Showing posts with label klccp. Show all posts
Showing posts with label klccp. Show all posts

Saturday 20 April 2013

KLCCP to list stapled REIT by May





KUALA LUMPUR (April 9, 2013): KLCC Property Holdings Bhd (KLCCP), which is expected to list its stapled real estate investment trust (REIT) by early May this year, is in the process of securing an anchor tenant for its latest development in the Kuala Lumpur City Centre (KLCC) area, said its group CEO Hashim Wahir.
"We are not a speculative developer. What we're working on now is to secure the anchor tenant and once it is secured, then we will start planning (for the development). Our target has always been the multinationals because we would like to enhance the precinct by having a mix of tenants," he told reporters after its EGM yesterday.
Hashim said the 0.6ha vacant land in front of Mandarin Oriental in Kuala Lumpur, known as Lot D1, could possibly be an office building with retail component but the building plans will only be confirmed once it has secured the anchor tenant.
"It can be equivalent to Menara 3 Petronas, with one million sq ft of gross floor area," he said, adding that it is in talks with potential anchor tenants but declined to comment on when it expects to finalise talks.
At yesterday's meeting, shareholders approved KLCCP's proposal to create Malaysia's first syariah-compliant stapled REIT in Malaysia, including the injection of Petronas Twin Towers, Menara 3 Petronas and Menara ExxonMobil into the REIT vehicle, KLCC REIT.
Hashim said KLCCP will retain the remaining assets which are Dayabumi Complex, Suria KLCC and Mandarin Oriental, as well as the management services namely KLCC REIT Management Sdn Bhd which will be formed under KLCCP as the manager of the REIT.
"We have a three-pronged growth strategy. We have retained Dayabumi Complex, which has quite a significant redevelopment potential. That's why we're not injecting it into the REIT yet.
"We also have Lot D1, which has a significant development potential," he said.
"Once the assets are stable, we can inject it into the REIT. Of course, we have the normal growth as mentioned, our tenancy will have rental increases and under this arrangement, we also have the first right of refusal on future assets belonging to KLCC (Holdings) Sdn Bhd, which is the ultimate shareholders of KLCCP Stapled Group before Petroliam Nasional Bhd (Petronas)," he added.
In November last year, KLCCP announced that it had signed 15-year triple net lease agreement with Petronas in regard to the Petronas Twin Towers effective Oct 1, 2012. During the first three years, rental would be RM29.1 million per month.
At the same time, its wholly-owned subsidiary Arena Merdu Sdn Bhd also signed a 15-year triple net lease agreement for Menara 3 Petronas, where rental for the first three years would be RM6.1 million per month.
Hashim said the rental rates will be reviewed every three years and the increase in rental rates would be 3% per year, compounded every three years. For its other properties, the leases are between three and five years and will be reviewed based on the market.
On acquiring new assets, he said: "We are focusing on developing what we have in our portfolio but any opportunities that come by that meets the profile of our investment, adds to the value creation of our shareholders and REIT unit holders in future, it will be considered."
Meanwhile, KLCCP director Datuk Manharlal Ratilal said the KLCCP Stapled Group will become one of the largest property groups in Asia, with a RM12 billion market capitalisation if the restructuring exercise and listing proceed as planned.
"The three assets (Petronas Twin Towers, Menara 3 Petronas and Menara ExxonMobil) are worth about RM15 billion. The group's debt is around RM2.3 billion and the balance is the market capitalisation," he said.
KLCCP Stapled Group intends to distribute 95% of the overall distributable income to unit holders for 2013 and 2014. The REIT will be the largest in Malaysia, almost three times bigger than Sunway REIT.

Tuesday 25 September 2012

KLCC Property Holdings Bhd


KLCCP Period (Yrs) 6
Dec-05 Dec-11 Change CAGR
millions millions
Equity 2268.48 6461.07 184.82% 19.06%
LT Assets 5725.37 13203.98 130.62% 14.94%
Current Assets 638.39 775.12 21.42% 3.29%
LT Liabilities 2635.2 3522.2 33.66% 4.95%
Current Liabilities 384.18 305.74 -20.42% -3.73%
Sales 598.02 745.89 24.73% 3.75%
Earnings 114.44 657.7 474.71% 33.84%
Interest expense 165.12 87.58 -46.96% -10.03%
D/E 1.19 0.37
ROA 1.80% 4.70%
ROE  5.04% 10.18%
Number of shares (m) 934.07 934.07 0.00%
Market cap 1882.2 3231.9 71.71% 9.43%
P/E 16.45 4.91
Earnings Yield 6.08% 20.35%
P/BV 0.83 0.50

DPO ratio (historical) 37.64%
Dividend Yield range 4.0%-3.2%
Capital changes  -






Stock Performance Chart for KLCC Property Holdings Bhd

Thursday 30 August 2012

KLCC Property - Return on Retained Earnings

KLCC Property
Year DPS EPS Retained EPS
2002
2003 0 12.9 12.9
2004 6.8 14.7 7.9
2005 7.9 19 11.1
2006 8.7 19.9 11.2
2007 10.4 22.6 12.2
2008 10.5 24 13.5
2009 11 25 14
2010 12 27.9 15.9
2011 12 30.9 P 18.9
2012
Total 79.3 196.9 117.6
From 2002 to 2011
EPS increase (sen) 30.9
DPO 40%
Return on retained earnings  26%
(Figures are in sens)

Thursday 24 November 2011

KLCCP


Market Watch


Announcement
Date
Financial
Yr. End
QtrPeriod EndRevenue
RM '000
Profit/Lost
RM'000
EPSAmended
18-Nov-1131-Dec-11Other30-Sep-11244,825113,5887.60-
23-Aug-1131-Dec-11Other30-Jun-11240,295110,3517.27-
19-May-1131-Mar-11431-Mar-11228,843258,19617.81-
25-Feb-1131-Mar-11331-Dec-10237,437109,0067.26-






Share Price Performance
   High
 
Low
Prices 1 Month
3.130
  (31-Oct-11)
3.000
  (08-Nov-11)
 Prices 3 Months3.380  (02-Sep-11)2.870  (26-Sep-11)
Prices 12 Months3.580  (02-Dec-10)2.870  (26-Sep-11)
Volume 12 Months60,601  (21-Apr-11)2  (20-Sep-11)

Tuesday 22 December 2009

Govt said planning compulsory acquisition of land

Govt said planning compulsory acquisition of land
By Vasantha Ganesan
Published: 2009/12/22



The government plans to compulsorily buy a piece of land measuring 0.38ha on Jalan Tun Razak, Kuala Lumpur, from property developer IGB Corp Bhd (1597).

The land is near Megan Phileo Promenade and a stone's throw from the Petronas Twin Towers.

Should the government pay the prevailing price of around RM1,200 per sq ft for the piece of land, the land may be sold for some RM40 million, a source said.

It is understood that the government may build a fire station on that location.

"IGB has already received a development order to build 166 units of high-end service apartments with 200,000 sq ft of net saleable area," a source told Business Times.

The source added that IGB hopes to get at least RM1,200 per sq ft, given that land prices in vicinity of the Kuala Lumpur City Centre ranges from RM1,900 to RM2,200 per sq ft.

Should IGB be paid RM1,200 per sq ft, it may get some RM40 million from the government.

"The project is in the pipeline, but it has not been launched yet," another source said.

Citigroup in a research report dated December 16 said that the book cost for the land is RM6.4 million or RM156 per sq ft.

"Typically, compulsory acquisition is done at market price (but what is the market price is also subjective) ... In the property market report, the last transaction in the KLCC area (off Jalan Tun Razak) was close to RM1,500 per sq ft," the report said.

It added that should the land be sold at RM1,200 per sq ft, IGB has a potential after tax-gain of RM32 million.

http://www.btimes.com.my/Current_News/BTIMES/articles/igbforce/Article/index_html

Tuesday 17 November 2009

Largest prime property owner in KLCC

Largest prime property owner in KLCC
Tags: Brokers Call | HLG Research | KLCC Property Bhd

Written by Financial Daily
Monday, 16 November 2009 11:09

KLCC Property Bhd
(Nov 13, RM3.29)
Hold at RM3.39: We recently visited KLCC Property (KLCCP) and initiate coverage with a hold as its share price is in line with our RNAV-derived (revised net asset value) price target of RM3.16. Earnings catalyst will come from Lot C and Lot D1 developments, but these will be long-dated, and earnings from the hotel segment are expected to be flat until 2013.

We like KLCCP for its earnings stability and visibility. While geographical concentration is high with 88% of net lettable area (NLA) situated within the KLCC area, rental income base is diversified. Over the last three years, KLCCP’s investment PROPERTIES [] have on average enjoyed capital appreciation of 22% per year, which in turn translates to scope for rental revisions. KLCCP also has a 75% stake in 5-star hotel Mandarin Oriental KL.

KLCCP’s prime assets provide a strong tenants base; blue-chip tenants include Petroliam Nasional Bhd (Petronas), ExxonMobil, Tanjong City Centre Property Management Sdn Bhd, Parkson, Isetan and Cold Storage. These quality tenants are expected to be prompt in payments and maintain a long-term presence in their current locations, while rental revision agreements will ensure sustained growth in rental income.

KLCCP’s investment properties have varying rental rates, with the iconic Petronas Twin Towers fetching the highest rental rates for office space (fixed at RM9.50 psf under the head lease agreement with Petronas). Rental revisions typically occur every three years, allowing sustainable income growth over the long term.

Crucially, KLCCP has been able to secure long-dated lease agreements with key tenants such as Petronas (15 years), Isetan (24 years), ExxonMobil (12 years) and Tanjong Group (15 years). Also, Menara ExxonMobil’s rental rate was previously below the market rate at RM5.25psf but has now been revised to RM7.45psf.

KLCCP enjoys not only stability of rental income, but also upside from capital appreciation of its properties. With more than 100 acres of land and 5.8 million sq ft of NLA in the super-prime KLCC area, KLCCP is well-poised to benefit from rising commercial property valuations and rentals in the heart of KL.

RCULS (redeemable convertible unsecured loan stock), however, is a complicated issue for the company and minority shareholders. KLCCP has issued RM714 million of RCULS to KLCCH, which if converted could lead to a heavy 38% earnings per share dilution. The conversion would also likely trigger a general offer which it wishes to avoid. Full conversion is mandatory on the 10th anniversary in 2014/2015. However, the RCULS provides cheap source of financing for KLCCP (1% interest per annum). Management has until 2014 to come up with a solution that balances the interests of the various parties involved. — HLG Research, Nov 13


This article appeared in The Edge Financial Daily, November 16, 2009.