News by AmInvestment Bank

Equipped with a low gearing level, Mah Sing has continued its land acquisition spree in financial year 2017.

MRCB will manage to complete the whole project ahead of schedule, which is set at 20 months.

Malaysian Resources Corp Bhd’s (MRCB) 85%-owned Rukun Juang Sdn Bhd (RJSB), Tanjung Wibawa Sdn Bhd (TWSB), a wholly-owned subsidiary of the Employees Provident Fund (EPF), and Bukit Jalil Sentral Property Sdn Bhd (Bukit Jalil Sentral) had on Wednesday entered into a subscription and shareholders’ agreement of which: i) RJSB and TWSB will co-invest in a special purpose company, namely Bukit Jalil Sentral, to jointly develop the land; and ii) the proposed disposal by RJSB of the land to the joint-venture company (JV Co) for an aggregated consideration of up to RM1.43 billion (RM430 per square foot).

S P Setia Bhd has launched a differential sum loan scheme called Setia Express Advance Loan (SEAL), that offers purchasers of its properties lending rates as low as 5.5% per annum and loan amount of up to 30% of the intended property’s purchase price. The move is aimed at helping eligible purchasers of completed S P Setia properties to bridge the financing gap between the purchase price and the purchaser’s end-financing loan amount.

We were encouraged by the management’s commitment to continue focusing on the affordable segment, with the majority of its new launches in the financial year ending June 30, 2017 (FY17) and FY18 catering to this particular segment. We believe demand for products within this segment

The latest contract has boosted Econpile’s year-to-date job wins to RM1.14 billion for its financial year and its order backlog to RM1.5 billion.

The jewel of Sarawak conglomerates, Cahya Mata Sarawak Bhd, focuses on a wide range of businesses — cement, construction materials and trading, construction and road maintenance, information and communications technology, property development and strategic investments.

The Sewerage Services Department Sarawak has awarded Hock Seng Lee Bhd (HSL) a RM333 million Centralised Wastewater Management System for Miri City (Phase 1A) contract which has been earmarked under the 10th Malaysia Plan.

Sunway recorded RM1.2 billion new property sales in FY2016 (+0% y-o-y), underpinned largely by sales from Sunway Mont Residences (RM219 million), Singapore (RM184 million), Iskandar (RM128 million) and China (RM188 million).

The strong performance was contributed mainly by the property segment, of which revenue jumped 118% y-o-y to RM401.3 million, while operating profit surged 353% y-o-y to RM107.2 million. No dividend was declared for the quarter.