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Stocks In Focus MY ( Berjaya Assets, Hua Yang, WZ Satu) – 02/06/15

Berjaya Assets Sees Black In Q3

  • Berjaya Assets recovered to a net profit of RM19 million for 3Q15 from a loss of RM12.3 million in 3Q14, driven by higher rental income.
  • Revenue remains flat at RM106.1 million.
  • For 9M15 ended 31 March 2015, net profit surged more than thrice to RM66.6 million, underpinned by higher gain registered on disposal of quoted shares.

Significance: The property development and investment business segment contributed more profit from higher rental income. NASB, the exclusive agent for Sarawak Turf Club’s Special Cash Sweep Number Forecast Lotteries also contributed a higher profit from lower prize payout despite having lower revenue.

Hua Yang Developing RM800m Project

  • Hua Yang is on track with its plans to develop a high-rise mixed-development project along the Middle Ring Road 2 (MRR2).
  • The shareholders agreed on the proposed acquisition to buy an 8.1 acre land in Selayang for RM120 million. The purchase will be satisfied entirely by cash, which will be raised through internally-generated funds or from the Sukuk Murabahah programme that was completed by Hua Yang, or both.
  • Development of the land is expected to begin in 4Q16, with a targeted completion of between five to seven years. The development will comprise four blocks of serviced apartments with 1,364 units of homes.

Significance: The gross development value (GDV) of the entire development is estimated to be around RM800 million. The completion of this land acquisition in Selayang is also testament to the group’s commitment to replenish our current landbank as it will bring Hua Yang closer to their closer of achieving a total undeveloped landbank GDV of RM5 billion.

WZ Satu Wins RM58m Kuantan Port Expansion Job

  • WZ Satu clinched a RM58.2 million subcontract to build a bridge to Kuantan Port, after winning a RM498.9 million subcontract to build 28 kilometres of the West Coast Expressway with a joint venture partner.
  • WZ Satu’s unit WZS Kenkeong received a letter of award from FajarBaru Builder in relation to the Kuantan Port expansion external infrastructure works for the East Coast Economic Region Development Council (ECERDC).
  • The ECERDC awarded FajarBaru Builder the Package 2 contract, which included the bridge construction job for RM109.6 million. The construction period for the project spanned 120 weeks.

Significance: The subcontract is expected to contribute positively to the future earnings and net assets per share of the group for the financial years ending from 31 August 2015 to 2017.

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