Big shoes to fill at S P Setia

It was a tearful and emotional farewell on Sunday, April 20 for more than 1,000 staff at S P Setia Bhd’s farewell dinner for its outgoing president and CEO Tan Sri Liew Kee Sin.

One of Malaysia’s largest property developers by market cap with operations in seven countries, staff arrived at the private function held at Setia City Convention Centre, Shah Alam to bid farewell to the man who has been driving the company for more than two decades.

For those who have left S P Setia, or crossed over to Eco World Development Group Bhd (EcoWorld) and its subsidiaries, a new journey awaits them. EcoWorld is the property development company controlled by former executives of SP Setia Bhd. Liew’s son, Tian Xiong, 23, has a majority stake there.

For those who are staying behind, two questions once left on the back burner have come to the fore - What is S P Setia going be like post-Liew? What will their future be? One is a corporate question, the other a personal one. Hopefully, in the next five to six months, there may be more clarity to this.

However, on a national level, a far larger question looms ahead - what are Permodalan Nasional Bhd’s (PNB) plans?

According to its website, PNB, incorporated in 1978, was conceived as an instrument of the Government’s New Economic Policy to promote bumiputra-share ownership in the corporate sector among the bumiputras. It is tasked to develop opportunities for deserving bumiputera professionals to participate in the creation and management of wealth.

Malaysia’s premier investment institution, it has acquired many large and strategic companies, many of them industrial leaders in their respective fields.

About two weeks ago, Prime Minister Datuk Seri Najib Tun Razak who heads PNB’s trustees board, said PNB is managing more than RM267bil of the people’s funds, through various trust funds such as Amanah Saham Nasional, Amanah Saham Bumiputera, Amanah Saham Malaysia, AS1Malaysia and proprietary funds. PNB also has assets overseas.

As for the companies in its stable, the website said the drive for value has prompted PNB to undertake a series of corporate exercises, where companies under the PNB portfolio were reorganised, merged or acquired to increase their operational efficiency and to attain synergistic benefits to enable PNB to achieve its aim for consistent returns.

S P Setia is one of the market leaders in the property sector in PNB’s stable. In 2011, PNB aggressively launched a takeover of the company. That same year, PNB president/group chief executive Tan Sri Hamad Kama Piah Che Othman said the move was part of the asset manager’s long-term strategies to enhance property investments besides strengthening its portfolio, which include stakes in the banking, plantation and automotive industries. PNB has a 65% stake in SP Setia today. Other property companies in its stable are I & P Group Bhd (which it has taken private) and Sime Darby Bhd.

调整合时‧5小股获青睞

儘管本週有数只小资本股跌停板以及低价股面对套利卖压，市场情绪转趋谨慎，但兴业研究仍看好优质小资本股前景，认为股价回退是趁低累积的良机。

该行精挑细选5大优质小资本股供投资者参考，这5大最受看好的小资本股为成功汽车（BJAUTO,5248,主板贸易服组）、益纳利（INARI,0166,创业板科技组）、OCK集团（OCK,0172,创业板贸服组）、谢氏机构（SBCCORP,5207,主板產业组）和齐力工业（PMETAL,8869,主板工业產品组）。

兴业研究日前推介2014年顶尖大马小资本公司，获得客户良好反应，出席率比往年增加。

新鲜股项概念续有高需求

该行指出，富时小资本股指数今年来上涨10.8%及过去12个月飆升43.2%，市场已呈现紧张情绪，但相信高出席率显示新鲜股项概念仍继续有高需求。

该行继续相信小资本股调整正合时宜，投资者將有机会在更低水平累积优质成长股。

在强劲流动性的环境下，该行认为市场条件继续对股市有利。现阶段出现的回退仅是必要的稍作喘息，以支持更具持续性的成长。
兴业表示，这32颗“珍珠”具稳固基本面，兴业研究甄选標准包括管理层可信度、行业基本面、盈利成长潜能和强劲业务纪录。
具强劲企业家动力

该行相信这些雀屏中选的公司都有共同主题，即强劲的企业家动力，这是成长中组织的关键要素。

在首5大优质小资本股中，成功汽车將於6月杪公佈第四季业绩，预料其整装进口车（CBU）將享有高赚幅，以及组装车將因更为本地化而享有更高税务回扣，从而推高销售。

虽然明年6%消费税取代10%销售税，理论上令汽车售价降低，但成功汽车表示无意降低车价，以便保护现有客户，同时保持马自达（Mazda）作为高档日本房车的形象。

管理层重申，马自达的主要车型CX-5、3和6都符合节能车（EEV）资格，將从2014年国家汽车政策中受惠，同时该公司表示有信心未来维持双位数成长。

至於益纳利管理层表示2015財政净利成长25%为保守数字、OCK集团的1亿5千万令吉伊斯兰债券便利只动用了400万令吉，將有充裕资金进行扩充、谢氏机构在亚庇的產业不受MH370和沙巴劫持人质事件影响，因80%买家为本地人，以及齐力工业將受惠於铝价触底（未来可能回升）以及炼铝厂全面投產。

Naza TTDI launches RM2.5bil integrated development

 Naza TTDI Sdn Bhd is strengthening its presence in Shah Alam, this time with another integrated development with a gross developmental value (GDV) of RM2.5bil.

The 38.8-acre business lifestyle hub in Section 13, TTDI Gateway, comprising offices, serviced apartments, retail components, a hotel and a hypermarket, will be built over three phases from now until 2020.

Phase one, comprising a block of business suites, retail units and serviced apartments with a GDV of RM295mil, is slated for completion by the third quarter of 2017, while phase two (GDV of RM1.2bil), comprising office and retail spaces, serviced apartments, a home improvement store, office tower, retail mall and a four-star hotel, will be ready by the final quarter in 2020.

The retail mall will be slightly bigger than Empire in Subang. These two phases have a combined investment value of RM900mil.

Speaking at a press conference, Naza TTDI deputy executive chairman and group managing director SM Faliq SM Nasimuddin said the home improvement centre would see an Asian brand opening its first store in Malaysia.

“You might liken it to a competitor to Ikea. We’re in the midst of finalisation with them and the store will be launched by the third quarter of 2015. It will add value to the Section 13 area,” Faliq said.

Phase three will entail a 13-acre development with a hypermarket, serviced apartments, offices and small office home office (SOHO) units with a total GDV of RM1bil. It is expected to be ready by 2020.

Other projects by the property developer were on track, Faliq said, including the KL Metropolis and two office towers in the RM4bil development Platinum Park.

The Lembaga Tabung Haji office tower in Platinum Park was handed over last month.

The first phase of the residential component of Platinum Park, a serviced apartment tower with over 500 units, will be launched in June.

Overall, Naza TTDI’s projects launched in 2014 have a total GDV of RM1.7bil while the sales target for the year is RM1.5bil.

“We are on track to hit that target as we did for last year’s target of RM1.3bil-RM1.4bil,” Faliq said.

With some 1,100 acres of undeveloped land bank in the Klang Valley and Penang, Naza TTDI is looking to build an 850-acre township in Bertam in the northern state.

Faliq said they would focus on mid-sized projects in prime and strategic locations within the peninsula while keeping watch for opportunities in Indonesia and Singapore.

Currently, Naza TTDI’s assets total about RM1bil, which Faliq was confident would triple to RM3bil in five years.

“That would position us to list as a real estate investment fund when our assets mature. The group has invested in Platinum Park as well as Sentralis, which has a net lettable area of 150,000 sq ft,” Faliq said, adding that Naza TTDI might list in two years if all went well.

“Although there is competition, there is demand for office spaces in prime locations. In light of current challenges of the property market, we are safe as long as we get our model and location right.”