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Overview
Financial Highlight
Headlines
Business Background Berjaya Assets Bhd is an investment holding company. The company's business segments are gaming and related activities, Property development and property investment, and Recreation. Group operates various forecast lotteries in Sarawak, as well as provides lottery consultancy and related services. It is also involved in the investment and development of properties; operation of a hotel, theme park, and car park; management of a ferry terminal; and leasing of a theatre, as well as general trading and provision of commission agency services. Business activity of Berjaya is primarily functioned through Malaysia.
  Vict Vincent tan and sultan Johor control more than more 70percents of bjassets. Maybe, they can privatise it... The gambling biz in Sarawak can be disposed off thereafter :) 06/08/2018 11:22 Vict When will bjassets divest its gambling biz? :) KUALA LUMPUR: Kewujudan pusat judi termasuk di Genting Highland tidak perlu dibenarkan beroperasi, kata Datuk Mujahid Yusof Rawa. Menteri di Jabatan Perdana Menteri (Hal Ehwal Agama) itu berkata demikian secara peribadi kerana aktiviti itu ditentang semua agama, bukan sahaja Islam. “Saya kalau bertanya kepada saya, kalau boleh (judi) Genting Highland ke, semua tak ada. Sebab ini akan jadi masalah, selagi ada permintaan selagi itu ada tawaran,” katanya ketika ucapan pergulungan titah Agong di Dewan Rakyat. Mujahid berkata demikian menjawab pertayaan Datuk Seri Edmund Santhara (PH-Segamat) yang menanyakan adakah kerajaan hanya membenarkan syarikat judi besar seperti di Genting Highland dan mengetepikan permohonan syarikat kecil. Mujahid turut menjawab pertanyaan Edmund, adakah terdapat peruntukan undang-undang tidak membenarkan orang Islam menjadi pemegang saham dalam syarikat judi. Beliau menjawab: “Mana-mana ahli lambaga pengarah Islam terlibat dalam syarikat perjudian tidak ada. Saya bercakap dari segi moralnya, jadi saya nasihat kepada orang Islam jika beliau tahu tanggungjawab dia, kalau judi haram maka nak jadi ahli lembaga, lagi tak boleh,” katanya. Dalam perkembangan lain, Mujahid bersetuju dengan cadangan Datuk Nik Muhammad Zawawi Salleh (PAS-Pasir Puteh) supaya setiap kementerian membentuk satu jawatankuasa bagi membolehkan semua wakil agama mengadakan perbincangan soal judi dan memperkenalkan penguatkuasaan hukuman bagi semua agama secara selari bagi kesalahan judi. “Saya bersetuju dengan Pasir Puteh, sebab saya kira isu judi bukan Islam sahaja tapi merentasi semua kaum,” kata Mujahid sambil memaklumkan pihaknya bersetuju menjadikan Kelantan sebagai contoh dalam membanteras judi, jika ia memberi kebaikan.” 06/08/2018 21:54 Vict In my opinion, better to privatise bjassets because of its gambling biz in Sarawak Dan sultan Johor is a major shareholder. Less publicity as a non-listed company, etc... Vincent tan has privatised listed companies before, nothing new. 29/08/2018 08:47 somersby dono vt tan doing what? price keep droping, and dymm sultan johor buyng so much 07/09/2018 23:07 Vict Buy some today, below 30sen now, follow sultan Johor's investment, one of the major shareholders in bjassets. 14/09/2018 09:05 Vict Buy and hold till bjassets becomes a shariah compliant stock... I think it is very near now 14/09/2018 09:11 Vict Hoping bjassets would sell its gambling biz in Sarawak to bjtoto via cash or cash plus non-gambling assets from bjtoto. :) 14/09/2018 09:25 Vict Last year's prediction and this year's share price very different :) CONCLUSION / RECOMMENDATION“Malaysia’s economy”Above market expectations, Malaysia recorded a 1Q/2017 GDP growth of 5.6%, according to Bank NegaraMalaysia. BNM has maintained its accommodative overnight policy rate (OPR) at 3.0%, while inflation(CPI) (April 2017) has hiked up to +4.4%. Malaysia’s April 2017 PMI stood at the improved sentiment levelof 50.7. For March 2017, Malaysia recorded encouraging y-o-y growth of +24.1% for Exports, +24.1% forImports, +13.6% for Manufacturing Sales and +4.6% for Industrial Production Index (IPI).“Buy/Outperform Call”Given Berjaya Asset’s investment highlights as mentioned above, we thus recommend aBuy/OutperformCall, with a target price (TP) of RM1.62. The TP is derived based on a P/BV of1.0 time, suggesting a32.8% or40 sen potential upside in stock price, based on our FY18E numbers. We find that BerjayaAsset’s P/BV valuations are currently reasonable,and look forward for further upside potential. The grouphas a manageablenetgearing position of around 0.3 times its shareholders’ funds, andhencedoes appearreasonably priced.“Investors’ interest piqued”As per announcements on Bursa Malaysia, we note that Tan Sri Vincent Tan(“TSVT”)has been buying upBerjaya Asset shares since 31st May 2017, with a total of more than 1.4 million shares acquired.Alsonotably, there has been a slew of warrants conversions since 26th April 2017, with more than 75 million ofwarrants having been converted into ordinary shares of Berjaya Assets.Since April 2017, the Group’sshare price and trading volume has been noticeably higher than in the preceding months, and this haspiqued investors’ interest and curiosity. While we are unaware of TSVT’s next market manoeuvre, therecould be a myriad of possibilities, ranging frominternalcorporate exercises to M&A and JV initiatives. Themarket eagerly waits for the next move. 19/09/2018 10:46 Vict INVESTMENT HIGHLIGHTS The group has a number of growth catalyst s or investment highlights, which we list down here: Substantial value and tenant base, especially at Berjaya Times Square. Potential upside from expansion and land reclamation of Berjaya Waterfront in JB. Potential upside from its venture into motor ve Oriental Assemblers. Potential upside from MOU with China party. Possible divestment of some lands / buildings. hicle assembly / distributorship via its acquisition of Management team with many years of experience in the property development and managem industry. Possible dividend / bonus upside . 19/09/2018 10:47 Vict CORPORATE DEVELOPMENTS Oriental Assemblers On 21 st June 2016, Aroma Kiara Sdn Bhd, a whollyowned subsi More than 30 years of experience, including more than 10 years of experience in managing the NFO business. diary company of the Company entered into a Share Purchase Agreement with Oriental Holdings Berhad, Oriental Rubber & Palm Oil Sdn Berhad, Dato’ Syed Mohamad Bin Syed Murtaza, and Dato' Seri Haji Md Isahak Bin Md. Yusuf to acquire 100% equity interest in O riental Assemblers Sdn Bhd for a total cash consideration of RM32.5 million ("Proposed Acquisition"). On 6 th January 2017, the Company announced that the Share Purchase Agreement is now unconditional upon the receipt of the approval from the Ministry of I Acquisition on 29 th nternational Trade and Industry for the Proposed December 2016 and hence, the balance of cash consideration amounting to RM29.25 t. million being 90% of the consideration will be settled pursuant to the terms of the Share Purchase Agreemen This transaction has since been completed on 1 Megaquest (NFO) On 12 th July 2016, Tropicfair Sdn Bhd, a whollyst June 2017. owned subsidiary company of the Company had entered into a Share Sale Agreement with Violet Circle Sdn Bhd to acquire the remai ning 50% equity interest in Megaquest Sdn Bhd for a total cash consideration of RM108.0 million. The said acquisition is still pending. Foshan City Bureau of Commerce On 13 th July 2016, Berjaya Waterfront Sdn Bhd (“BWSB”), a whollyowned subsidiary comp any of the Company and Foshan City Bureau of Commerce (“FCBC”), the agency responsible for the commerce development and management of the Government of Foshan City, Guangdong Province in China entered into a Memorandum of Understanding (MOU) for Collaborat ion to foster trade and investment from Foshan City to the South East Asia Duty Free Trade City (“SEADFTC”) project. Under the MOU, both BWSB and FCBC will establish a framework for collaboration with progressive discussions, exchange of information, and development and investment updates for the relevant commercial initiatives. FCBC will organise trade visits to SEADFTC to explore and conduct trading and investment activities with the intention of promoting this project as a strategic initiative for Fosh an City investors in Malaysia. 19/09/2018 10:48 Vict Prediction in July 2017 :) BERJAYA ASSETS BHD [3239]“InterestingTimesAhead”COMPANY BACKGROUND Update Report18 July, 2017MAIN MARKETPROPERTIESMarket Price (RM):1.22Target Price (RM):1.62Upside (%):32.8Upside (RM):0.40KEY INFO52wk Low (RM):0.7152wk High (RM):1.40Average 1-yr Vol(“000):332.7Issued Shares (mil):1447.6Market Cap (mil):1766.1Financial year end:30th JunePar value (RM)1.00TOP 3 DIRECTSHAREHOLDERSTan Sri Dato’ SeriVincent Tan:41.9%Portal Access S/B:6.3%Berjaya Land Bhd:3.0%:Buy/Out PerformBACKGROUNDBerjaya Assets Berhad was listed in August 2009, taking over the listingstatus of Matrix International Bhd.The group’s headquarters is located atBerjaya Times Square, in downtown Kuala Lumpur.Berjaya Assets Bhd is agroup mainly focusedon property development and management, but ithas also diversified into a few other business activities.INVESTMENT HIGHLIGHTSThe group has a number of growthcatalystsor investment highlights,somewhich we list down here:> Substantial value and tenant base, especially at Berjaya Times Square.> Potential upside from expansion and land reclamation of BerjayaWaterfront in JB.> Potential upside from its venture into motor vehicle assembly /distributorship via its acquisition of Oriental Assemblers.> Potential upside from MOU with China party.> Possible divestment of some lands / buildings.> Possibledividend/bonus upside.> Management team with many years of experience in the propertydevelopment and management industry.RECOMMENDATIONWe recommend aBuy/Outperform with target price of RM1.62,reflecting aP/BV of1.0 time over its FY18 BV/Share. 19/09/2018 10:50 Vict Food and Beverage (Berjaya Assets Food (BAF) Sdn Bhd) Berjaya Assets Berhad through its 100% owned subsidiary, Berjaya Assets Food (BAF) Sdn Bhd obtai ned a license agreement with Greyhound Café Co Ltd (from Thailand) for exclusive rights to establish and operate cafes under the trademark ‘Greyhound Café’ in Malaysia. Greyhound Café is a fashionable casual dining café that offers a trendy and creative mi Greyhound Café restaurant was opened on 1 st x of menus, great service and ambience. The first March 2016 at ANSA, in the heart of Bukit Bintang, Kuala Lumpur. A new outlet at Mid Valley Megamall has since opened. 19/09/2018 10:51  superbear2020 Good buy @ P/E = -21.18 (negative) ? I still have some shares here (a few K), already stop loss by selling half of them last few months. If I know it will drop further like hell, I will sell all. Hopefully the analysis is right, the shares will boom up soon .... :-) 20/09/2018 09:17 Vict I guess , maybe, interested parties just let the price to fall to the lowest price level, then slowly buyback in bulk... When substantial quantity has been bought, then they continue to buy more and more till the price is back to a reasonable level. 20/09/2018 09:42 LouiseS Share price dropped from peak of RM1.40 in 2017 to around RM0.30 now, EPS is negative in last two quarters, strong competition from other malls and hotels, unlikely to have significant profit and growth in next few years. 09/12/2018 12:08  Choivo Capital If you buy with a less than 5 year view for this one, you're likely to be disappointed. Also this is a small position co. Maybe 1-3%. 27/12/2018 12:52 Erudite https://www.freemalaysiatoday.com/category/nation/2019/01/07/dr-m-to-meet-johor-sultan-on-thursday/ 08/01/2019 11:44  zhangliang https://www.thestar.com.my/business/business-news/2017/10/04/johor-sultans-daughter-becomes-bassets-chairman/ 08/01/2019 14:50 zhangliang https://www.thestar.com.my/news/nation/2019/01/10/mahathir-to-meet-johor-ruler-today/ 10/01/2019 08:52  |
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