Company Update 6 March 2018 LBS Bina Group Berhad Opt for development of ZIC project
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- Rudolph Dorsey
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1 MALAYSIA INVESTMENT RESEARCH REPORT JF APEX SECURITIES BERHAD (47680-X) Company Update 6 March 2018 LBS Bina Group Berhad Opt for development of ZIC project BUY Maintained Share Price Target Price RM1.03 RM1.30 Company Description LBS Bina Group Berhad is a management and investment holding company. The company, through its subsidiaries, operates property development and investment. Stock Data Bursa / Bloomberg code 5789 / LBS MK Board / Sector Main / Property Syariah Compliant status Yes Issued shares (m) Par Value (RM) 1.00 Market cap. (RMm) week price Range RM Beta (against KLCI) m Average Daily Volume 2.42m 3-m Average Daily Value^ RM2.54m Share Performance 1m 3m 12m Absolute (%) Relative (%-pts) Major Shareholders % Gaterich Sdn Bhd Kumpulan Wang Persaraan 5.21 CIMB Group Holdings Bhd 3.57 Historical Chart Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Source: Bloomberg Lee Chung Cheng , ext. 758 cclee@jfapex.com.my What s New Comment LBS Bina (LBS) announced that the Group has entered into a Heads of Agreement (HOA) with NWP Holdings Berhad (NWP) to jointly develop its 60% interests in 264-acre Zhuhai International Circuit (ZIC) land in China. Also, LBS will subscribe 1,100m of NWP Shares or representing 73.7% of the enlarged shares of NWP for RM93.5m, or 8.5 sen/share. Upon completion of the share subscription, LBS is required to make a MGO to NWP. Both parties shall enter into Definitive Agreements (DA) within 60 days from the date of this HOA. The DA shall include some condition precedents which are to be satisfied within 6 months from the date of the DA. Opt for development on ZIC. We are not overly surprised with the management s decision of developing the land in Zhuhai, China instead of outright sales of the land or listing of ZIC in HK, as the Group views the land more valuable over the long run in respect of ROI and period of payback. This is judging from the experience when LBS disposed its Lakewood golf course and the nearby development land in mid Acquiring NWP for ZIC project funding purposes. At a first glance, we are surprised with this latest development as we do not see the Group would benefit much or reaping any working synergy from this tie-up. NWP is principally involved in wood-based industry which is manufacturing of wood moulding, priming, timber and laminated timber, trading of sawn timber, plywood and veener, provision of kiln drying services, sawmilling service and trading of agricultural products and without any prior property experience either in Malaysia or China. We understand that the objective of the corporate exercise is for the funding purpose (as NWP would be the funding vehicle for the ZIC project upon completion of share subscription) and to retain control of the project (via NWP). Thus, this is to ensure that the anticipated massive funding (with estimated total investment of RMB3.5b or RM2.2b) for ZIC project would not put pressure on LBS balance sheet (NWP has zero borrowings) or any future cash call on the Group. Meanwhile, the price consideration of 8.5 sen/share for NWP shares represents 14% discount to NWP s adjusted NTA/share of 9.9 sen and 34.6% discount to current share price of 13.0 sen. Planning for a JV with a local Chinese partner for the development project. Once the Group has established its framework of funding structures (either debt or equity or mixture of both), we understand that LBS would start to Please read carefully the important disclosures at end of this publication
2 team up with a local Chinese party to co-develop the ZIC land in China under its 60% stake at a later stage. In order to ensure the success of ZIC development, the Group realised that strong execution is critical and hence opting for JV in its maiden overseas project. The Group does not rule out the possibility of paring down its 60% stake to the interested party for the land development. Operational wise, LBS next course of action is to obtain the relevant approvals from the local authorities such as Water Resources Department, Environmental Department, Land and Resources Department, etc latest by November 2019 for the West Land and November 2020 for the East Land, prior to commencement of work. Some flashback. To recall, the Group obtained an approval obtained for ZIC transformation plan in November last year. Under the approval, ZIC is divided into two plots, i.e. East Land and West Land. West Land will encompass China-Malaysia Cultural Center, racing circuit amenities (inclusive of race car servicing center, exhibition hall, R&D center, petrol kiosk, first aid center, etc), theme park, commercial area and tourist visiting tower, whilst East Land will be used for additional developments encompassing Malaysia Cultural Village, China-Malaysia Cultural Museum, Cheng-Ho Cultural Hall, Malaysia economic and trade building, themed business area, hotel block, shopping arcade and daily amenities. Earnings Outlook/Revision No change to our earnings forecasts for F. Valuation & Recommendation Maintain BUY on LBS with an unchanged target price of RM1.30, which is based on 20% discount to its RNAV/share of RM1.63. We favour LBS for its: a) strong earnings visibility with the Group s sound business strategy of concentrating in selling affordable landed housings for this year especially in Klang Valley; and b) unlocking potential landbank values in ZIC with current advocate of One belt, One Road initiative amid stronger Malaysia-China ties. 2
3 Figure 1: Financial Summary Year to 31 Dec (RMm) F 2019F Revenue Operating profit Profit before tax Net Profit Core net profit EPS (sen) DPS (sen) P/E (x) P/BV (x) Revenue growth (%) Core net profit growth (%) Operating margin (%) PBT margin (%) Dividend yield (%) Net gearing (%) ROE (%) ROA (%) Source: Company, JF Apex 3
4 Figure 2: RNAV Local Projects Location Remaining Landbank Stake GDV (Current & Future Projects) DCF Basis Acre % RMm RMm Bandar Saujana Putra Selangor % 4, Discount rate of 9% D'Island Residence Puchong % 1, Desiran Bayu Puchong % Embun Mas Selangor % Taman Greenhill Shah Alam % Bukit Cherakah Selangor % Telok Gong Selangor % Tmn Tasek Puchong Puchong % Cameron The Centrum Cameron % 2, Tengkolok Cameron % Cameron Golden Hills Cameron % Taman Royal Lily Cameron 7 100% Kpg Raja Cameron 30 61% Bdr Putera Indah Batu Pahat % 1, Chemor, Ipoh Perak % Kampar Perak % Sinaran Mahkota Kuantan % Kuantan Kuantan % Midhills, Gohtong Jaya Pahang % Midhills 2, Gohtong Jaya Pahang % Johor CBD Johor % 2, Kulai Johor % 2, Danga Bay Johor % 1, Tampoi (JDA) Johor % 1, Celebrity Residence, KK Sabah % Bukit Jalil, KL KL % 1, Dengkil Selangor % 2, Ijok Selangor % 1, Kota Tinggi Johor % 2, Seri Kembangan Selangor 8 100% Unbilled sales 1, ,201.3 Stake in MGB 54.00% Based on w eighted average MGB share price of RM1.33 for the past 1 year China Assets Stake in Zhuhai Holdings 9.70% 80.3 Based on w eighted average Zhuhai share price of HKD1.16 for the past 1 year ZIC race track % Market price of RM59psf (nearby development land sold to Zhuhai Holdings at HKD118psf) Total 3,043.3 Net Debt as of 2Q17 (425.0) RNAV 2,618.3 Warrant A proceeds 4.3 Warrant B proceeds 56.1 RCPS RNAV post warrant proceeds & RCPS 2, Enlarged share cap. 1,711.3 Fully-diluted RNAV/share 1.63 Source: Company, JF Apex 4
5 JF APEX SECURITIES BERHAD CONTACT LIST JF APEX SECURITIES BHD 6 th Floor, Menara Apex Off Jalan Semenyih Bukit Mewah Kajang Selangor Darul Ehsan Malaysia General Line: (603) Facsimile: (603) PJ Office: 15 th Floor, Menara Choy Fook On No. 1B, Jalan Yong Shook Lin Petaling Jaya Selangor Darul Ehsan Malaysia General Line: (603) Facsimile: (603) DEALING TEAM Kong Ming Ming (ext 3237) Shirley Chang (ext 3211) Norisam Bojo (ext 3233) Institutional Dealing Team: Lim Teck Seng Fathul Rahman Buyong (ext 741) Muhammad Syukri (ext 744) Ahmad Mansor (ext 744) Zairul Azman (ext 746) Nur Nadia (ext 741) PJ Office: Mervyn Wong (ext 363) Azfar Bin Abdul Aziz (Ext 822) Tan Heng Cheong (Ext 111) RESEARCH TEAM Lee Chung Cheng (ext 758) Lee Cherng Wee (ext 759) Low Zy Jing (ext 754) Nursuhaiza Binti Hashim (ext 752) Siau Li Shen (ext 753) JF APEX SECURITIES - RESEARCH RECOMMENDATION FRAMEWORK STOCK RECOMMENDATIONS BUY : The stock s total returns* are expected to exceed 10% within the next 12 months. HOLD : The stock s total returns* are expected to be within +10% to 10% within the next 12 months. SELL : The stock s total returns* are expected to be below -10% within the next 12 months. TRADING BUY : The stock s total returns* are expected to exceed 10% within the next 3 months. TRADING SELL : The stock s total returns* are expected to be below -10% within the next 3 months. SECTOR RECOMMENDATIONS OVERWEIGHT : The industry as defined by the analyst is expected to exceed 10% within the next 12 months. MARKETWEIGHT : The industry as defined by the analyst is expected to be within +10% to 10% within the next 12 months. UNDERWEIGHT : The industry as defined by the analyst, is expected to be below -10% within the next 12 months. *capital gain + dividend yield JF APEX SECURITIES BERHAD DISCLAIMER Disclaimer: The report is for internal and private circulation only and shall not be reproduced either in part or otherwise without the prior written consent of JF Apex Securities Berhad. The opinions and information contained herein are based on available data believed to be reliable. It is not to be construed as an offer, invitation or solicitation to buy or sell the securities covered by this report. Opinions, estimates and projections in this report constitute the current judgment of the author. They do not necessarily reflect the opinion of JF Apex Securities Berhad and are subject to change without notice. JF Apex Securities Berhad has no obligation to update, modify or amend this report or to otherwise notify a reader thereof in the event that any matter stated herein, or any opinion, projection, forecast or estimate set forth herein, changes or subsequently becomes inaccurate. JF Apex Securities Berhad does not warrant the accuracy of anything stated herein in any manner whatsoever and no reliance upon such statement by anyone shall give rise to any claim whatsoever against JF Apex Securities Berhad. JF Apex Securities Berhad may from time to time have an interest in the company mentioned by this report. This report may not be reproduced, copied or circulated without the prior written approval of JF Apex Securities Berhad. Published & Printed By: JF Apex Securities Berhad (47680-X) (A Participating Organisation of Bursa Malaysia Securities Berhad) 5
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