tambun 2q12 briefing slides draft 3...
TRANSCRIPT
TAMBUN IN
DAH L
AND B
ERHAD
(Company N
o. 8
10446-U
)
1H12 R
esults
and C
orporate U
pdate
5 September 2012
5 September 2012
IR A
dv
ise
rAQ
UIL
AS
Presente
d by :
Ir. T
eh K
iakSeng, M
anagin
g D
irecto
r�Background
1H12 Project R
eview
2
�1H12 Project R
eview
�1H12 Financial Highlights
�Project U
pdates
�Investm
ent Case
�Appendix
Backgro
und
Backgro
und
1H
12 P
roje
cts
Revie
w1H
12 P
roje
cts
Revie
w1H
12 F
inancia
l Hig
hlig
hts
1H
12 F
inancia
l Hig
hlig
hts
Pro
ject U
pdate
sP
roje
ct U
pdate
sIn
vestm
ent C
ase
Investm
ent C
ase
Appendix
Appendix
In growing en
clave…
CONTENTS
BACKGROUND
Rep
utable d
evelo
per in
Pen
ang…
4
Le
ad
ing
pro
pe
rty d
ev
elo
pe
r in M
ain
lan
d P
en
an
g, liste
d o
n th
e M
ain
Ma
rke
t since
Jan
ua
ry
20
11
…
Tambun
TambunIn
dah L
and B
erhad
Indah L
and B
erhad
Stock Exchange
Main Market, B
ursa
Malaysia
-since18 January 2011
-IPOprice
: RM0.70 (RM0.64 ex Rights a
nd Warra
nts Issu
e in June 2012)
Sector
Propertie
s
Tambun
TambunIn
dah L
and W
arrants 2012/2017
Indah L
and W
arrants 2012/2017
Warra
nt Code
TAMBUN –WA
BalanceNo. of W
arra
nts
44.2 mil @
4June 2012
Codes
Bursa
: 5191 /TAMBUN
Bloomberg: TILB MK
Reuters: T
AMB.KL
ShareCapital
RM154.7 mil(309.4 mil sh
ares of RM0.50 par)
Market Capitalisa
tion
RM196.5 mil (R
M0.635 per sh
are @ 30 Aug 2012)
Backgro
und
Backgro
und
1H
12 P
roje
cts
Revie
w1H
12 P
roje
cts
Revie
w1H
12 F
inancia
l Hig
hlig
hts
1H
12 F
inancia
l Hig
hlig
hts
Pro
ject U
pdate
sP
roje
ct U
pdate
sIn
vestm
ent C
ase
Investm
ent C
ase
Appendix
Appendix
In growing en
clave…
CORPORATE IN
FORMATIO
N
BalanceNo. of W
arra
nts
44.2 mil @
4June 2012
Terms of W
arra
nts
Expiry:30 May 2017; Exercise
price
: RM0.60 each; Conversio
n: 1-for-1
Market Capitalisa
tion
RM8.6 mil (R
M0.195 per w
arra
nt @ 30Aug 2012)
5
Ca
rv
ing
a n
iche
as a
rep
uta
ble
pro
vid
er o
f pre
miu
m a
nd
lux
ur
y
ho
me
s in M
ain
lan
d P
en
an
g…
•Founded in 1994, Tambun Indah is a
reputable and premier property
developer in
Mainland Penang
•Tambun Indah is in
strumental in
introducing innovative property concepts
to Mainland Penang
E.g. 1
guarded & gated landed
–E.g. 1
stguarded & gated landed
community, 1
stlanded stra
ta
scheme
�Tambun Indah is fo
cused on providing
luxurious life
style at affordable price
s, with community-centric fe
atures
–Launched >5,000 units w
ith total
GDV of approximately RM1.6 bil
–Typically delivered ahead of
schedule and enjoying full ta
ke-up
rates
Backgro
und
Backgro
und
1H
12 P
roje
cts
Revie
w1H
12 P
roje
cts
Revie
w1H
12 F
inancia
l Hig
hlig
hts
1H
12 F
inancia
l Hig
hlig
hts
Pro
ject U
pdate
sP
roje
ct U
pdate
sIn
vestm
ent C
ase
Investm
ent C
ase
Appendix
Appendix
In growing en
clave…
BACKGROUND
rates
�In the midst o
f developing Mainland
Penang’s first in
tegrated city
, Pearl C
ity,
which has a total GDV of RM3.0 billio
n
1H12 P
ROJECT R
EVIE
W
Build
ing U
p Sales …
7
Co
nsta
ntly
intro
du
cing
con
tem
po
rar
y d
esig
ns th
at a
re u
p-to
-da
te
with
ma
rke
t’s ex
pe
ctatio
ns…
Pearl In
dah (@
Pearl C
ity)
�426 units o
f residential propertie
s comprisin
g 2-
storey semi-Ds and terraces in
Pearl C
ity,
Simpang Ampat
�GDV: RM171.28 mil
�GDV: RM171.28 mil
�Commenced in February 2012
Carissa V
illa –
Shop O
ffices
�24units o
f 2-sto
rey shop office
s at BaganLalang,
Butterworth
�GDV: RM22.59 mil
Backgro
und
Backgro
und
1H
12 P
roje
cts
Revie
w1H
12 P
roje
cts
Revie
w1H
12 F
inancia
l Hig
hlig
hts
1H
12 F
inancia
l Hig
hlig
hts
Pro
ject U
pdate
sP
roje
ct U
pdate
sIn
vestm
ent C
ase
Investm
ent C
ase
Appendix
Appendix
In growing en
clave…
PROJECTS L
AUNCHED IN
1H12
�GDV: RM22.59 mil
�Commenced in April 2
012
Slo
we
r sale
s reco
rde
d in
1H
12
as m
ost o
f the
ne
w p
roje
cts will b
e
intro
du
ced
in 2
H1
2…
de
ma
nd
for re
cen
t lau
nch
es re
ma
ins stro
ng
8
Project N
ame
Launch
Date
Tota
l No. o
f
Units
sold
in 1H12
Tota
l
worth
of
property
sales in
1H12
(RM’ m
il)
Tota
l No. o
f
Units
sold
in 1H11
Tota
l
worth
of
property
sales in
1H11
(RM’ m
il)(R
M’ m
il)(R
M’ m
il)
Past C
ompleted Projects
15
6.85
96.53
Pearl G
arden ( @
Pearl C
ity)
Nov-09
13
5.20
62
20.92
ImpianResidence
Nov-10
83.23
97
31.19
Dahlia Park
Nov-10
52.04
96
25.76
Pearl V
illas ( @
Pearl C
ity)
Jan-11
43
22.23
170
65.02
TanjungHeights
Feb-11
13
4.68
109
35.80
JuruIndustria
l Park
May-11
--
15
23.44
Capri P
ark
Jun-11
27
8.61
42.96
Pearl S
quare 1 & 2 ( @ Pearl C
ity)
Sept-11
22
9.95
--
Backgro
und
Backgro
und
1H
12 P
roje
cts
Revie
w1H
12 P
roje
cts
Revie
w1H
12 F
inancia
l Hig
hlig
hts
1H
12 F
inancia
l Hig
hlig
hts
Pro
ject U
pdate
sP
roje
ct U
pdate
sIn
vestm
ent C
ase
Investm
ent C
ase
Appendix
Appendix
In growing en
clave…
SALES O
VERVIE
W
Pearl S
quare 1 & 2
Sept-11
22
9.95
--
Kelisa
Residence
Nov-11
58
17.66
--
Pearl In
dah 1 & 2 ( @
Pearl C
ity)
Feb-12
179
59.95
--
Pearl In
dah 3 ( @
Pearl C
ity)
Apr-12
53
25.09
--
Carissa
Villa
s -Shop
Apr-12
17
14.75
--
TOTAL
453
180.24
562
211.62
9
77
% o
f on
go
ing
pro
jects w
orth
RM
81
3m
illion
ha
ve
be
en
sold
with
RM
26
3m
illion
ye
t to b
e b
illed
…
Project
Type
No. o
f Units
EstGDV
(RM ‘m
il)
Take-U
p
Rate
Progress
Unbille
d
Sales
(RM’m
il)
Pearl G
arden
2-Storey Bungalows
6
137.75
96.1%
97%
4.54
2-Storey Semi-D’s
102
2-Storey Terra
ces
338
Dahlia Park Condominiums
134
37.35
86.2%
55%
19.29
2-Storey Shop Office
s 12
8.64
77.0%
Dahlia Park
55%
19.29
2-Storey Shop Office
s 12
8.64
77.0%
Impian
Residence
2-Storey Semi-D’s
32
44.84
87.0%
86%
5.31
2-Storey Terra
ces
100
Tanjung
Heights
Condominiums
148
41.07
86.6%
62%
20.27
2/3-Storey Shop Office
s 17
15.86
71.5%
Pearl V
illas
2-Storey Bungalows
19
144.13
74%
59%
49.79
2-Storey Semi-D’s
164
2-Storey Terra
ces
152
Juru
Industria
l
Park
Industria
l Factory
22
36.90
82.5%
39%
18.43
Capri P
ark Apartm
ents
148
44.17
73.7%
22%
29.36
2-Storey Shop Office
s 7
6.57
81.4%
Backgro
und
Backgro
und
1H
12 P
roje
cts
Revie
w1H
12 P
roje
cts
Revie
w1H
12 F
inancia
l Hig
hlig
hts
1H
12 F
inancia
l Hig
hlig
hts
Pro
ject U
pdate
sP
roje
ct U
pdate
sIn
vestm
ent C
ase
Investm
ent C
ase
Appendix
Appendix
In growing en
clave…
ONGOIN
G P
ROJECTS –
UNBIL
LED SALES
2-Storey Shop Office
s 7
6.57
81.4%
Pearl S
quare
2-Storey Shop Office
s 152
73.07
70.9%
37%
33.07
Pearl In
dah
2-StoreyTerra
ces
426
171.28
49.2%
21%
66.23
2-StoreySemi-D’s
Carissa
Park
& other
Apartm
ents
144
28.75
99.1%
95%
1.17
Carissa
Villa
2-Storey Shop Office
s24
22.59
65.7%
21%
15.21
TOTAL
2,147
812.97
77.0%
262.67
Unsold sto
ck fro
m ongoing projects a
s at 3
0 June 2012 : R
M186.7mil
1H12 F
INANCIA
L H
IGHLIG
HTS
Solid
growth poten
tial…
11
Hig
he
r rev
en
ue
con
tribu
tion
from
on
-go
ing
pro
jects re
sultin
g fro
m
ag
gre
ssive
sale
s an
d m
ark
etin
g e
fforts…
(RM'000)
(RM'000)
2Q12
2Q12
2Q11
2Q11
Change
Change
Comments
Comments
1H12
1H12
1H11
1H11
Change
Change
Comments
Comments
Revenue
78,847
52,445
50.3%
Largely due to
increased revenue
recognitio
n fr
om
current p
rojects
144,834
88,398
63.8%
Higher revenue
recognitio
n fr
om
ongoin
g projects &
new la
unches
Gross
Profit
26,010
13,768
88.9%
Higher m
argin
due to
high m
argin
product
48,571
25,671
89.2%
Higher m
argin
due to
high m
argin
product
Profit
high m
argin
product
mix
high m
argin
product
mix
Gross
Margin
33.0%
26.3%
6.7pts
33.5%
29.0%
4.5pts
EBIT
DA
18,452
11,392
62.0%
Impacted by higher
OPEX fr
om higher sales
and m
arketin
g
expenses, a
nd one-off
RM1.18 m
il Rights Is
sue
expense
37,157
21,873
69.9%
Impacted by higher
OPEX fr
om higher
sales and m
arketin
g
expenses, a
nd one-
off R
M1.18 m
il
Rights Is
sue
expense
EBIT
DA
Margin
23.4%
21.7%
1.4pt
25.7%
24.7%
1.0pts
PBT
17,884
11,333
57.8%
Slig
htly
affe
cted by
increased fin
ance costs
36,038
21,759
65.6%
In lin
e w
ith
EBIT
DA
PBT
Margin
22.7%
21.6%
1.1pt
24.9%
24.6%
0.3pt
Backgro
und
Backgro
und
1H
12 P
roje
cts
Revie
w1H
12 P
roje
cts
Revie
w1H
12 F
inancia
l Hig
hlig
hts
1H
12 F
inancia
l Hig
hlig
hts
Pro
ject U
pdate
sP
roje
ct U
pdate
sIn
vestm
ent C
ase
Investm
ent C
ase
Appendix
Appendix
In growing en
clave…
1H12 IN
COME STATEMENT
(1)Based on weighted average no. of ordinary shares of RM0.50 each during each period
PATMI
9,492
4,735
100.5%
Positiv
ely im
pacted by
flat m
inority
interest
18,651
11,121
67.7%
In lin
e w
ith P
BT
Net
Margin
12.0%
9.0%
3.0pt
12.9%
12.6%
0.3pt
EPS(1)
(sen)
3.78
2.14
76.6%
-7.90
5.11
54.6%
-
12
Mo
re th
an
ha
lf from
flag
ship
Pe
arl C
ity p
roje
cts…
1H
12
1H
11
RM
’ mil
% G
rou
p R
even
ue
RM
’ mil
% G
rou
p R
even
ue
Pro
perty
Develo
pm
en
t
PearlV
illas (@
Pearl C
ity)
36.8
525.4
%7.7
38.7
0%
Pearl In
dah 1
, 2 &
3 (@
Pearl C
ity)
17.9
812.4
1%
--
Pearl S
quare
1 &
2 (@
Pearl C
ity)
15.5
410.7
3%
--
Pearl S
quare
1 &
2 (@
Pearl C
ity)
15.5
410.7
3%
--
Pearl G
ard
en (@
Pearl C
ity)
12.1
68.4
0%
42.2
547.9
0%
Tanju
ng
Heig
hts
15.9
611.0
2%
2.7
3.0
0%
Impia
nR
esid
ence
11.8
58.1
8%
9.9
11.2
0%
Dahlia
Park
9.1
56.3
1%
1.8
22.1
0%
Juru
Industria
lPark
9.0
96.2
8%
--
Capri P
ark
5.4
43.7
6%
0.3
0.3
0%
Caris
sa
Villa
s –
Shop O
ffice
3.1
62.1
8%
--
Caris
sa
Park
2.2
91.5
8%
7.1
68.1
0%
Juru
Heig
hts
(Ph I &
II) 0.8
40.5
8%
6.5
87.4
0%
Palm
Villa
s
--
--
Casa P
erm
ai
--
2.1
2.4
0%
Backgro
und
Backgro
und
1H
12 P
roje
cts
Revie
w1H
12 P
roje
cts
Revie
w1H
12 F
inancia
l Hig
hlig
hts
1H
12 F
inancia
l Hig
hlig
hts
Pro
ject U
pdate
sP
roje
ct U
pdate
sIn
vestm
ent C
ase
Investm
ent C
ase
Appendix
Appendix
In growing en
clave…
REVENUE A
NALYSIS
BY P
ROJECT
Casa P
erm
ai
--
2.1
2.4
0%
Oth
ers
1.0
80.7
5%
0.1
40.2
0%
Su
b T
ota
l141.3
997.6
2%
80.6
891.3
0%
Oth
er R
even
ue
Constru
ctio
n, R
enta
l & C
arp
ark
3.4
42.3
8%
7.7
28.7
0%
To
tal
144.8
3100.0
0%
88.4
0100.0
0%
13
Seberang
Perai Utara
30% 1H12 P
roperty
Sales
Wh
ile S
eb
era
ng
Pe
rai S
ela
tan
con
tinu
es to
be
piv
ota
l to e
arn
ing
s,
Se
be
ran
g P
era
i Te
ng
ah
ha
s be
gu
n to
con
tribu
te sig
nifica
ntly
…
Seberang
Seberang
Perai
Utara
26%
1H12 R
evenue
Seberang Perai
Selatan
68%
Seberang Perai
Tengah
2%
Backgro
und
Backgro
und
1H
12 P
roje
cts
Revie
w1H
12 P
roje
cts
Revie
w1H
12 F
inancia
l Hig
hlig
hts
1H
12 F
inancia
l Hig
hlig
hts
Pro
ject U
pdate
sP
roje
ct U
pdate
sIn
vestm
ent C
ase
Investm
ent C
ase
Appendix
Appendix
In growing en
clave…
PROJECT P
ROFIL
E B
Y L
OCATIO
N
Seberang
Perai
Selatan
59%
Seberang
Perai
Tengah
15%
Pro
po
se
d S
eco
nd
Brid
ge
�1H12 top lin
e benefite
d fro
m higher
revenue recognitio
n fro
m residential
and commercia
l propertie
s
development in
SimpangAmpatand
14
FY
20
12
to se
e to
p a
nd
bo
ttom
line
ou
tpe
rform
ing
… a
s gro
ss
ma
rgin
s con
tinu
e to
be
ma
inta
ine
d a
bo
ve
30
%
27
.5%
30
.0%
32
.0%
30
.8%
31
.9%
29
.0%
33
.5%
20
0
30
0
RM
’mil
Gro
up
Re
ven
ue
(RM
’mil)
Revenu
eG
ross Marg
in
development in
SimpangAmpatand
Butterworth
40
60
PB
TP
ATM
I
PB
T &
PA
TM
I (RM
‘mil)
�1H12 PBTwould be higher if n
ot fo
r
the one-off R
ights Issu
e related
expensesand also sales and
97
.11
26
.01
00
.91
28
.11
91
.88
8.4
14
4.8
0
10
0
FY2007FY2008
FY2009FY2010
FY20111H
111H
12
Backgro
und
Backgro
und
1H
12 P
roje
cts
Revie
w1H
12 P
roje
cts
Revie
w1H
12 F
inancia
l Hig
hlig
hts
1H
12 F
inancia
l Hig
hlig
hts
Pro
ject U
pdate
sP
roje
ct U
pdate
sIn
vestm
ent C
ase
Investm
ent C
ase
Appendix
Appendix
In growing en
clave…
REVENUE &
PROFIT
TRENDS
27.0
34.5
30.0
36.2
46.9
21.8
36.0
19.6
23.5
23.8
25.2
23.6
11.1
18.7
0
20
FY2
00
7FY
20
08
FY
20
09
FY
20
10
FY
20
11
1H
11
1H
12
expensesand also sales and
marketing costs in
curred during the
period
�However, 1
H12 PATMI grew at a
lower pace due to the increase in tax
expenses
15
Ne
t cash
po
sition
allo
ws fo
r op
po
rtun
ities in
lan
d a
cqu
isition
an
d
wo
rkin
g ca
pita
l ne
ed
s for m
ore
pro
ject la
un
che
s…
(RM’000)
(RM’000)
As at
As at
30 Jun 2012
30 Jun 2012
As at
As at
31 D
ec 2011
31 D
ec 2011
(Audite
d)
(Audite
d)
Comments
Comments
Non-C
urrent A
ssets
104,969
100,167
-
Current A
ssets
278,303
222,018
Higher m
ain
ly due to
increase in
cash fr
om
Rights Is
sue exercise
Rights Is
sue exercise
Current L
iabilitie
s73,761
59,989
Increase as a result o
f divid
end payable of
RM11.8 m
il and ta
x ownin
g
Non-C
urrent L
iabilitie
s67,204
74,832
Lower resultin
g fr
om reduced lo
ng-te
rm bank
borrowin
gs
Sharehold
ers’ E
quity
206,487
155,331
Higher attr
ibuta
ble to
increase in
share capita
l
from R
ights Is
sue and in
crease in
reta
ined
profits
Min
ority
Inte
rest
35,820
32,033
-
Borrowin
gs (S
T + L
T)
72,216
77,952
Lower due to
reduced lo
ng-te
rm bank
borrowin
gs
Cash &
Bank B
alances
100,737
39,290
Higher due to
proceeds raised fr
om R
ights Is
sue
Backgro
und
Backgro
und
1H
12 P
roje
cts
Revie
w1H
12 P
roje
cts
Revie
w1H
12 F
inancia
l Hig
hlig
hts
1H
12 F
inancia
l Hig
hlig
hts
Pro
ject U
pdate
sP
roje
ct U
pdate
sIn
vestm
ent C
ase
Investm
ent C
ase
Appendix
Appendix
In growing en
clave…
BALANCE SHEET
(1)Based on 309.4 mil ordinary shares of RM0.50 each
(2)Based on 221.0 mil ordinary shares of RM0.50 each
(3)Cash & Bank balances minus Borrowings
Cash &
Bank B
alances
100,737
39,290
Higher due to
proceeds raised fr
om R
ights Is
sue
and positiv
e cash flo
w fr
om operatin
g
operatio
ns
Net G
earin
g R
atio
(x)
Net G
earin
g R
atio
(x)(3)
Net C
ash
Net C
ash
0.25x
0.25x
Net T
angib
le A
ssets /
Share (R
M)
0.66 (1
)0.69 (2
)
FUTURE P
LANS
Tapping In
to G
rowth in
Mainland Pen
ang…
17
To
tal e
stima
ted
GD
V o
f mo
re th
an
RM
3b
to su
pp
ort th
e G
rou
p till
20
20
…
Projects
Timeline
Land siz
e
(acre)
Est. G
DV
(RM ‘mil)
Ongoing
Current to
2012/13/14
123.46
812.97
Planned Projects
2012 to 2014/15/16
69.01
597.60
Planned Projects
2012 to 2014/15/16
69.01
597.60
Future Projects
2013 to2020
559.59
2,343.84
TOTAL
752.06
3,457.09
Backgro
und
Backgro
und
1H
12 P
roje
cts
Revie
w1H
12 P
roje
cts
Revie
w1H
12 F
inancia
l Hig
hlig
hts
1H
12 F
inancia
l Hig
hlig
hts
Pro
ject U
pdate
sP
roje
ct U
pdate
sIn
vestm
ent C
ase
Investm
ent C
ase
Appendix
Appendix
In growing en
clave…
TOTAL G
DV B
REAKDOWN
Ap
pro
xim
ate
ly R
M5
97
.6 m
il wo
rth o
f pip
elin
e p
roje
cts to b
e
lau
nch
ed
in 2
H1
2…
18
Project
Type
Acres
Expecte
d
commencement
Est. G
DV
(RM’ m
il)
BM Residence
Condominium &
landed houses
5.15
Q3 2012
51.09
Pearl R
esidence 1
Bungalows, S
emi-Ds
39.66
Q4 2012
204.33
Pearl R
esidence 1
(@ Pearl C
ity)
Bungalows, S
emi-Ds
& Terrace
39.66
Q4 2012
204.33
Carissa
Villa
s -Residential
3-Storey Terrace
4.42
Q 3 2012
32.55
Pearl Im
pian
(@ Pearl C
ity)
2-Storey Terrace
15.59
Q3 2012
73.53
Straits G
arden
Commercia
l Suites &
Condominium
4.19
Q3 2012
236.08
Backgro
und
Backgro
und
1H
12 P
roje
cts
Revie
w1H
12 P
roje
cts
Revie
w1H
12 F
inancia
l Hig
hlig
hts
1H
12 F
inancia
l Hig
hlig
hts
Pro
ject U
pdate
sP
roje
ct U
pdate
sIn
vestm
ent C
ase
Investm
ent C
ase
Appendix
Appendix
In growing en
clave…
PLANNED P
ROJECTS IN
FY12
Tota
l69.01
597.6 m
il
19
Pip
elin
e p
roje
cts with
tota
l estim
ate
d G
DV
of m
ore
tha
n R
M2
.3
billio
n to
be
the
Gro
up
’s lon
g-te
rm g
row
th ca
taly
st…
Project
Acres
Est. G
DV
(RM’ m
il)
Taman Bukit R
esidence
8.04
55.80
PerquestJV
3.26
37.50
PerquestJV
3.26
37.50
Villa
Permai
3.85
18.59
Pearl R
esidence 2
(@ Pearl C
ity)
44.34
201.00
Pearl R
esidence 3
(@ Pearl C
ity)
101.82
366.95
Pearl C
ity Business P
ark
(@ Pearl C
ity)
107.14
642.00
Other phases -Pearl C
ity
@ Pearl C
ity)
291.14
1,022.00
Backgro
und
Backgro
und
1H
12 P
roje
cts
Revie
w1H
12 P
roje
cts
Revie
w1H
12 F
inancia
l Hig
hlig
hts
1H
12 F
inancia
l Hig
hlig
hts
Pro
ject U
pdate
sP
roje
ct U
pdate
sIn
vestm
ent C
ase
Investm
ent C
ase
Appendix
Appendix
In growing en
clave…
PIP
ELIN
E P
ROJECTS
Tota
l559.59
2,343.84
INVESTMENT C
ASE
Contin
uing O
ur S
uccess S
tory…
Pro
gre
ssive
div
ide
nd
po
licy o
f pa
yin
g 4
0%
to 6
0%
of n
et p
rofit…
21
50.3%
60.0%
15.0
%RM’ m
ilDivid
end P
ayout
4.00
Sen
Divid
end P
er Share
10.2
11.8
40.3%
50.3%
0.0%
20.0%
40.0%
0.0
5.0
10.0
3.29
3.80
0.00
1.00
2.00
3.00
Backgro
und
Backgro
und
1H
12 P
roje
cts
Revie
w1H
12 P
roje
cts
Revie
w1H
12 F
inancia
l Hig
hlig
hts
1H
12 F
inancia
l Hig
hlig
hts
Pro
ject U
pdate
sP
roje
ct U
pdate
sIn
vestm
ent C
ase
Investm
ent C
ase
Appendix
Appendix
In growing en
clave…
DIV
IDEND H
ISTORY
FY10
FY11
Dividend Payout
Payout Ratio
FY10*
FY11
Dividend Per sh
are
* Adjusted for 2-for-5 Rights Issu
e
Sin
gle
dig
it ea
rnin
gs m
ultip
le w
ith h
igh
div
ide
nd
yie
ld…
hig
he
r
FY
12
an
d F
Y1
3 p
rofit g
row
th to
com
pre
ss va
lua
tion
22
FY11 P
E ratio
18.3x
FY11 P
E ratio
18.3x
FY12 P
E ratio
(Annualis
ed)2
5.3x
EV/E
BIT
DA (A
nnualis
ed)
2.7x
Price to
book ratio
31.0x
Histo
rical D
ivid
end yield
46.0%
1Ba
sed
on
FY
11
PA
TM
I of R
M2
3.5
76
millio
n, a
nd
ma
rket ca
p o
f RM
19
6.5
millio
n a
s at 3
0 A
ug
20
12
2 B
ase
d o
n a
nn
ua
lised
1H
12
PA
TM
I of R
M1
8.6
5 m
illion
, an
d m
arke
t cap
of R
M1
96
.5 m
illion
as 3
0 A
ug
20
12
3B
ase
d o
n N
TA p
er sh
are
of R
M0
.66
Backgro
und
Backgro
und
1H
12 P
roje
cts
Revie
w1H
12 P
roje
cts
Revie
w1H
12 F
inancia
l Hig
hlig
hts
1H
12 F
inancia
l Hig
hlig
hts
Pro
ject U
pdate
sP
roje
ct U
pdate
sIn
vestm
ent C
ase
Investm
ent C
ase
Appendix
Appendix
In growing en
clave…
VALUATIO
N
3Ba
sed
on
NTA
pe
r sha
re o
f RM
0.6
64B
ase
d o
n F
Y1
1’s D
ivid
en
d o
f 3.8
sen
pe
r sha
re
Ta
mb
un
Ind
ah
–still le
ad
ing
pro
pe
rty d
ev
elo
pe
r in M
ain
lan
d
Pe
na
ng
with
trem
en
do
us g
row
th p
ote
ntia
l…
23
►Exposure to the growing Mainland Penang property market
►Sustainable catalysts d
riving sta
te’s p
roperty price
s
►Tambun Indah’s re
putation for quality
homes is p
roven by its
►Tambun Indah’s re
putation for quality
homes is p
roven by its
well-su
pported secondary market price
s
►Unbilled sales of RM261.7 millio
n as of 30 June 2012
►Future GDV of m
ore than RM3.0 billio
n till 2
020
►FY12/13 revenue catalysts fro
m new launches in
2H12 worth
GDV of RM597.6 millio
n, as w
ell a
s ongoing projects w
ith
flagship Pearl C
ity development project
►Undemanding valuation of 5.3x FY12 annualise
d PE
Backgro
und
Backgro
und
1H
12 P
roje
cts
Revie
w1H
12 P
roje
cts
Revie
w1H
12 F
inancia
l Hig
hlig
hts
1H
12 F
inancia
l Hig
hlig
hts
Pro
ject U
pdate
sP
roje
ct U
pdate
sIn
vestm
ent C
ase
Investm
ent C
ase
Appendix
Appendix
In growing en
clave…
CONCLUSIO
N
►Undemanding valuation of 5.3x FY12 annualise
d PE
►Dividend policy
of 40% to 60% of net profit; F
Y11 dividend yield
at 6.0%
THANK Y
OU
IR C
onta
cts:
Mr. S
teve Neoh
T: 04-3240088
Mr. S
teve Neoh
T: 04-3240088
Mr. T
erence Loo
T: 03-27111391 / 012-6295 618 te
m.my
APPENDIX
Pearl C
ity
�Mixed Development in
Simpang Ampat;
Seberang Perai
Selatan
26
Pe
arl C
ity: th
e n
ex
t crow
n je
we
l po
ised
to m
ee
t gro
win
g d
em
an
d
from
hig
hly
-disce
rnin
g cu
stom
ers…
�Commenced in 2009,
expected completion in
2020
�Upon completion,
Pearl C
ity will b
e the
well-in
tegrated city
complemented with
public a
menitie
s, recreation facilitie
s, healthcare and
wellness ce
ntre as w
ell
Backgro
und
Backgro
und
1H
12 P
roje
cts
Revie
w1H
12 P
roje
cts
Revie
w1H
12 F
inancia
l Hig
hlig
hts
1H
12 F
inancia
l Hig
hlig
hts
Pro
ject U
pdate
sP
roje
ct U
pdate
sIn
vestm
ent C
ase
Investm
ent C
ase
Appendix
Appendix
In growing en
clave…
PEARLCIT
Y
wellness ce
ntre as w
ell
as re
tail w
ith more
than 11,000
residential housing.
Aeria
l vie
w o
f Pearl C
ity w
ith lo
catio
ns o
f impendin
g a
nd e
xis
ting
develo
pm
ents
27
Pe
arl C
ity B
usin
ess P
ark
: en
com
pa
ssing
nu
me
rou
s facilitie
s for th
e
ultim
ate
lifesty
le in
the
he
art o
f the
city…
Pearl C
ity B
usin
ess P
ark
�Including sta
te-of-th
e-art
facilitie
s and amenitie
s such as re
tirement villa
ge,
boutique hotel,
boutique hotel,
hypermarket, a
lfresco
dining, medical ce
ntre and
private college
Backgro
und
Backgro
und
1H
12 P
roje
cts
Revie
w1H
12 P
roje
cts
Revie
w1H
12 F
inancia
l Hig
hlig
hts
1H
12 F
inancia
l Hig
hlig
hts
Pro
ject U
pdate
sP
roje
ct U
pdate
sIn
vestm
ent C
ase
Investm
ent C
ase
Appendix
Appendix
In growing en
clave…
PEARLCIT
Y
Bird
eye v
iew
of P
earl C
ity B
usin
ess P
ark
Pearl C
ity�5-min drive fro
m North-
South Highway;
28
Stra
teg
ically
loca
ted
ne
ar e
xistin
g a
nd
futu
re tra
nsp
orta
tion
infra
structu
re…
South Highway;
�15-min to 20-min drive fro
m
1st& 2ndPenang bridges; a
nd
�1-min drive fro
m proposed
Electrifie
d Double Track
Commuter Train sta
tion
Backgro
und
Backgro
und
1H
12 P
roje
cts
Revie
w1H
12 P
roje
cts
Revie
w1H
12 F
inancia
l Hig
hlig
hts
1H
12 F
inancia
l Hig
hlig
hts
Pro
ject U
pdate
sP
roje
ct U
pdate
sIn
vestm
ent C
ase
Investm
ent C
ase
Appendix
Appendix
In growing en
clave…
PEARLCIT
Y(con’t)
Pe
na
ng
Se
con
dB
ridg
eu
nd
er
con
structio
n.
Th
ese
con
dlin
kto
Pe
na
ng
Islan
dis
slate
dfo
r
com
ple
tion
in2
01
3.
29
Stra
teg
ically
pla
ced
to ta
p in
to th
e e
xistin
g a
nd
futu
re in
du
strial
de
ve
lop
me
nts in
Ma
inla
nd
Pe
na
ng
…
Pearl C
ity�12 industria
l parks
located within a 15km
located within a 15km
radius fro
m the project.
�Surrounding industria
l parks ca
pable of
generating abundant
employment
opportunitie
s.
Backgro
und
Backgro
und
1H
12 P
roje
cts
Revie
w1H
12 P
roje
cts
Revie
w1H
12 F
inancia
l Hig
hlig
hts
1H
12 F
inancia
l Hig
hlig
hts
Pro
ject U
pdate
sP
roje
ct U
pdate
sIn
vestm
ent C
ase
Investm
ent C
ase
Appendix
Appendix
In growing en
clave…
PEARLCIT
Y(con’t)
�Penang is o
ne of th
e top 10 dynamic
industria
l cluster lo
cations in
the
world.
�In 2011, Penang attra
cted RM14.1bil
30
Ta
mb
un
Ind
ah
stan
ds to
be
ne
fit from
the
Pe
na
ng
succe
ss stor
y…
In 2011, Penang attra
cted RM14.1bil
in foreign direct in
vestm
ents (F
DI), o
r
43% of M
alaysia’s to
tal FDI.
�This is a
30-year re
cord high for both
Penang & Malaysia.
•Recent FDIs in
to the sta
te’s e
conomy
include:
•Robert B
osch
Solar to
build a RM2.2
billio
n fully-integrated solar energy
manufacturing facility
in Batu
Backgro
und
Backgro
und
1H
12 P
roje
cts
Revie
w1H
12 P
roje
cts
Revie
w1H
12 F
inancia
l Hig
hlig
hts
1H
12 F
inancia
l Hig
hlig
hts
Pro
ject U
pdate
sP
roje
ct U
pdate
sIn
vestm
ent C
ase
Investm
ent C
ase
Appendix
Appendix
In growing en
clave…
PENANG G
ROWTH C
ATALYSTS
manufacturing facility
in Batu
Kawan
•Aviatron(M) Sdn Bhd: In
vestin
g
RM500 millio
n on aviation parts
manufacturing facility
at Penang
Science Park industria
l park.
*Sourc
e: M
IDA
–M
ala
ysia
Investm
ent P
erfo
rmance 2
011
31
Ste
ad
y u
ptre
nd
in se
lling
price
s for M
ain
lan
d P
en
an
g p
rop
ertie
s
au
gu
rs we
ll for th
e G
rou
p…
1,0
00
,00
0
RM
Ma
rke
t Tre
nd
for S
urro
un
din
g H
ou
sing
De
ve
lop
me
nt (S
eb
era
ng
Pe
rai S
ela
tan
)
Terra
ceS
em
i-De
tach
ed
Bu
ng
alo
w
30
0,0
00
40
0,0
00
50
0,0
00
60
0,0
00
70
0,0
00
80
0,0
00
90
0,0
00
Year
Year
Terra
ceTerra
ce
(RM)
(RM)
Semi
Semi--
Detached
Detached
(RM)
(RM)
Bungalow
Bungalow
(RM)
(RM)
1995
120,000
218,000
400,000
1999
128,000
238,000
430,000
2003
159,000
288,000
500,000
Backgro
und
Backgro
und
1H
12 P
roje
cts
Revie
w1H
12 P
roje
cts
Revie
w1H
12 F
inancia
l Hig
hlig
hts
1H
12 F
inancia
l Hig
hlig
hts
Pro
ject U
pdate
sP
roje
ct U
pdate
sIn
vestm
ent C
ase
Investm
ent C
ase
Appendix
Appendix
In growing en
clave…
MARKET T
REND
0
10
0,0
00
20
0,0
00
30
0,0
00
19
95
19
99
20
03
20
07
20
08
20
09
20
10
20
11
2003
159,000
288,000
500,000
2007
190,000
338,000
600,000
2008
218,000
388,000
700,000
2009
248,000
428,000
750,000
2010
288,000
488,000
800,000
2011
318,000
588,000
900,000
32
Ta
mb
un
Ind
ah
to b
en
efit fro
m risin
g tre
nd
of p
op
ula
tion
shift to
the
Ma
inla
nd
….
Backgro
und
Backgro
und
1H
12 P
roje
cts
Revie
w1H
12 P
roje
cts
Revie
w1H
12 F
inancia
l Hig
hlig
hts
1H
12 F
inancia
l Hig
hlig
hts
Pro
ject U
pdate
sP
roje
ct U
pdate
sIn
vestm
ent C
ase
Investm
ent C
ase
Appendix
Appendix
In growing en
clave…
POPULATIO
N SHIF
T
�PercentageofPenangbuyershaveincreasedfrom28%to41%(fro
m2009to2011).
�Theinternalmigration
isexpected
toincrease
dueto
expandingindustria
l
developmentinMainland.