents are required to meet the eligibility requirements.
======================================================================================

2nd bridge 计划 10月开通，到时就
http://www.starproperty.my/index ... e-moved-to-october/
Opening of the second Penang bridge moved to October
THE opening of the second Penang bridge has been delayed in order to complete work on the bridge ramp and ground works on a section of the flyover ramp which collapsed on June 6.

The bridge project developer is Jambatan Kedua Sdn Bhd (JKSB).

Its public relations and communications deputy manager Azizi Azizan said the bridge was supposed to open in September but the opening had now been deferred to October.

“The company would like to complete the construction of the ramp and ground works of the section of flyover ramp before finally opening the project in October,” he said when contacted yesterday.

Azizi said a proposal would be submitted to the Penang Municipal Council and the Public Works Department this week to continue with the closure of the 2km stretch from the junction of Tun Dr Lim Chong Eu Expressway and Hilir Sungai Kluang 1 in Bayan Lepas Free Industrial Zone Phase Four until October to facilitate the ground works.

He said the company had a meeting with the relevant departments yesterday to inform them that it would be submitting the proposal.

The 2km stretch was closed after a section of the flyover ramp to the second Penang bridge collapsed, killing former policeman Tajudin Zainal Abidin, 45.

Tajudin, who was heading home at that time, died after his car was crushed under the collapsed section of the ramp.

Earlier yesterday, Penang Works, Utility and Transportation Committee chairman Lim Hock Seng and Batu Maung assemblyman Datuk Abdul Malik Abul Kassim visited the junction of Hilir Sungai Kluang 1 and Lintang Bayan Lepas, some 500m away from the entrance of the closed stretch.

Abdul Malik said traffic lights were installed at the junction on Friday to control the traffic heading towards Batu Maung.

“The installation, which took three weeks, cost about RM80,000,” he told a press conference.

He added that the council would soon paint more yellow boxes along the road to facilitate traffic in the area

======================================================================================= 

Tambun Indah 收购事件

Tambun Indah 正式宣布收购 Nadayu手下的 Tambun Indah Developement Sdn.Bhd. 30% 股份和 Palmington 40%股份。

从这项收购中，Tambun Indah可以直接100%拥有这两件子公司（之前是拥有70%和60%）
收购价是RM1.23亿。付费方式是RM4073万现金加5500万新股，总值RM7150万（每股价值RM1.30）.另加Private Placement1500万股

先不说这项收购值不值得，看到另一边卖家Nadayu就宣布私有化消息：以每股RM1.39出价（目前RM1.29）。可以看得出这次的行动是以Nadayu私有化为前提，然后才卖掉其余的Subsidiaries。

这项收购值不值得呢？由于无从拿到这两家子公司资料，只知道Tanbun indah可以100%拥有Pearl City 了。
而从Tambun Indah最大的股东Teh Kiat Seng的的行动可以看得出这一项收购是值得的（也结了我之前怀疑股东一直行使Warrant的行动）

Name	Date	Action	Units	Price	Remark
Teh Kiak Seng	30/01/2013	Acquired	1,000,000	0.75
Teh Kiak Seng	31/05/2013	Acquired	2,500,000	0.60	convert wa
Teh Kiak Seng	17/06/2013	Acquired	2,271,274	0.60	convert wa

尤其是5月和六月的warrant conversion差不多提升了2%的股权。

增加股权是为了将来将要希薄的股权（5500万+1500万新股）而准备。

以Teh Kiat Seng目前拥有的47.13%股权，增加7000万新股之后会掉到39.40%。

拥有16。9%股权的Nadayu将会变成第二大股东（如果另外的私募通过）

为了股权拥有的绝对优势，我相信接下来Teh Kiat Seng会继续行使手头剩余的1500万的warrant。如果全行使的话可以把Teh Kiat Seng提升到43.3%的股权。

从以上看得出Teh Kiat Seng是对Tambun Indah的未来是有绝对的信心的。

那这一项收购对于我们这一群小股东的利益呢？

RM4073万的现金会把手头大约RM9000万的现金降低到RM5000万。
私募通过的1500万股（如果价钱同样的话），可以另增加RM1950万现先。
所以现金可以提升为大约RM7000万

所以之前的DRS计划（Dividend Reinvestment Scheme）其实就有规划的了。这项收购已经把现金降到了RM5000万。不要忘记了管理层是有承诺要把每年的40～60%盈利来派股息的。所以DRS 就是一个双赢方案。而这一项计划已经在股东大会通过了。所以就等待3.3仙股息的宣布吧。之前是有担心管理层会以收购为理由而今年不派息，不过看来是不会 了。

简单来说这一项收购是一件变相的right issue。虽然这一次公司没跟股东要钱（2011要了一次了）。不过新增的7000万股已经把你的股权压低了。这个代价得到好处就是可以100%拥有两间子公司的盈利（之前是70%和60%）

新增的股同时也会把EPS拉底了。不过不要忘了盈利也是增加了（两家子公司的100%盈利）。一边拉高一边拉底的，所以我觉的EPS影响的不大。

而Nadayu只是又生意伙伴身份变成第二股东，没有什么好担心的。

纸面上来讲，公司就是降低股东的股权来换取palmintong & tambun indah development的盈利。

比起发right issue来买的话，我是比较可以接受这一种方法。
不过另加的1500万私募通过的新股我就有点不满，不过如果价钱还是RM1.30的话我就可以接受。看来管理层真的需要现金来买新地了。
有一点失望的就是没有拥有到Nadayu在Selangor的地。所以目前还是冲不出槟城市场。