IOI Properties

[winston]

not vested

IOI Prop to gain from MRT2 BY SHAREN KAUR

IOI Properties Group Bhd (IOIPG) may emerge as the key beneficiary for the mass rapid transit Sungai Buloh-Serdang-Putrajaya line (MRT2), given that it has 200ha of landbank in Putrajaya, that houses IOI Resort City.

IOI Resort City comprises IOI City Mall, One and Two IOI Square, Putrajaya Marriott Hotel & Spa and Palm Garden Hotel. Under construction is IOI Resort hotel.

RHB Research said with the latest green light from the government to go ahead with the MRT2 project, IOIPG emerges as the key beneficiary.

Based on information provided by Gamuda Bhd, MRT2 will run from the Sungai Buloh depot to Putrajaya, and the proposed stops include Kepong, Sentul, KLCC, Cheras Sentral, Serdang, Uniten and Precinct 14 Putrajaya.

“IOIPG’s IOI City Mall will likely be a valuable asset. With this MRT line, the GDV for its landbank in Putrajaya will likely rise further,” RHB Research said in a note yesterday.

The research house is maintaining its “buy” rating on IOIPG, with a target price at RM3.38, at a 30 per cent discount to its revalued net asset valuation (RNAV).

The IOI City Mall, with a Net Lettable Area (NLA) of 1.4 million sq ft, will have its soft opening this month.

About 90 per cent of the retail space has been leased and key anchor tenants include Parkson, Tesco Premium, HomePro and Index Living by Aeon.

“Our checks reveal that Phase 2 of the mall, which will be constructed at a later stage, will have a NLA of 900,000 sq ft. Phase 2 will be at a close proximity to Universiti Tenaga Nasional (Uniten) and the proposed Uniten MRT station could potentially be located there.

“If this materialises, the IOI City Mall will likely see long-term value appreciation, which would spur IOIPG’s RNAV re-rating.

“We expect the future GDV (currently at RM3.1 billion) of the remaining Putrajaya land to expand, given the boost from this latest infrastructure development,” RHB said.

Source: NST

[winston]

IOI Properties Group buying 37% stake in Taipei 101 owner for RM2.74b By: JOSEPH CHIN

KUALA LUMPUR: IOI Properties Group Bhd (IOIPG) has sprung a surprise with the proposed purchase of a 37.17% stake in Taipei Financial Center Corp, which owns Taipei 101, for RM2.74bil.

http://www.thestar.com.my/Business/Busi ... ?style=biz

[winston]

not vested

IOI Properties’ unbilled sales as of May 2016 stood at RM1.5bil, representing about one time FY15 property development revenue.

For the financial quarter ended June 30, 2016, IOI Properties registered increase in both revenue and operating profit mainly from property development, property investment and leisure and hospitality.

As of June 30, the group has total assets worth RM22.81mil, up 24% from last years’ RM18.44mil. Its cash reserves stood at RM2.09mil, with a net gearing of 14%.

It saw a fair value gain on investment properties of RM145.4mil and one-off gain of RM71.1mil from bargain purchase for acquisition of subsidiaries.

Source: The Star

[winston]

not vested

On stock selection, we like IOIPG (HLIB BUY- RM1.77 TP) as a large-cap property recovery proxy and its ability to sustain strong net margins of 20-30%, thanks to its exposure to a strong China property market and management's cost control.

Moreover, the availability of Covid-19 vaccines in Malaysia will improve the company’s recovery prospects in all its business segments.

Valuation is undemanding at 0.4x P/B (vs 10Y average of 0.5x) despite generating consistent earnings during the ongoing pandemic.

Technically, IOIPG’s recent bullish downtrend line breakout (from 30M high of RM1.77 on 10 Dec 2020) could potentially kick start a new upswing soon towards RM1.47-1.52-1.65 zones.

Key supports are situated at RM1.34-1.30. Cut loss at RM1.29.

Source: HLIB

[behappyalways]

Lee Yeow Seng of Malaysia's IOI Properties Group to buy Shenton House for $538 mil
https://www.theedgesingapore.com/news/p ... se-538-mil

[winston]

not vested

IOI Properties Group (IOIPG MK)
Property Investment Segment Coming Together Seamlessly

IOIPG is showing progress in its property investments, with improved occupancy rates and plans to reduce debt through REITs.

Despite concerns about the Marina View project, we estimate breakeven take-up rate for the project at 36%, which we believe is achievable.

Maintain BUY. Target price: RM3.06.

Maintain BUY and unchanged target price of RM3.06 based on a 45% discount to RNAV of RM5.53.

IOIPG is a successful township developer with sustainable income from investment properties and the hospitality business.

The 45% discount is lower than its 10-year historical discount of 53% in view of an improving outlook for all of its business segments.

Despite the recent increase in share price, the stock is trading at an undemanding
valuation against its peers with FY24F PE of 16x and P/B of 0.5x, below the industry average
of 20x PE and 0.7x P/B respectively.

Hypothetically, if we were to include the REIT IPO valuation of RM14-16b to our SOTP, our target price will increase to RM3.20-RM3.30.

Source: UOBKH

https://research.uobkayhian.com/content ... e=hs_email

[winston]

not vested

IOI Properties Group (IOIPG MK)
All Eyes On Marina View’s Launch Performance And Shenton House Injection

IOIPG plans to launch the Marina View project by end-24.

This project has a projected GDV of S$3.5b and we estimate a breakeven take-up rate of 36%.

We also anticipate a significant revaluation gain for IOI Central Boulevard in 4QFY24, which would increase IOIPG’s equity value as well as strengthen its financial position and provide leverage
for future investments.

Maintain BUY. Target price: RM3.06

Source: UOBKH

https://research.uobkayhian.com/content ... e=hs_email

[winston]

not vested

IOI Properties posts weaker 1QFY2025 net profit as interest expense eats into margins

By Sankita Jayanandan

Net profit fell 60.3% in the first quarter from a year earlier, no thanks to higher interest expense.

Recorded net interest expense of RM97.1 million during the quarter ended Sept 30, 2024 (1QFY2025), compared with net interest income of RM13.9 million in the corresponding quarter.

Revenue for the quarter, meanwhile, rose 6.14% year-on-year to RM687.85 million from RM648.05 million, helped by improved performance in the property investment segment and hospitality and leisure segment.

Earnings per share dropped to 1.26 sen from 3.17 sen last year.

No dividend was declared for the quarter under review.

The property investment segment recorded operating profit of RM133.4 million, which was RM61.8 million or 86% higher compared with the same quarter last year.

Source: theedgemalaysia.com

https://theedgemalaysia.com/node/735352

[winston]

not vested

IOI Properties Group Berhad - Earnings Hit by Interest Expenses
Date: 2024-11-26
Firm: MIDF
Stock: IOIPG
Price Target: 2.04
Price Call: HOLD

KEY INVESTMENT HIGHLIGHTS

1QFY25 earnings deemed within our expectation
Earnings hit by interest expenses
1QFY25 new sales at RM332m
Earnings forecast maintained
Maintain NEUTRAL with an unchanged TP of RM2.04

Source: MIDF

https://klse.i3investor.com/web/priceta ... arch/73453

[winston]

not vested

IOI Properties Group - Slower China Sales
Date: 2024-11-26
Firm: KENANGA
Stock: IOIPG
Price Target: 1.67
Price Call: SELL

IOIPG's 1QFY25 results were below expectations as core net profit fell 60%.

The bright spot was the good response to its high-value projects in Singapore, while its property investment and hospitality assets are fetching decent yields.

We cut our FY25F and FY26F earnings by 11% and 6%, respectively.

We maintain our UNDERPERFORM call with a slightly lower TP of RM1.67 (from RM1.71) on RNAV updates.

https://klse.i3investor.com/web/priceta ... arch/73469