IJM LAND. Fast & furious start for Bandar Rimbayu BUY. Company report. (Maintained) Rationale for report: Company Update PROPERTY DEVELOPMENT
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1 PROPERTY DEVELOPMENT IJM LAND (IJMLD MK, IJMLAND.KL) 4 December 2013 Company report Fast & furious start for Bandar Rimbayu BUY (Maintained) Rationale for report: Company Update Price Fair Value 52-week High/Low Key Changes Fair value EPS RM2.59 RM3.86 RM3.30/RM2.01 unchanged unchanged YE to Dec FY13 FY14F FY15F FY16F Revenue (RMmil) 1, , , ,229.2 Core net profit (RMmil) EPS (Sen) EPS growth (%) Consensus EPS (Sen) DPS (Sen) PE (x) EV/EBITDA (x) Div yield (%) ROE (%) Net Gearing (%) Net Cash Net Cash Net Cash 0.0 Stock and Financial Data Shares Outstanding (million) 1,415.6 Market Cap (RMmil) 3,666.5 Book value (RM/share) 1.86 P/BV (x) 1.4 ROE (%) 8.5 Net Gearing (%) n/a Major Shareholders IJM Corp (64.2%) EPF (6.5%) Free Float (%) 24.2 Avg Daily Value (RMmil) 1.9 Price performance 3mth 6mth 12mth Absolute (%) (6.3) Relative (%) (6.0) (1.4) 16.5 Investment Highlights Maintain BUY on IJM Land with an unchanged fair value of RM3.86/share (10% discount to its NAV). We attended the official launch of The Arc a social hub at IJM Land s Bandar Rimbayu project yesterday. We came away impressed with its rapid progress basic infrastructure/building works is already in full swing. Apart from The Arc, a link-road Kota Kemuning is now ready. Another access road to SKVE/ELITE should be completed within two years along with a clubhouse. Bandar Rimbayu enjoys excellent connectivity to five major highways and is a mere five-minute drive to Kota Kemuning and ~3km away from a future link to SKVE/ELITE via Bandar Saujana Putra. With its strategic location, well-crafted designs (ring concept/low-density layout) & green-themed landscape, Bandar Rimbayu is on an accelerated growth path much like how wellestablished townships such as Desa Park City and Setia Alam were in their early years. Despite the government s recent cooling measures on the property market, we expect Bandar Rimbayu to continue its forward march. Rising land prices within KL city centre are triggering an outward migration towards outlying areas particularly for landed products. Hence, its reasonably-priced landed units are well-placed to tap into an expanding upgraders market. Furthermore, Bandar Rimbayu s deepening prospects will likely receive a significant kick as the increasing presence of reputable developers nearby should expedite capital values within this matured but fast-expanding South Western corridor of Klang Valley. M ) (R ,916 1,595 1, In dex P o in ts The original land cost for Bandar Rimbayu is only RM5psf, compared to ~RM18psf (based on NPV) that Tropicana Corp has paid for 1,172 acres of land near Bandar Rimbayu (total cost: ~RM1.3bil). Our channel checks reveal that several other developers are eyeing another large parcel of land (~1,000 acres) within the vicinity. Phase 1 (Chimes) & 2 (Perennia) of Bandar Rimbayu have already achieved strong take-up rates of over 85% and 70% since their launches in March and late-august respectively (nonbumi portion: fully-taken-up) D ec-0 8 J u ṉ09 D ec-09 J uṉ10 D ec-10 J uṉ11 D ec-11 J uṉ12 D ec-12 J uṉ13 D ec-13 IJM Land FBM KLCI 632 The starting price for Phase 3 of Bandar Rimbayu - to be launched in Jan-2014 (cluster-semi-detached homes) - will likely be higher at over RM800k compared with ~RM580k and RM640k for Phases 1 & 2 respectively. We anticipate Bandar Rimbayu s pre-sales to reach ~RM1bil next year vs ~RM600mil this year. Physical progress at some units of Phase 1 has already reached 65%.
2 IJM Land 4 December 2013 CHART 1: STRATEGIC LOCATION OF BANDAR RIMBAYU OTHER TAKEAWAYS FROM RIMBAYU SITE VISIT The Arc officially launched BANDAR Basic infrastructure works are also in full swing where IJM Land is clearing huge swathes of previously plantation land. The road link to Kota Kemuning has been completed and is now accessible to traffic. We attended the official launch of The Arc, a social centrepiece at its Bandar Rimbayu project near Kota Kemuning. Bandar Rimbayu is a JV with Kumpulan Europlus under a 60:40 partnership. Key management of both IJM Land and parent IJM Corp were present at the event. They include Tan Sri Krishnan Tan (Chairman of IJM Corp), Dato Teh Kian Meng (MD of IJM Corp), Dato Soam Heng Choon (MD of IJM Land and Deputy MD of IJM Corp), Edward Chong (COO of IJM Land) and Shuy Eng Leong (COO of Bandar Rimbayu). The Arc measures approximately 100,0000 sq ft, and is aimed at creating a space social interaction within the Bandar Rimbayu community. It is centrally located within the Flora precinct that mainly consists of linked homes. Management shared that The Arc s early launch near the entrance to IJM s first two phasess near Kota Kemuning (i.e. Chimes and Perennia) is also aimed at showcasing something tangible for its future home buyers/investors. Major infrastructure works underwayy We came away impressed with what we saw from this green-themed project, IJM s largest ever township development to-date (1,878 acres). We understand that the first batch of Rimbayu would use this road as an township. On the other hand, a second access road is currently being built. It links Bandar RImbayu to Bandar Saujana Putra, and subsequently to ELITE/ /South Klang Valley Expressway (SKVE). To further enhance its appeal, IJM Land is set to build a clubhouse that will likely be ready in two to three years time. Cutting-edge connectivity residents at Bandar exit point out of the A key attraction of Bandar RImbayu is its unparelled access to five major highways out of which four are existing ones. Bandar Rimbayu straddles SKVE at the latter s immediate southern boundary; KESAS/Lebuhraya Kemuning Shah Alam (LKSA) to the north via Kota Kemuning; ELITE highway to the East and the proposed West Coast Expressway (WCE) to the west. Most importantly, Bandar RImbayu is a mere five minutes drive away from Kota Kemuning and only 3km away from Bandar Saujana Putra en-route to ELITE/SKVE.
3 Phase 3: to be launched early-2014 Leveraging on the early successes of Phases 1 & 2 (Chimes and Perennia), we expect IJM Land to launch Phase 3 of Bandar Rimbayu by January From our observations, Bandar Rimbayu s homes offer relatively generous built-ups. The standard intermediate unit for Phases 1 (22 x75 /24 x75 ) & 2 (22 x80/24 x80 ) measure c.2,100 sq ft and 2,500 sq ft respectively on average. We also observed that a corner-lot show unit (24 x75 ) with an additional 3 feet of land area can feet an island kitchen. The maid rooms for some also come with a detached toilet at the back. The first batch of homes under Phase 1 is due to be completed earliest by end-2014 where work progress for some units has already reached 65%. Phase 3 will mainly comprise over 400 units of cluster semi-detached homes with built-ups of 32 x70. This would be followed suit by Phases 4 and 5 that will come with linked detached homes and strata-titled units respectively as well as shop lots under Phase 6 by 4Q14. We understand that IJM Land would likely launch 40 units of shop lots to kick off the commercial component of this township. We expect the indicative pricing to be RM1mil and above, and will either be three or four storeys. Other components in the future may include a retail mail, schools, hospitals, big box retail outlets as well as a town square. Once this self-contained township achieves a certain level of maturity, we expect IJM Land to introduce the Bayu precinct offering high-end waterfront products that are similar to The Light s project in Penang. Providing sustainable pre-sales of over RM1bil from FY14F onwards We anticipate Bandar Rimbayu s pre-sales to reach ~RM1bil next year vs ~RM600mil this year providing IJM Land with a sustainable GDV base over its development period of 10 to 15 years. The project s total indicative GDV is estimated at ~RM11bil. IJM Land delivered strong new sales of RM1.2bil for 1HFY14 putting the group on track to beat the RM2bil achieved for the whole of FY13. The strong progress billings during the first half of the current financial year were partly down due to maiden contributions from ongoing building works for Phase 1 of Bandar Rimbayu. Physical progress at some units of Phase 1 has already reached 65%. AmResearch Sdn Bhd 3
4 PICTURE 1: PROGRESS AT PHASE 2 (PERENNIA) WORKS UNDERWAY PICTURE 2: PROGRESS AT PHASE 1 (CHIMES) - ALREADY REACHING THE ROOF AmResearch Sdn Bhd 4
5 PICTURE 3: OFFICIAL OPENING OF THE ARC PICTURE 4: ARIAL VIEW OF THE ARC AmResearch Sdn Bhd 5
6 PICTURE 5: PROPOSED LINK FROM BANDAR RIMBAYU TO SKVE/ELITE PICTURE 6: SHOW HOUSE (24 X75 CORNER LOT) AmResearch Sdn Bhd 6
7 TABLE 1 : FINANCIAL DATA Income Statement (RMmil, YE 31 Dec) F 2015F 2016F Revenue 1, , , , ,229.2 EBITDA Depreciation (8.0) (8.8) (9.3) (9.6) (9.9) Operating income (EBIT) Other income & associates (7.0) (10.1) Net interest Exceptional items Pretax profit Taxation (81.6) (89.0) (108.4) (121.4) (153.9) Minorities/pref dividends (6.6) (16.2) (26.6) (46.6) (79.8) Net profit Core net profit Balance Sheet (RMmil, YE 31 Dec) F 2015F 2016F Fixed assets Intangible assets Other long-term assets 1, , , , ,015.7 Total non-current assets 1, , , , ,199.2 Cash & equivalent Stock Trade debtors Other current assets 1, , , , ,353.6 Total current assets 2, , , , ,588.3 Trade creditors , , ,509.7 Short-term borrowings Other current liabilities Total current liabilities , , ,649.1 Long-term borrowings Other long-term liabilities , , , ,039.8 Total long-term liabilities 1, , , , ,363.6 Shareholders funds 2, , , , ,555.2 Minority interests BV/share (RM) Cash Flow (RMmil, YE 31 Dec) F 2015F 2016F Pretax profit Depreciation (243.0) 0.6 (174.0) Net change in working capital (231.5) (156.9) (389.0) (186.4) (433.7) Others (7.6) (22.0) (221.6) (234.4) (285.9) Cash flow from operations (167.7) 74.3 (101.1) Capital expenditure (4.5) (7.1) (10.0) (10.0) (10.0) Net investments & sale of fixed assets Others (166.2) (201.4) Cash flow from investing (170.6) (208.5) (1.1) Debt raised/(repaid) (40.0) (20.0) (15.0) Equity raised/(repaid) Dividends paid (55.0) (55.9) (70.8) (93.6) (93.6) Others 11.1 (69.6) Cash flow from financing (113.6) (108.6) Net cash flow (66.6) (22.1) (78.9) (37.0) (210.9) Exchange rate effects Net cash/(debt) b/f Net cash/(debt) c/f Key Ratios (YE 31 Dec) F 2015F 2016F Revenue growth (%) EBITDA growth (%) n/a Pretax margins (%) Net profit margins (%) Interest cover (x) Effective tax rate (%) Net dividend payout (%) Debtors turnover (days) Stock turnover (days) Creditors turnover (days) AmResearch Sdn Bhd 7
8 Anchor point for disclaimer text box Published by AmResearch Sdn Bhd ( P) (A member of the AmInvestment Bank Group) 1 5t h F l oor B a n g un a n A mb a n k Group 55 Jalan Raja Chulan Kuala Lumpur Tel: ( 0 3) ( r e se ar c h) F a x: ( 0 3) Printed by AmResearch Sdn Bhd ( P) (A member of the AmInvestment Bank Group) 1 5t h F l oo r B a n g un a n A mb a n k Group 55 Jalan Raja Chulan Kuala Lumpur Tel: ( 0 3) ( r e se ar c h) F a x: ( 0 3) The information and opinions in this report were prepared by AmResearch Sdn Bhd. The investments discussed or recommended in this report may not be suitable for all investors. This report has been prepared for information purposes only and is not an offer to sell or a solicitation to buy any securities. The directors and employees of AmResearch Sdn Bhd may from time to time have a position in or with the securities mentioned herein. Members of the AmInvestment Group and their affiliates may provide services to any company and affiliates of such companies whose securities are mentioned herein. The information herein was obtained or derived from sources that we believe are reliable, but while all reasonable care has been taken to ensure that stated facts are accurate and opinions fair and reasonable, we do not represent that it is accurate or complete and it should not be relied upon as such. No liability can be accepted for any loss that may arise from the use of this report. All opinions and estimates included in this report constitute our judgement as of this date and are subject to change without notice. For AmResearch Sdn Bhd Benny Chew Managing Director
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