SIME DARBY PROPERTY BERHAD Investor Presentation UBS Singapore Day 3 rd October 2018
Presentation Outline 1 Sime Darby Property Profile 2 Key Growth Areas and Recent Developments 3 Growth Strategies 4 Financial and Operational Highlights 5 Challenges & Market Outlook 6 Appendices 2
1 Sime Darby Property 3
Shareholding Structure 55.8% RM1.15 Share Price Share Price Movement (RM) 1.78 As at 1 st Oct 18 1.11 1.15 Foreign Shareholdings 14.4% 4.6% 10.9% RM7.8bn Market Capitalisation Other Domestic Shareholdings 14.3% 6,800,839 Source: Tricor and the public Number of Ordinary Shares (000 ) 4
The Largest Property Developer in Malaysia In terms of land bank size RM2.4bn FY18 Revenue RM683mn FY18 PBIT RM640mn FY18 PATAMI 1,584 Employees GEORGETOWN, PENANG 3,239 acres KEDAH 2,826 acres Key Developments 1,462 acres North-South Expressway THAILAND SELANGOR PENINSULA MALAYSIA 3,262 acres 2,838 acres NEGERI SEMBILAN BANDAR UNIVERSITI PAGOH UNITED KINGDOM AUSTRALIA JOHOR Helensvale, Queensland Singapore Property Development 23 Acres of remaining developable land bank to be 20,572 developed over 10-25 years RM89bn 48% Property Investment 1.4mn Hospitality & Leisure 6 Active townships, integrated and niche developments Estimated Remaining Gross Development Value (GDV) Average trading discount to Realised Net Asset Value (RNAV) Sq. ft. of net commercial space in Malaysia and Singapore Assets across 4 countries including 2 golf courses (36-hole & 18-hole respectively) and a convention center 5
Sustainable Growth with Remaining Developable Period of 10 to 25 years By Remaining Developable Land By Remaining Gross Development Value (GDV) O N G O I N G 1,462 (12%) 338 (3%) 2,826 (23%) 12,147 acres 3,398 (28%) 3,278 (27%) 845 (7%) 28.5 (35%) 8.8 (11%) RM80.9 billion 12.6 (16%) 20.0 (25%) 5.4 (7%) 5.7 (7%) F U T U R E 2,031 (24%) 3,302 (39%) 8,425 acres 3,092 (37%) 0.3 (4%) RM8.4 billion 0.1 (1%) 8.0 (96%) Legend Notes: 1. Township categorisation: Guthrie Corridor: (Ongoing) Elmina West, Elmina East, Denai Alam & Bukit Subang and Bukit Jelutong, (Future) Kota Elmina & Lagong Negeri Sembilan: (Ongoing) Nilai, Bandar Ainsdale, Planters Haven & Chemara, (Future) MVV and others Johor: Bandar Universiti Pagoh and Taman Pasir Putih Greater Klang Valley & Others: (Ongoing) Ara Damansara, ALYA, Putra Heights, KL East, USJ Heights, Taman Melawati, Saujana Impian, SJCC and SJ7 (Future) Jalan Acob, Victoria Estate and others 2. Future remaining GDV is preliminary and currently excludes MVV Refer to slide 51-52 6
2 Key Growth Areas & Recent Developments 7
Key Growth Areas (Flagship Developments) With remaining development period of about 25 years Guthrie Corridor Expressway Klang South Selangor Johor Elmina East and West Bandar Bukit Raja Serenia City Bandar Universiti Pagoh Remaining Acreage Total Residential Units 3,095 2,826 1,462 3,262 Remaining GDV RM18bn RM13bn RM9bn RM6bn Residential Units Launched 26,809 21,857 13,234 5,671 2,394 7,829 302 383 Total Industrial Components 177 710 196 238 Industrial 152 265 55 Acreage Sold First launch in 1H19 Key Catalysts Along the Guthrie Corridor >3000 acres of green spaces Highly-connected in Klang, close to Port Klang and KLIA Xiamen University, 1 st Pagoh Education university branch outside Hub, 1 st multi-varsity of China education hub (506 Horizon Village Outlet acres) with ~7200 8 to open in 1Q19 students
Developments along the Guthrie Corridor Expressway Lagong 1,552 acres KEY HIGHLIGHTS 10,297 acres Total land bank along Guthrie Corridor Expressway Kota Elmina 1,540 acres 6,490 acres Remaining developable land bank 52% of total land bank are on ongoing developments 48% on future developments (Kota Elmina and Lagong) Elmina West 2,661 acres Forest Reserve Denai Alam & Bukit Subang 1,250 acres Elmina East 1,089 acres RRI DASH RM28 billion Estimated remaining GDV > 40,000 Total residential units with over 28,400 remaining units to be launched Good connectivity: GCE, DASH, NKVE, LATAR and NSE Bukit Jelutong 2,205 acres Mass Rail Transit-1 (MRT 1) and Keretapi Tanah Melayu Line (KTM) 9
Elmina East and West - A Wellness Hub KEY HIGHLIGHTS 3,750 acres (Remaining: 3,095 acres) Elmina City Centre straddles both sides of the GCE from the Elmina West to Elmina East, forming a prime integrated development hub RM17.9bn Estimated Remaining GDV 26,809 units Total estimated residential units 300 acres Elmina Central Park 2,700 acres Tasik Subang Dam Forest Reserve 42 acres Wellness Cluster 90 km Combined jogging and cycling track An Award-Winning Township Winner in Best Landscape Architectural Design Highly Commended in Best Township Development Winner in Best Universal Design Development FY2018 HIGHLIGHTS 2,394 Total residential units launched since 2013 (FY2018: 470 units) 1,680 from Elmina West of RM587k - RM1,453k (RM340 RM513 psf) 714 from Elmina East priced between RM600k RM2,308k (RM307 RM564 psf) 152 Acres of industrial land sold (RM89 RM127psf) 853 Delivery of residential units from Elmina Valley 1,2 and 3 55 unsold completed units and 27 unsold ongoing units launched prior to FY2018 10
Bandar Bukit Raja - Highly Connected Township KEY HIGHLIGHTS 4,333 acres (Remaining: 2,826 acres) Close proximity to KLIA and Port Klang RM12.6bn Estimated Remaining GDV 21,857 units Total estimated residential units 82,000 residents Expected population at full capacity 710 acres Industrial components 125 acres Town Park High Connectivity via major road infrastructure New North Klang Straits Bypass (Shapadu Highway) and upcoming West Coast Expressway (WCE) FY2018 HIGHLIGHTS 6,023 open market residential units launched since 2011 (FY2018: 388 units) RM119.8k RM1,280.3k (RM142 459 psf) 84 delivery of completed detached factories in FY2018 RECENT INDUSTRIAL DEVELOPMENTS 39 Acres of industrial land across 10 plots for built-tosuit industrial facilities. Potential tenants include food manufacturers and global logistics services provider 50 Acres of industrial land sold to Vinda Group, one of the largest producers of hygiene products 11
Serenia City - Industrial and High Technology Hub KEY HIGHLIGHTS 2,370 acres (Remaining: 1,462 acres) Close proximity to Kuala Lumpur, Putrajaya, Cyberjaya and KLIA RM8.8bn Estimated Remaining GDV 13,234 units Total estimated residential units 196 acres Industrial components High Connectivity Accessible via ELITE Highway, Federal Road, ERL & KLIA Development Catalysts Express Rail Link (ERL) 12 minutes to KLIA and 27 minutes to KL Central via the Salak Tinggi Station Xiamen University First Chinese university branch campus in Malaysia with a total capacity of 10,000 students, with 3,300 current student population. Opened in February 2016. Horizon Village Outlet One-storey retail lots over total net lettable area of 400,000 sq ft with 2,000 covered parking bays. Target to be completed by 1Q 2019. Sunsuria City An integrated development by Sunsuria which commenced in November 2015 FY2018 HIGHLIGHTS 100% take-up in the first hour of 1 st residential launch Serenia Amani (2-storey house) 302 units From RM536,888 (RM293 RM 400 psf) 55 acres of industrial land sold to date starting from RM60 psf 12
Bandar Universiti Pagoh A University Town KEY HIGHLIGHTS 4,099 acres (Remaining: 3,262 acres) Malaysia s First Integrated Township with an Education Hub RM5.5bn Estimated Remaining GDV 5,671 units Total estimated residential units 238 acres Industrial components 107 acres Earmarked for affordable housing 506 acres Pagoh Education Hub FY2018 HIGHLIGHTS 383 Residential units launched todate (Harmoni Vista 1) 35 delivery of completed commercial units in FY2018 (Sarjana Square) 2 unsold completed units and 12 unsold ongoing units launched prior to FY2018 Launches to date with total GDV of >RM108mn Harmoni Vista Sarjana Square Sarjana Promenade (2-storey house) (Shop Office) (Shop Office) Pagoh Toll To Johor Bahru 383 units From RM365,888 35 units From RM888,888 35 units From RM950,000 13
Pagoh Education Hub (PEH) A strategic decision to retain this Concession Arrangement 60:40 Concession Agreement between Sime Darby Property and Tunas Selatan Construction 4 Major Institutions 10,800 Maximum student capacity with 7,200 current student population 506 Acres of development 2017 Year of completion 1 st integrated multivarsity education hub in the country situated within Bandar Universiti Pagoh (BUP) K e y P r o p o s i t i o n 1 2 Stable Recurring Cash Flow in the Next 19 Years Facilities Management Services (FM) Estimated average annual revenue of ~RM30 mil to ~RM50 mil over the 19 years Potential to grow the FM business as part of the recurring income strategy 3 The education hub as a key Catalyst to BUP 4 Financial Performance FY2018 RM m PBIT 36.5 Accretion of interest 92.6 (availability charges) Interest income 2.5 Finance Costs (65.6) Profit Before Tax 66.0 14
Malaysia Vision Valley (MVV) Sime Darby Property to ride on the State Government s support Nilai 16.8km dual-carriageway Parcel A: 2,838 acres MVV Total Area: ~27,000 acres Sime Darby Property s Interest: Owned: Parcel A of 2,838 acres MVV Option Agreements with SD Berhad: 8,796 acres Additional 8,796 acres Key Catalyst: Chemara Hills (44 acres) A new 16.8km dual carriageway linking Nilai and Labu to Bandar Enstek Expected completion by July 2021 State Government s Support The infrastructure work and construction of the dual carriageway is ONGOING 16.8km NLE Dual Carriageway Existing KTM Rail The State Government s commitment to spur economic growth is in line with our strategy to accelerate the MVV development 15
16 Transit Oriented Developments (TOD) and Transit Adjacent Developments (TAD) Total of 9 Developments, with an estimated remaining GDV of >RM10bn SJ 7 6T 16
KL East A Transit Adjacent Development TO GOMBAK (19 min / 15km) KYS International School (6 acres) KEY HIGHLIGHTS 160 acres (Remaining: 50.8 acres) Ideally situated within Klang Gates quartz ridge, the longest quartz ridge in the world RM2.2 bn Estimated remaining GDV QUARZA MIXED DEVELOPMENT A Flourishing Bloom Gombak Integrated Transport Terminal (GITT) The Veo 2,458 units Estimated residential units 53 acres Forest park High Connectivity Linked by major highway MRR2 800m from Gombak Integrated Transportation Terminal (LRT Kelana Jaya Line and RapidKL bus hub) Access to Kolej Yayasan Saad Top international school with expected student capacity of 1000 students 6.74 acres development with GDV of RM744 mil Target completion: May 2020 Price from RM516,888/unit 57% of 254 residential units launched has been sold Galleria, KL East Lifestyle suburban mall with 380,000 sqft retail space Expected to open in 4 th Quarter 2019 Anchor tenants: MBO, Jaya Grocer, Camp 5, Blue Frost Ice Rink TO AMPANG (25 min /17km) 17
Future Development SJCC The Nerve Centre of Subang Jaya P e r s i a r a n K e w a j i p a n KEY HIGHLIGHTS LOT 15 Serviced Apartments Subang Jaya LRT and KTM Komuter Station Subang Avenue AEON Big 30 acres (Remaining: 28.1 acres) Centrally located within Subang Jaya matured township RM3.6 bn Estimated remaining GDV 3,350 units Estimated residential units Empire Shopping Gallery Subang Parade Easy access via Federal Highway Public transportation 500m from KTM Komuter Subang Jaya and LRT Subang Jaya station 2.23 acres development RM270.5 million of GDV November 2021 Target completion date Future Development Nearby to Educational institution 5 minutes to INTI International College Shopping malls Subang Parade, Empire Shopping Gallery 361 units launched to date 54% Take up rate as of August 2018 Price per unit from RM609,888 to RM1,015,888 18
Melawati Kuala Lumpur s Best Kept Secret Central Park Melawati Melawati Mall Serini Melawati Damai Service Hospital KEY HIGHLIGHTS 880 acres (Remaining: 1.0 acres) Tranquil residential park set against dramatic landscape RM0.6 bn Estimated remaining GDV 5,178 units Estimated residential units Nearby Melawati Mall (5 minutes walk) Damai Service Hospital KLCC (15-minutes drive) 180 local and international brands 8 million shoppers over time 83% occupancy rate 635k sqft Serini Melawati Stylish Living Above The Rest 3.64 acres development RM361 million of GDV August 2018 Target completion date 2 towers - 528 units (633 1494 sqft) launched 58% Take up rate as of August 2018 Price per unit from RM 456,888 19
ALYA, Kuala Lumpur - A Life in Rhythm Future Development Jendela Future Development KEY HIGHLIGHTS 62 acres (Remaining: 50.5 acres) Ideally located in the pristine landscape of Bukit Kiara RM7.1 bn Estimated remaining GDV 2,465 units Estimated residential units 2 acres of Sky Park Garden Recreation and relaxation facilities Overview of Projects 2 blocks of Serviced Suites 18 floors residential units 1 block of office 4 floors of retail and office podium Senada Layers of Luxury 4.03 acres development RM941 million of GDV 429 units of serviced apartment launched 50% Take up rate as of August 2018 20
Cantara Residences No.1 Living Destination KEY HIGHLIGHTS 7.12 acres Located in the heart of Ara Damansara, Petaling Jaya RM659 million Estimated remaining GDV 2,465 units Estimated residential units 6 acres Skypark recreational areas Overview: 4 blocks of apartments, Bridge and Annex 23-storeys building 888 units of serviced apartment Recent Developments 700 units Serviced apartment launched in May 2016 May 2020 Target completion date Selling price per unit from RM549,888 52% Booking rate as at 31 Aug 18 Sky Deck / Recreation 21
Update on KL-Singapore High Speed Rail (HSR) Two HSR hubs were initially earmarked at Sime Darby Property s land 30 MAY 12 JUN 19 JUN 3 SEP Reported that HSR has been scrapped in a move to control government s spending and reduce debt KL-Singapore high-speed rail is postponed for further review - not scrapped A cheaper option to upgrade the railway link between KL and Singapore by upgrading the existing KTM Rail Network HSR has been reported to be postponed by two years to May 31, 2020 to allow Malaysia time to review the project Brief facts of HSR and KTM Rail Network: HSR Projected Cost ~ RM65 bil < RM20 bil Est. Travel Time 90 mins 130 mins Speed 320 km/hr 200 km/hr KTM Rail Proposed Work New alignment Upgrade existing alignment, will largely be in Johor Key Difference Duplication of existing rail network Complements existing network Sime Darby Property is in ongoing conversation with both Federal and State Governments 22
Land Options Agreements Option to Increase Land Bank Totaling ~20k acres 1. Land Options Agreement with Sime Darby Plantation 1 1, 8 0 6 a c r e s SD Plantation entered into 9 call option agreements with SD Property pursuant to which SD Property has options to purchase these lands at future market value Penang Kedah Byram estate: 864 acres 2 0, 6 0 2 a c r e s Bukit Selarong estate: 148 acres 2. MVV Options Agreement with Sime Darby Berhad 8, 7 9 6 a c r e s Kumpulan Sime Darby and Sime Darby Property entered into several call option agreements for lands within the MVV development region Options Validity: 5 years effective Nov 2017, extendable by 3 years Sungai Kapar estate: 993 acres West Estate, Carey Island: 2,000 acres Sepang estate: 2,000 acres Lothian Estate: 485 acres Selangor Negeri Sembilan Options Validity: 5 years effective Nov 2017, extendable by 3 years Labu, New Labu (Kirby), New Labu (Main) and Hamilton estates Ainsdale estate: 268 acres Kulai, Johor Kulai estate - A: 1,862 acres Kulai estate - B: 3,186 acres 23
Unlock Value from Battersea Project T h e P o w e r S t a t i o n Phase Two Commercial Assets 100% of commercial space taken up TOTAL RESIDENTIAL UNITS LAUNCHED 867 Take-up: 99% 253 Take-up: 90% 539 Take-up: 71% Phase 1 Phase 2 Phase 3A Successful completion and handover of Phase 1 FY17: 321 units, FY18: 534 units Total share of profit recognized FY17 FY18 RM140m RM94m RM234m Remaining 12 units of high-end penthouses left 4 exchanged and 5 sold pending legal documents 3 unsold Total ~1 million sq. ft. of Net Lettable Area comprising: 90 retail units A fashion hub 40,000 sq. ft. of F&B outlets 580,000 sq. ft. office spaces Main tenants: ~470k sq. ft. and ~40k sq. ft. Target to sign with PNB and EPF for Proposed Disposal of Power Station by December 2018 Northern Line Extension Target completion by end-2020 24
Key Highlights in FY2018 1 2 3 Sime Darby Property s Inclusion into FTSE4Good Index and Dow Jones Sustainability Index 39 acres of industrial land across 10 plots to be jointly developed for built-to-suit industrial facilities via 50:50 JV with Mitsui 50 acres of industrial land sold to Vinda Group Successfully selected as an index constituent for 1. FTSE4Good Bursa Malaysia Index and FTSE4Good ASEAN 5 Index (For the period of Jul 18 to Jun 19) 2. Dow Jones Sustainability Emerging Market Index (Effective Sep 18) Highlights Sime Darby Property s commitment in ensuring only the highest standards in ESG practices Since the Mall started operations in July 2017: 180 local and international brands 8 million shoppers over time 83% occupancy rate 4 Delivery of completed units in FY2018: 2,305 Township Units Elmina 853 Taman Melawati & KL East 459 Putra Heights 340 Taman Pasir Putih 292 Nilai 178 Bandar Bukit Raja 84 Others 99 25
3 Growth Strategies 26
KEY ENABLERS TARGETS BY 2023 STRATEGIC PRIORITIES Sustainable & Balanced Growth Strategies No. 1 Property Developer in Malaysia F I V E K E Y S T R A T E G I C O B J E C T I V E S #1 Re-balancing & #2 Launching #3 expanding new growth development areas portfolio income Enhancing overall customer experience #4 Achieving #5 Elevating Cost & Organisational Operational Effectiveness Efficiencies Township: Enhance GDV and review strategic masterplan Integrated: Improve capabilities & income contribution New Business Segment: Industrial & Logistics Development Focus on profitable affordable housing projects Review MVV project Enhance data driven customer insights Roll-out online community marketplace and digital innovation Diligent cost management Review Leisure Management s business model Shorter end-to-end development cycle for both township & integrated products Improve project management governance Executive optimal strategic partnership model Strengthen talent & performance management Consistent Shareholders Return Sustainable PATAMI growth Consistent Sales Performance The Preferred Employer within Real Estate Brand value & marketing People & HR capabilities Operating Model & Business Process Innovation & technology 27
K e y A r e a s O n g o i n g J V P a s t R e c o r d s Dynamic and Active Land Bank Management Three-pronged approach to maximize investment returns of our sizeable land bank D e v e l o p Prioritise on growth of high performing townships to extract highest economic value Drive cost reduction initiatives to enhance profitability S t r a t e g i c P a r t n e r s h i p s Earmark potential developers to co-develop ongoing and greenfield townships as a mean to: Accelerate development of our sizeable land bank Leverage on partners expertise and resources M o n e t i s a t i o n Strategic land sale outside key development focus to: Expedite the development via other developers Speedy realisation of land value Target disposal:~1,700 acres 2015: Elmina land (135 acres) to E&O 2016: Serenia City land (375 acres) to Sunsuria & Semenyih land (238 acres) 2017: Semenyih land (803 acres) to I&P 2018: New Lunderston land (298 acres) 28
Strategies: Property Development 1. Build home for specific target groups: Assisted living Multi-generational living Customised Built-to-Suit products Themed townships 2. Focus on Time, Cost and Quality 3. Lengthen planning visibility & adopt portfolio perspective Township Development Integrated Development 1. Tackle major operational challenges around cost and quality issues 2. Focus on Transit Oriented (TOD) and Transit Adjacent (TAD) developments 3. Formation of specialist team for central Project Management and Strata Management Ongoing Launches Review pricing and positioning Completed Review campaign strategy & increase incentive Future Launches Plan towards achieving zero incoming stock Unsold Completed And Ongoing Stocks Industrial & Logistics Development Portfolio Two-Pronged Approach 1. Identified 461 acres of industrial land with an estimated GDV of ~RM5.1bn 253 acres in Elmina East, BBR1 & 2 and Serenia City to be developed as Industrial Build-to-Suit facilities and retained by Property Investment as a recurring income pool 29
Strategies: Property Investment To achieve 10% of PBIT contribution by FY2023 via: 1. Actively grow high-yielding asset portfolio 2. Monetisation of non-core assets 3. Generate steady recurring income via Built-to-Suit Industrial Facilities (BTS) and Managed Industrial Business Parks 01 Actively grow high-yielding asset portfolio Expansion plan to increase recurring income Optimise value creation of existing strategic partnerships Opportunistic acquisition of 3 rd party assets 03 Actively grow high-yielding asset portfolio Divest non-core hospitality assets in Australia, Singapore & Vietnam by Dec 2019 Generate recurring income via BTS and Managed Industrial Business Parks 02 Joint venture (JV) and strategic partnerships with Industrial experts to transform our land bank into a thriving industrial / logistics park The JV with Mitsui on 39 acres at Bandar Bukit Raja is the first step 30
Sime Darby Property s Rigorous Asset Monetisation Journey 2015 2016 2017 2018 Beyond Sold 135 acres of Elmina land to Eastern & Oriental (E&O): RM48mil Sale of Subang Avenue Mall: RM55mil Sale of 50% stake in Sunsuria JV: RM157mil Sold 375 acres of Serenia City land to Sunsuria and 238 acres of Semenyih land: RM320mil Sale of Equatorial Hotel in Melaka and 2 properties in Singapore: RM486mil Sold 803 acres of Semenyih land to I&P: RM413mil Sale of 1 investment property in Singapore: RM131 mil Sold 298 acres of New Lunderston estate land: RM84mil Sale of 40% equity stake in Seriemas Development and 100% stake in MLDC: RM318 mil Target disposal of ~1,700 acres of land 3 hospitality assets Rigorous focus on monetising non-strategic land bank and non-core assets which translated to over RM2 billion of gains 31
4 Financial and Operational Highlights 32
5-Year Financial Highlights Revenue RM mn Profit Before Interest & Tax RM mn Margin Return on Shareholders Funds (ROSF) % 5-Year Average ROE: 12.4% Gross Sales Value RM mn Units Sold Units FY2018 2,353 683 29% 8.0 FY2018 SE RM9.73bn 2,250 3,045 FY2017 2,611 824 32% 11.0 1,917 1,765 FY2016 3,371 1,203 36% 18.0 1,745 1,894 FY2015 3,624 931 26% 16.0 2,134 1,659 FY2014 2,630 419 16% 10.0 2,750 3,049 33
Financial Year Ended 30 June 2018 In RM m 4QFY18 4QFY17 YOY % FY2018 FY2017 YOY % Revenue 617.4 1,139.5 (46) 2,353.1 2,610.9 (10) Segment Results 45.8 421.3 (89) 364.9 719.2 (49) PBIT 45.5 435.8 (90) 682.5 823.7 (17) PBT 73.8 455.1 (84) 728.4 888.8 (18) PATAMI 46.6 327.7 (86) 640.0 624.0 3 Basic EPS (sen) 0.7 8.4 (92) 11.1 16.5 (33) C O M M E N T A R Y 4QFY2018 vs 4QFY2017 Lower Revenue as 4QFY17 included: Land sales - RM211m Sales of 4 office blocks - RM343m Lower PBIT as 4QFY17 included gains on: Land disposal - RM209m Disposal of 4 office blocks - RM49m PBIT for 4QFY18 was affected by: Share of losses of Battersea - RM9m (vs. profit of RM53m in 4QFY17) Reversal of impairment on Serenity Cove s inventories - RM40m FY2018 vs FY2017 PBIT for FY2017 included gains on: Land disposal - RM469m Disposal of SD Property (Alexandra) RM131m Disposal of an investment property by SD REIT 1 RM135m Lower effective tax rate at 14% due to gains on equity disposals not subjected to tax Higher minority interest in FY2017 attributable to disposal of Glengowrie land 34
Core Earnings Improvement R E V E N U E RM m FY2018 FY2017 Reported revenue PBIT RM683mil 277 2,353 2,611 Land sales (89) (482) Revenue excluding land sales 2,264 2,129 Lower one-off gains in FY2018 by RM304mil 406 710 143% RM824mil 114 10% 6% Excluding one-off items of RM406m in FY2018, core PBIT higher by 143% driven by higher sales and development activities and profit from Concession Arrangement One-off items in FY2018: Land disposal gains 88 Gain on disposal of MLDC and Seriemas 318 Total one-off items (59% of total PBIT) 406 FY2018 Core PBIT 277 One-off items in FY2017: Compulsory acquisition / land disposal gains 469 Gain on disposal of SD Property (Alexandra) 131 Project abortive cost on the termination of Saizen REIT Share of gains from the disposal of an investment property by SD REIT 1 (25) 135 Total one-off items (86% of total PBIT) 710 FY2017 Core PBIT: 114 FY2018 PBIT excluding one-offs FY2017 One-Offs 35
Segment Results for FY2018 38% FY2018 FY2017 570 352 99% 80% 500% 158 2 (26) 36 (15) 6 Property Development Property Investment Leisure & Hospitality Concession Arrangement Improved earnings from operation Higher sales and development activities at Elmina West, Elmina East, Serenia City and Bukit Jelutong townships and Cantara Residences and Serini Melawati Serenity Cove, Australia contributed RM14.3m (+198%) from the sale of 21 plots of residential land FY18 included: Land disposal gains: RM88m Reversal of write down on inventories: RM40m Share of results of Battersea: RM94m Lower share of JVs / associates FY17 included the share of profit of RM135m from the disposal of a property by SD REIT 1 Higher operating losses Lower contribution from Sime Darby Convention Centre & TPC KL Reversal of an impairment of property, plant and equipment of RM16.1m in FY17 Strong performance Supply of teaching equipment profit recognised of RM30m (FY17: RM6m) Revenue from this segment consisted of facility and asset management services following the completion of the construction of the Pagoh Education Hub on 2 May 2017 FY17 included: Land disposal gains: RM469m Impairment on inventories: RM149m Share of results of Battersea: RM139m 36
Segment Results for 4QFY2018 92% 274 4QFY2018 4QFY2017 100% 97% 209% 140 21 (0.5) (8) 34 (4) 11 Property Development Property Investment Leisure & Hospitality Concession Arrangement Lower operating profit Adversely affected by lower revenue from Elmina West, Denai Alam, Serini and Bandar Universiti Pagoh 4QFY18 included: Reversal of write down on inventories: RM40m Share of losses of Battersea: (RM9m) Largely due to one-off items in 4QFY2017 Share of gain from the disposal of a property by SD REIT 1 of RM135m Gain on disposal of investment property in UK of RM14m Higher operating losses Lower contribution from Sime Darby Convention Centre & TPC KL Strong performance Supply of teaching equipment profit recognized of RM34m (4QFY17:RM11m) 4QFY17 included: Gain on disposal of Glengowrie Estate: RM209m Impairment on inventories: RM70m Share of profit of Battersea: RM53m 37
Cash and Debt Position as at 30 June 18 HDA cash RM581m 1,129 Beginning Balance (589) Cashflow from Operating 342 Cashflow from Investing C A S H F L O W (RM m) Negative operating cash flow HDA cash largely due to high working RM492m capital of RM770m (FY17: 749 RM25m) (120) (12) Higher payments to contractors and trade and other payables due to increased development activities Cashflow from Financing Foreign Exchange Ending Cash Balance Higher outflow from Financing Activities due to: Repayments to related companies of RM348m FY2017 Total 2,064 T O T A L B O R R O W I N G S (RM m) Short Term 275 (13%) FY2018 Total 2,542 Short Term 496 (20%) Borrowings rose 23% mainly to fund the acquisition of MVV land of RM690m in November 2017 Healthy D/E ratio 26% Gross D/E Ratio (FY17:31%) 18% Net D/E Ratio (FY17:14%) Long Term 1,789 (87%) Long Term 2,046 (80%) 38
Breakdown of Inventory Completed and Launched Inventory Key Completed Projects RM2,192m 799 12% YoY RM2,450m 836 RM m Carrying Value: Units: Alya KL The Glades KL East Tmn. Melawati Chemara East Planters' Haven Elmina West Others 378 101 62 59 53 46 28 109 104 39 54 51 58 67 53 222 1,393 FY2017 1,614 FY2018 Carrying Value: Key Ongoing Launched Projects Oasis Ara D sara Bdr. Ainsdale Elmina KL East & Tmn. Melawati Ara D sara B. Jelutong & Denai Alam 253 243 234 186 158 136 Launched Completed Alya KL SJCC Serenia City Pagoh Others 68 64 45 43 184 ~57% of the completed inventories are from the Alya and The Glades developments Higher launched inventories of RM1.6b vs RM1.4b due to higher number of newly launched developments Inventory (Property Development Expenditure) RM m FY17 FY18 Current 2,387 2,464 3% Mainly for Bandar Bukit Raja and Elmina Non-current 1,227 1,866 52% Due to the acquisition of MVV land for RM690m 39
Sales Performance FY2018 Year-on-Year Performance FY2018 Sales Value: RM2.3bn 16% Units sold: 3,045 72% (includes 731 statutory units with GSV of RM150m) Units sold excl. statutory: 2,314 74% Gross Sales Value Units Sold RM m 16% 72% 3,045 2,250 1,933 1,766 FY2018 Sales Breakdown by Township 91% of sales originated from Selangor, followed by Negeri Sembilan (7%) and Johor (2%) BBR 2&3 Elmina East Elmina West Putra Heights Denai Alam & Bukit Subang Serenia City Ara D'sara SJCC Nilai BBR 1 Bukit Jelutong Bdr. Ainsdale Pagoh & Tmn. Pasir Putih KL East Tmn Melawati Others* 55 52 50 47 38 26 11 122 111 101 173 228 294 279 277 Klang RM m 386 Guthrie Corridor Greater Klang Valley Negeri Sembilan Johor 2017 2018 2017 2018 * Others: USJ Heights and Saujana Impian 40
Unbilled Sales FY2018: RM2,034 million 33% QoQ (31 Mar 18: RM1,531 million) 22% YoY (30 Jun 17: RM1,670 million) FP2018 (Jul-Dec 18) Targets: Sales: RM1,000 million Unbilled Sales: RM2,200 million RM m 571 403 919 110 31 347 194 179 174 205 186 176 159 106 24 56 55 29 3 56 54 31 Elmina West Denai Alam & Bukit Subang Elmina East Bukit BBR BBR 2&3 BBR 1 Jelutong 2&3 Putra Heights Ara D'sara ALYA Serenia City SJCC KL East Tmn Melawati Others* Nilai Bdr. Ainsdale Pagoh & Tmn. Pasir Putih QoQ %: (9) 93 (9) 32 >100 (30) >100 (14) (5) >100 61 46 11 (40) 63 (15) 9 Along Guthrie Corridor Expressway (GCE) Bdr. Bukit Raja (BBR) Klang Greater Klang Valley Negeri Sembilan Johor * Others: USJ Heights and Saujana Impian 41
Overview of Launches in FY2018 RM m 681 GSV of Launches: RM2,709mn 1,176 358 494 2,709 101% 1,346 1QFY18 2QFY18 3QFY18 4QFY18 FY2018 FY2017 Residential 667 (98%) 841 (71%) 325 (91%) 494 (100%) 2,327 (86%) 1,088 (81%) Industrial - 300 (26%) - - 300 (11%) 125 (9%) Commercial 14 (2%) 35 (3%) 33 (9%) - 82 (3%) 133 (10%) Total Units 1,983 995 580 540 4,098 1,717 139% Take-Up Rates 52% 68% 83% 69% 63% 59% Note: Includes the launch of Rumah Selangorku of 1,700 apartments at Putra Heights in 1QFY18 Along Guthrie Corridor Greater Klang Valley Klang Negeri Sembilan Johor Breakdown by Location Launches along GCE and Greater Klang Valley make-up 81% of total launches: 26% from Elmina East and West 15% from Denai Alam 15% from Putra Heights 1% 10% from SJCC 12% 6% 8% from Serenia City 39% 42% Breakdown by Price (Residential only) 17% : 1,700 RSKU units (~RM228,800 per unit) 41% of RM400k - 800k price range from Elmina (EG1), BBR (Azira), Serenia City (Serenia Amani), SJCC (Lot 15), Bandar Ainsdale (Redup) & Nilai Impian (Orkid) 30% 12% 17% 41% RSKU (<RM250k) RM400k - RM800k RM800k - RM1.2mn >RM1.2mn 42
Target Launches (Jul 18 Dec 19) GDV of Launches RM3.5 bil RM4.5 bill Total Estimated Units 4,000 5,000 Breakdown by Type Breakdown by Location Breakdown by Price (Residential only) 18% 6% 38% 14% 8% 39% 31% 13% 7% 17% 31% 22% 2% 54% DSLH Condo / Apartment Semi D / Superlink / Bungalow Industrial Commercial Greater Klang Valley Negeri Sembilan Johor Along Guthrie Corridor Klang <RM400k RM800k - RM1.2m RM400k - RM800k >RM1.2m Landed Highrise Affordable Elmina West (EG4) (2-storey house) No. of Units : 194 units Est. GDV : RM137.7mn Putra Heights (HT5T4) (Condominium) No. of Units : 72 units Est. GDV : RM80.3mn Elmina West (Harmoni 1) (Apartment) No. of Units : 562 units Est. GDV : RM131.0mn Serenia City (A3) (2-storey house) No. of Units Est. GDV : 176 units : RM97.5mn SJCC (Lot 61714) (Serviced Apartment) No. of Units Est. GDV : 234 units : RM170.6mn 43
5 Challenges & Market Outlook 44
Headwinds in 2018-2019 Re-introduction of Sales and Service Tax (SST) Clarity on the details and uncertainty on the effect of the implementation Buyers adopt wait and see approach Expect moderation in sales performance National Housing Policy Catalyst to ease the affordability of home buyers Waiting for clear scope and parameters of proposed policy Streamline effort to deliver affordable houses 01 03 02 04 Oversupply of high-rise medium range properties Industry is producing faster than the absorption rate High number of unsold inventory in Selangor may affect the sales volume of ongoing / new launches Slowdown in Malaysian economy Revised GDP growth forecast of 5% from 5.5% 45
Economic and Financial Stability Expected to Remain Intact Gross Domestic Product (GDP) Year-on-Year % 7.0 4.8-5.1% 6.0 5.0 5.9 5.6 5.8 6.2 5.9 5.4 4.0 5.0 4.8 4.7 4.1 4.3 4.5 4.5 3.0 4.0 2.0 1.0 0.0 Q2 2018 GDP grew slower by 4.5% yearon-year vs. 5.4% and 5.8% in Q1 2018 and Q2 2017 respectively. The slight contraction in growth was attributed to commodity-specific shocks. Malaysia s GDP is expected to remain on a steady growth path supported by robust private consumption, positive labour market conditions and investment. GDP is expected to hover between 4.8 5.1% over the next 7 quarters. Historical Forecasts Overnight Policy Rate (OPR) % 3.60 3.50 3.40 3.30 3.20 3.10 3.00 2.90 2.80 2.70 3.25 3.00 3.25 3.55% The overnight policy rate (OPR) was held at 3.25% in September 2018 by Bank Negara Malaysia as the economy faces downside risks from heightened trade tensions in the immediate term. However, rate hikes of up to 5 to 30 basis points are expected at the beginning of 2019, in-line with forecasted improvements in the economy. Historical Forecasts Source: Bloomberg and Bank Negara Malaysia 46
Loan Approvals and Housing Prices Continue to Trend Sideways Loans Applied & Loans Approved for Residential Property Purchase RM mil' 30,000 25,000 20,000 % 60 50 40 Loan approval rates in July 2018 stood at 37%, marginally lower than 42% a year earlier and the 3- year average of 43%. 15,000 10,000 5,000 0 30 20 10 0 Loan approval rates are expected to hover around the current levels in the coming months. Loan Approval Rate (RHS) Loans Approved Loans Applied The Malaysian House Price Index Index 195.0 190.0 185.0 180.0 175.0 170.0 165.0 160.0 155.0 150.0 145.0 140.0 160.2 Q1 2015 162.8 Q2 2015 167.1 167.8 Q3 2015 Q4 2015 171.8 Q1 2016 174.4 Q2 2016 Index 178.5 179.5 Q3 2016 Q4 2016 183.3 Q1 2017 YoY% (RHS) 186.3 Q2 2017 Source: Bloomberg, National Property Information Centre and Bank Negara Malaysia 190.1 190.5 190.8 Q3 2017 Q4 2017 Q1 2018 % 10.0 9.0 8.0 7.0 6.0 5.0 4.0 3.0 2.0 1.0 0.0 The Housing Price index is on a steady upward trend albeit at a slower pace year-on-year, growing at 4.1% in Q1 2018 vs. 6.7% in Q1 2017. The price index is expected to trend sideways without any major fluctuations. 47
25% of Total Unsold Units in Malaysia are Overhang Units while 45% are Priced between RM500k & RM1mn Unsold Units Based on Category Total Units: 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 13,917 13,975 15,975 15,361 3,076 4,091 19,155 16,731 106,394 100,459 47% 57% 48% 34% 86% 5% 8% 12% 2% 3% 73% 10% 12% 9% 5% 68% 69% 72% 65% 25% 22% 19% 19% 30% 17% 14% 66% 61% 17% 25% Q1 17 Q1 18 Q1 17 Q1 18 Q1 17 Q1 18 Q1 17 Q1 18 Q1 17 Q1 18 KL Selangor N. Sembilan Johor Malaysia Overhang Unsold under construction Unsold not constructed The total unsold units in Malaysia decreased approximately 6% year-on-year in Q1 2018, predominantly due to the decline in unsold units under construction and unsold units not constructed despite an increase in overhang units, consistent with trends in both Selangor and Johor. However, KL and Negeri Sembilan registered higher total number of unsold units mainly due to unsold not constructed and unsold under construction respectively. Unsold Units Based on Price Segment Total Units: 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 13,917 13,975 15,975 15,361 3,076 4,091 19,155 16,731 106,394 100,459 17% 13% 13% 15% 38% 33% 46% 28% 23% 13% 34% 6% 42% 43% 46% 16% 19% 5% 7% Source: National Property Information Centre 7% 4% 43% 30% 59% 13% 12% 10% 9% 37% 37% 28% 28% 32% 30% 43% 45% 18% 21% 18% 18% Q1 17 Q1 18 Q1 17 Q1 18 Q1 17 Q1 18 Q1 17 Q1 18 Q1 17 Q1 18 KL Selangor N. Sembilan Johor Malaysia <RM200K RM200K - 500K RM500k - RM1mn >RM1mn Total unsold units in Malaysia decreased across all price categories with the greatest decline in the RM500k RM1mn segment. Although Selangor and Johor showed a similar decline in total unsold units, the decline in units was mainly in the RM200k 500k price segment. However, the total unsold units in KL and Negeri Sembilan increased, primarily due to the increase in the RM200k 500k price segment. 48
Cautionary Note This presentation does not constitute and is not an offer to sell or the solicitation of an offer to buy securities of any company referred to in this presentation in the United States or elsewhere. The companies referred to herein have not registered and do not intend to register any securities under the US Securities Act of 1933, as amended (the Securities Act ), and any securities may not be offered or sold in the United States absent registration under the Securities Act or an exemption from registration under the Securities Act. By attending the presentation you will be deemed to represent, warrant and agree that to the extent that you purchase any securities in any of the companies referred to in the presentation, you either (i) are a "qualified institutional buyer" within the meaning of Rule 144A under the Securities Act, or (ii) you will do so in an "offshore transaction" within the meaning of Regulation S under the Securities Act. This presentation may contain forward-looking statements by Sime Darby Property Berhad that reflect management s current expectations, beliefs, intentions or strategies regarding the future and assumptions in light of currently available information. These statements are based on various assumptions and made subject to a number of risks, uncertainties and contingencies. Actual results, performance or achievements may differ materially and significantly from those discussed in the forward-looking statements. Such statements are not and should not be construed as a representation, warranty or undertaking as to the future performance or achievements of Sime Darby Property Berhad and Sime Darby Property Berhad assumes no obligation or responsibility to update any such statements. No representation or warranty (either express or implied) is given by or on behalf of Sime Darby Property Berhad or its related corporations (including without limitation, their respective shareholders, directors, officers, employees, agents, partners, associates and advisers) (collectively, the "Parties") as to the quality, accuracy, reliability or completeness of the information contained in this presentation (collectively, the "Information"), or that reasonable care has been taken in compiling or preparing the Information. None of the Parties shall be liable or responsible for any budget, forecast or forward-looking statements or other projections of any nature or any opinion which may have been expressed or otherwise contained or referred to in the Information. 49
50 THANK YOU SIME DARBY PROPERTY INVESTOR RELATIONS Email Address : investor.relations@simedarbyproperty.com Telephone : +(603) 7849 5000 Website : https://www.simedarbyproperty.com/investor-relations
6 Appendices 51
Land Bank Status as at 30 June 2018 ~21k acres of remaining developable land bank with a remaining GDV of RM89.3bn Township/Development Name Total Area (Acres) Remaining Developable Area (Acres) Remaining GDV (RM bn) Niche / Integrated ALYA, Kuala Lumpur 62 50.5 7.1 Chemara Hills, Seremban 44 3.0 0.04 USJ Heights, Subang Jaya 375 11.1 0.2 SJ 7, Subang Jaya 40 34.6 5.3 SJCC, Subang Jaya 30 28.1 3.6 KL East 160 50.8 2.2 Township City of Elmina: Elmina West, Shah Alam 2,661 2,511.5 15.4 City of Elmina: Elmina East, Shah Alam 1,089 583.2 2.5 City of Elmina: Denai Alam & Bukit Subang 1,250 143.9 1.0 Bandar Bukit Raja 2 & 3, Klang 2,820 2,665.0 11.5 Bandar Bukit Raja 1, Klang 1,513 160.6 1.2 Serenia City, Dengkil, Sepang 2,370 1,462.0 8.8 Putra Heights, Subang Jaya 1,796 77.4 3.4 Ara Damansara, Petaling Jaya 693 80.3 6.0 Bukit Jelutong, Shah Alam 2,205 159.6 1.2 Saujana Impian, Kajang 600 4.1 0.03 Taman Melawati, Ulu Klang 880 1.0 0.6 Nilai Impian 2, Nilai 546 426.0 3.1 Nilai Impian 1, Nilai 1,263 163.5 1.0 Bandar Ainsdale, Seremban 562 169.3 1.2 Planters' Haven, Nilai 250 83.6 0.1 Bandar Universiti Pagoh, Muar 4,099 3,262.0 5.5 Taman Pasir Putih, Pasir Gudang 356 16.3 0.2 TOTAL ONGOING DEVELOPMENT 25,664 12,147 80.9 TOTAL FUTURE DEVELOPMENT 8,425 8.4 1 GRAND TOTAL 20,572 89.3 Note: 1. Future remaining GDV is preliminary and currently excludes MVV 52
Future Developments as at 30 June 2018 Development Area Total Area (Acres) GDV (RM bn) Kedah 1,639 - Ladang Bukit Selarong 300 - Harvard Suasana Resort Jerai Estate 1,268 - Victoria Estate 71 - Selangor 3,328 8.03 Kota Elmina 1,540 6.86 Lagong 1,552 1.17 Jalan Acob Estate 236 - Negeri Sembilan 3,302 0.31 Chemara West 20 - Planters' Haven West (Amaya) 95 0.31 Ladang Sua Betong 373 - Hamilton (MVV) 934 - Labu (MVV) - New Labu (Main Div) (MVV) 1,880 - New Labu (Kirby) (MVV) - Sabah 144 - Mostyn Estate 144 - Others 12 0.06 Total Future Development 8,425 8.40 53
Our History 1972 1984 1995 1997 Negara Properties, the subsidiary of Golden Hope Plantations launched its first township Taman Melawati (880 acres) Sime UEP was established through the acquisition of a large stake in United Estates Projects Bhd, the developer of Subang Jaya township (2,241 acres) Guthrie Property Development Holding Bhd, a subsidiary of Kumpulan Guthrie Berhad launched its first township Bukit Jelutong (2,205 acres) Launched and transformed Nilai Impian 1 (1,263 acres) into a comprehensive township at the Pajam Nilai interchange along the North- South Expressway Taman Melawati Subang Jaya 2005 2007 2012 2013 Completion of the Guthrie Corridor Expressway (25 km) which connect Shah Alam to Rawang Sime Darby Property Division was established following the historical merger of Kumpulan Sime Darby Bhd, Kumpulan Guthrie Bhd and Golden Hope Plantations Bhd Sime Darby Property, SP Setia and EPF acquired the iconic Battersea Power Station for GBP400mn (42 acres) Signed concession agreements with government of Malaysia and four higher learning institutions to develop Pagoh Education Hub City of Elmina was launched (5,000 acres) Started the developments of Denai Alam, Bukit Subang and Elmina East Bukit Jelutong City of Elmina 2016 2017 Launched Bandar Bukit Raja 2 (~1,400 acres) and Serenia City (2,370 acres) Listing of Sime Darby Property on to Bursa Securities Malaysia on 30 November 2017 54
Investment Thesis for the New Company We are in execution mode to fundamentally transform Sime Darby Property 1 Largest developable land bank in Malaysia City of Elmina, Selangor Bandar Bukit Raja, Klang 20,572 acres with remaining estimated GDV of RM89.3bn Additional 20,602 acres of lands under Options Agreements with Sime Darby Plantation Berhad and Sime Darby Berhad All freehold developments except for developments in Bandar Universiti Pagoh and ALYA 2 Strategic locations with full spectrum of products Transit Oriented / Adjacent Developments Offering a wide range of products, especially in the affordable-to-medium range of properties Located in growth areas with robust economic activities and superior accessibility to major road systems and railways Well positioned along the Guthrie Corridor Expressway (GCE) and West Coast Expressway 3 Recognised brand with established track record Taman Melawati Subang Jaya Since 1972 Since 1976 Good track record of over 40 years in property development Received awards over the years for excellence and distinctions Putra Brand Awards 2017 Gold Award in Property Category (7 consecutive years) StarProperty.my Awards 2017 Top Ranked Developers of the Year 55
Strong Board Governance and Management 10 8 5 3 Total Board Members Non-Executive Directors Independent Directors Women Directors Non-Independent Non-Executive Chairman Tan Sri Dr. Zeti Akhtar Aziz Sime Darby Property Board R i s k M a n a g e m e n t C o m m i t t e e G o v e r n a n c e & A u d i t C o m m i t t e e T e n d e r C o m m i t t e e N o m i n a t i o n & R e m u n e r a t i o n C o m m i t t e e Accountable for holistic risk management framework and efficacy of internal controls Ensure effective corporate governance Oversee the process of awarding material contracts Responsible for all matters relating to the nomination of new Directors and assessment of Group Managing Director and his direct reports Operational excellence and value creation Efficient employment of company resources to deliver value to shareholders Group Managing Director Dato Sri Amrin Awaluddin Management Team Develop long-term strategies for sustainable growth Adhere to the highest standards on Environmental, Social and Governance (ESG) practices 56
Highly-Qualified Board of Directors Board members have held prominent positions and directorships in public listed companies involving the property sector as well as the banking and finance sectors and in governmental, regulatory and professional bodies Tan Sri Dr. Zeti Akhtar Aziz Non-Independent Non- Executive Chairman Dato' Sri Amrin Awaluddin Group Managing Director Datuk Tong Poh Keow Executive Director Tengku Datuk Seri Ahmad Shah Alhaj ibni Almarhum Sultan Salahuddin Abdul Azjz Shah Alhaj Independent Non- Executive Director Dato' Johan Ariffin Independent Non- Executive Director Dato' Jaganath Derek Steven Sabapathy Independent Non- Executive Director Dato' Seri Ahmad Johan Mohammad Raslan Independent Non- Executive Director Datin Norazah Mohamed Razali Independent Non- Executive Director Encik Rizal Rickman Ramli Non-Independent Non- Executive Director Datuk Dr Mohd Daud Bakar Non-Independent Non- Executive Director 57
Strong Management Team Strong management team with relevant experience and a proven track record in the real estate industry Dato' Sri Amrin Awaluddin Group Managing Director Datuk Tong Poh Keow Chief Financial Officer Fairuz Radi Chief Transformation Officer & Head, Group Managing Director s Office Dato Wan Hashimi Albakri Chief Operating Officer Township Development Quek Cham Hong Chief Operating Officer Integrated Gerard Yuen Yun Wei Chief Marketing & Sales Officer Choo Suit Mae Group General Counsel Azlina Hamzah Chief People Officer Tang Ai Leen Chief Risk and Compliance Officer Aravindan Devapalan Nair Chief Corporate Assurance Officer 58