CURRENT YEAR QUARTER
31/03/2015
Revenue : 238,888
Profit/(loss) before tax : 108,888

21. Citigroup Nominees (Tempatan) Sdn Bhd
Beneficiary : Pledged Securities Account For Kwee Sow Fun
(004060431)
3,000,000 0.55
22. Tokio Marine Life Insurance Malaysia Bhd
Beneficiary : As Beneficial Owner (PF)
3,000,000 0.55
23. Ooi Bee Bee
2,868,300 0.53
24. HSBC Nominees (Tempatan) Sdn Bhd
Beneficiary : HSBC (M) Trustee Bhd For RHB-OSK Smar
t
Treasure Fund (4694-002)
2,650,000 0.49
25. Yong Keang Cheun
2,500,000 0.46
26. Lai Chie King
2,440,000 0.45
27. HLB Nominees (Tempatan) Sdn Bhd
Beneficiary : Pledged Securities Account For Yeoh P
oh Choo
2,400,000 0.44
28. Kenanga Nominees (Tempatan) Sdn Bhd
Beneficiary : Pledged Securities Account for Mak Ti
an Meng
2,200,000 0.40
29. DB (Malaysia) Nominee (Tempatan) Sendirian Berh
ad
Beneficiary : Deutsche Trustees Malaysia Berhad For
Hong
Leong Growth Fund
2,110,000 0.39
30. TA Nominees (Tempatan) Sdn Bhd
Beneficiary : Pledged Securities Account For Tam Ma
y Chow
2,000,000 0.37
Total 376,987,136 69.31

127
Annual Report 2014
Analysis of Shareholding & Warrantholdings (cont’d)
as at 20 April 2015
1. Analysis of Shareholdings (cont’d)
List of Thirty (30) Largest Registered Shareholders
As At 20 April 2015
No.
Name of Shareholders
No. of
Shares
%
1. IFCA Software (Asia) Sdn Bhd
200,604,643
36.89
2. HSBC Nominees (Asing) Sdn Bhd
Beneficiary : TNTC For Baring Pacific Fund
21,468,200
3.95
3. CIMB Group Nominees (Tempatan) Sdn Bhd
Beneficiary : CIMB Commerce Trustee Berhad - Kenang
a
Growth Fund
12,439,400
2.29
4. DP Capital Limited
12,430,050
2.29
5. HSBC Nominees (Tempatan) Sdn Bhd
Beneficiary: HSBC (M) Trustee Bhd For RHB-OSK KIDSA
VE
Trust (3621)
12,300,000
2.26
6. Kevin Lim Junhao
11,494,600
2.11
7. HSBC Nominees (Asing) Sdn Bhd
Beneficiary : HSBC-FS For Legg Mason Western Asset
Southeast Asia Special Situations Trust (201061)
9,785,900
1.80
8. Citigroup Nominees (Tempatan) Sdn Bhd
Beneficiary : Employees Provident Fund Board (RHB I
NV)
9,200,000
1.69
9. IFCA Software (Asia) Sdn Bhd
8,000,000
1.47
10. DB (Malaysia) Nominee (Asing) Sdn Bhd
Beneficiary : Deutsche Bank AG London
7,258,699
1.33
11. DB (Malaysia) Nominee (Asing) Sdn Bhd
Beneficiary : SSBT Fund 59DQ For Oregon Public Empl
oyees
Retirement System
6,305,100
1.16
12. Affin Hwang Nominees (Asing) Sdn Bhd
Beneficiary : DBS Vickers Secs (S) Pte Ltd For Opti
mus
Capital International Limited
6,000,000
1.10
13. Citigroup Nominees (Asing) Sdn Bhd
Beneficiary : UBS Sec LLC For Chambers Street Global Fund,
LP
6,000,000
1.10
14. HSBC Nominees (Tempatan) Sdn Bhd
Beneficiary : HSBC (M) Trustee Bhd For RHB-OSK Grow
th
and Income focus Trust (4892)
5,591,000
1.03
15. Alliancegroup Nominees (Tempatan) Sdn Bhd
Beneficiary : Pledged Securities Account For Kwee Sow Fun
(6000911)
5,245,000
0.96
16. HSBC Nominees (Asing) Sdn Bhd
Beneficiary : Morgan Stanley & Co. International PL
C (Firm
A/c)
4,678,981
0.86
17. DB (Malaysia) Nominee (Asing) Sdn Bhd
Beneficiary : SSBT Fund 62L2 For USAA Emerging Mark
ets
Fund
3,396,500
0.62
18. UOBM Nominees (Asing) Sdn Bhd
Beneficiary : Banque De Luxembourg For RAM (LUX)
Systematic Funds – Emerging Markets Equities
3,370,763
0.62
19. Ooi Sin Heng
3,150,000
0.58
20. Tan Ah Loy @ Tan May Ling
3,100,000
0.57
Analysis of Shareholding & Warrantholdings (cont’d)
as at 20 April 2015
1. Analysis of Shareholdings (cont’d)
List of Thirty (30) Largest Registered Shareholders
As At 20 April 2015
No.
Name of Shareholders
No. of
Shares
%
1. IFCA Software (Asia) Sdn Bhd
200,604,643
36.89
2. HSBC Nominees (Asing) Sdn Bhd
Beneficiary : TNTC For Baring Pacific Fund
21,468,200
3.95
3. CIMB Group Nominees (Tempatan) Sdn Bhd
Beneficiary : CIMB Commerce Trustee Berhad - Kenang
a
Growth Fund
12,439,400
2.29
4. DP Capital Limited
12,430,050
2.29
5. HSBC Nominees (Tempatan) Sdn Bhd
Beneficiary: HSBC (M) Trustee Bhd For RHB-OSK KIDSA
VE
Trust (3621)
12,300,000
2.26
6. Kevin Lim Junhao
11,494,600
2.11
7. HSBC Nominees (Asing) Sdn Bhd
Beneficiary : HSBC-FS For Legg Mason Western Asset
Southeast Asia Special Situations Trust (201061)
9,785,900
1.80
8. Citigroup Nominees (Tempatan) Sdn Bhd
Beneficiary : Employees Provident Fund Board (RHB I
NV)
9,200,000
1.69
9. IFCA Software (Asia) Sdn Bhd
8,000,000
1.47
10. DB (Malaysia) Nominee (Asing) Sdn Bhd
Beneficiary : Deutsche Bank AG London
7,258,699
1.33
11. DB (Malaysia) Nominee (Asing) Sdn Bhd
Beneficiary : SSBT Fund 59DQ For Oregon Public Empl
oyees
Retirement System
6,305,100
1.16
12. Affin Hwang Nominees (Asing) Sdn Bhd
Beneficiary : DBS Vickers Secs (S) Pte Ltd For Opti
mus
Capital International Limited
6,000,000
1.10
13. Citigroup Nominees (Asing) Sdn Bhd
Beneficiary : UBS Sec LLC For Chambers Street Global Fund,
LP
6,000,000
1.10
14. HSBC Nominees (Tempatan) Sdn Bhd
Beneficiary : HSBC (M) Trustee Bhd For RHB-OSK Grow
th
and Income focus Trust (4892)
5,591,000
1.03
15. Alliancegroup Nominees (Tempatan) Sdn Bhd
Beneficiary : Pledged Securities Account For Kwee Sow Fun
(6000911)
5,245,000
0.96
16. HSBC Nominees (Asing) Sdn Bhd
Beneficiary : Morgan Stanley & Co. International PL
C (Firm
A/c)
4

http://www.bursamarketplace.com/index.php?ch=54&pg=167&ac=15132&bb=research_article_pdf

22 May
CIMB Research -
Malaysia Daybreak - 22 May 2015

YESTERDAY BRIEFING

1) SYARIAH COMPLIANCE MAY 2015

2)MAIN BOARD
TARGET Q2 2015

3)FINAL DIVIDEND

99% CONFIRM Syariah Bursa Malaysia MAY 2015

清真股新名單 2015 MAY : IFCA

S O M E T H I N G I S B R E W I N G ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !

S O M E T H I N G I S B R E W I N G ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !

IFCA MSC rises 1.23% on firm outlook, target price upgrade

http://www.theedgemarkets.com/my/article/ifca-msc-rises-123-firm-outlook-target-price-upgrade?type=Markets

2015-03-19
新加坡悦榕集团与竞优软件共同签属了合作协议，并于近日召开了项目启动会。悦榕集团的董事总经理，成本总监，销售总监，财务总监等相关业务负责人，竞优销售总经理以及项目组成员共同出席了本次会议。
悦榕集团为顶尖度假村、酒店及SPA的国际营运开发商。自从1994在泰国普吉岛开设第一家度假村以来，悦榕集团在全球已扩展成一家多元业务企业，并于2006年在新加坡证券交易所上市。集团目前于28个国家拥有36家酒店及度假村、约73间SPA、91间精品店及三座高尔夫球场，并预期于2017年于33个国家增加至66家酒店及度假村、117间SPA、151间精品店。悦榕集团的创新经营模式包含3个核心业务领域，为其带来多源收入，在酒店业是非常独特的。也正是这种培养内部人才发展并经营集团附属产品的方程式，让竞争者难以成功复制。

会议上,悦榕集团董事总经理表示希望通过信息化软件促使悦榕集团业务更好地管理与发展，目前悦榕集团正处在自身提升与业务跨越的阶段，从酒店管理公司的业态升华到房地产的开发商与运营商，业务密集型的房地产业务本身就需要高度信息化的管理，通过信息化的管理增强了对发展的决心与信心，并将中国成都乐古浪项目作为悦榕集团在全国的信息化的种子项目，成为全国的试点项目。希望竞优软件通过结合悦榕的自身条件和零经验的实际情况助力悦榕实现管理创新，并有针对性地提出了三个目标：1、短期目标，相关业务人员主动配合，保证各项工作有序开展; 2、中期目标，成本模块与销售模块分别上线运行; 3、远期目标，竞优系统与悦榕成都项目团队成为国内信息化流程的种子。
竞优销售总经理则表示，竞优抱着最大的诚意，不光是全力支持此次成都乐古浪系统项目，更是与悦榕融入一体，目标是一致，努力把成都乐古浪项目做成标杆，积极打造悦榕集团全面的推广上线。

source:
http://www.ifca.com.cn/news/20150319.html

Its share price succumbed to selling pressure despite the Johor based property develop having achieved a record high profit for the financial year ended Dec 31 2014.

It posted a net profit of rm340 million or rm0.8056 per share in FY2014 an 87% increase compared with FY2013.

The selling was partly because of the group’s earnings have come in below market expectation due to slower billing recognition from property sales. Excluding a property revaluation gain of rm88.2 million, the group’s core profit would be rm252 million.

KSL has a massive landbank in Iskandar Malaysia that it acquired long before the boom. The group also enjoys stable recurring rental income from its shopping mall and hotel in JB.

Rental income grew to rm72.08 million in FY2014 from rm64.28 million a year ago. Its rental earnings are indeed higher than that of some of the listed real estate investments trusts.

In addition KSL has achieved an average profit margin of 34% thanks to low land costs.

Its low land costs provide greater flexibility in pricing, which helps KSL cater for the affordable market segment while maintaining decent margins. Furthermore, its growing property investment income helps provide earnings security should the broader property market remain soft.

KSL’s property’s assets are severely undervalued by rm1.55 billion. A revaluation of the group’s assets could yield an additional valuation of rm2.05 billion which would translate into a book value of rm3.90 per share.

KSL has started rewarding its shareholders with dividends.

China is a huge market
China is a huge market with 45,000 property companies and IFCA only has
over 100 customers in China. The company has 8 offices there and is planning
to add 10 new offices by end-2015. In 2014, IFCA sales soared 80% to around
RM30m while revenue recognised was only RM23.8m. In 2015, management
expects China sales to grow 80-100%, if not higher.

GST work to continue after Apr 2015
IFCA shared with us that 30% of its property customers are still not
GST-compliant as orders have come in late. As such, the company is not likely
to be able to complete all the GST work before the Apr 2015 deadline. For
further updates and changes in GST regulation after the Apr 2015 deadline,
IFCA is offering customers an ‘insurance’ programme. For a small monthly fee,
IFCA will update its software for any changes in GST regulations and the
company believes it can collect in total around RM20m revenue from the
‘insurance’ premium this year. IFCA’s insurance services include software
changes, a GST helpdesk and GST compliance verification services (to double
check that property companies are GST-compliant).
Based on our sensitivity analysis assuming RM5,000 insurance fee, every 20%
market share would boost its “insurance” fee by RM1.2m monthly. Assuming
80% net profit margin, net profit contribution is RM1m monthly or 0.2sen EPS
enhancement, boosting FY2015 and FY2016 fully-diluted EPS by 2.3% and
2.8% respectively.

Another record year ahead
At the 4Q14 briefing, the company said it remained bullish about its prospects
in 2015 and was looking to launch its software as a service (SaaS) in the next
1-2 months. SaaS allows smaller property companies to ‘rent’ IFCA’s software
and this will help grow the company’s recurring income. We maintain our
EPS forecasts and target price, based on an unchanged 21x 2016 P/E (in line
with domestic peers). The stock remains an Add. Potential catalysts include
transfer to the Main Board in 2015 and strong take-up rates for SaaS

What Happened
There were two positive surprises from the 4Q14 briefing today: i) IFCA is
looking to launch its software as a service (SaaS) business in the next 1-2
months, starting with the domestic market. Smaller property companies can
now ‘rent’, instead of buy, IFCA’s software. These companies will pay a monthly
subscription fee to IFCA and this will contribute to the company’s recurring
income. We believe it will take some time for customers to become familiar
with SaaS but this should be a long-term positive towards building its recurring
income. We do not assume any potential earnings from SaaS. ii) The company
is offering customers an ‘insurance’ programme. For a small monthly fee, IFCA
will update the software for any changes in GST regulations and the company
believes it can collect in total around RM20m revenue from the ‘insurance’
premium this year. We already assume in total RM35m revenue from
GST-related work for 2015 but this could surprise on the upside.

What We Think
2015 should be another record year for IFCA, with growth coming from the
China market and GST software upgrade jobs. We are particularly excited
about SaaS. In the next few years, SaaS could boost the company’s recurring
income so that the company will be less dependent on revenue from just selling
software. Interestingly, the impending implementation of GST in Apr 2015 is
forcing smaller companies to computerise and this should be positive for
IFCA’s SaaS. However, while SaaS is popular in the USA, we believe it might
take some time for domestic and regional customers to get used to it.

What You Should Do
Remain invested in the stock. The stock is gaining interest among institutional
investors, which we believe currently hold a combined 15% stake. This
percentage should rise this year as both retail and institutional shareholders
better understand IFCA’s long-term potential and growth prospects.

4Q14 briefing highlights
IFCA’s 4Q14 briefing was chaired by its CEO, Ken Yong. The company remains
bullish about its prospects in 2015 and is looking particularly at software as a
service (SaaS) to bring its business to the next level and boost its recurring
income.

2014 topline growth from software division
Most of the company’s revenue growth in 2014 was driven by its software
division. 2014 software revenue surged 96% yoy to RM44.7m but maintenance
revenue only rose 18% yoy in 2014. However, maintenance revenue growth will
be much higher from this division in 2015 as the company’s guidance for
annual maintenance revenue has recently been raised to 18% of sales compared
to the earlier 11-12% annually.

RM500m market migration to mobile-based platform?
There are 2,600 property companies in Malaysia and IFCA believes around
20% of the players will move to the mobile-based platform (average software
revenue of more than RM1m per customer). If right, the potential size of this
domestic market is around RM520m and we estimate it could take 5-7 years for
these customers to move from the Windows platform to the mobile-based
platform.
Growing its recurring income through SaaS
Management is looking to grow its recurring income and is banking on SaaS to
be the driver. Using cloud services, through SaaS, smaller property developers
can rent software from IFCA. Software solutions expected to be offered by IFCA
through SaaS include project marketing, contract and cost management,
property sales management and rental management. Assuming IFCA charges
RM10,000 monthly per project and signs up 80% of the property companies in
Malaysia, the potential domestic market size for SaaS is around RM250m
annually. The company is looking to launch SaaS in both the domestic and
regional markets, starting with Malaysia in the next 1-2 months.
Based on our sensitivity analysis for SaaS, assuming RM10,000 monthly
subscription and at 10% market share (or 260 customers), SaaS revenue is
RM31.2m annually and assuming 75% net profit margin, potential profit
contribution from SaaS is RM23.4m or 3.9sen enhancement, which would
boost our 2015 and 2016 fully-diluted EPS by 65% and 55% respectively. We
have not assumed any potential earnings from SaaS.

China is a huge market
China is a huge market with 45,000 property companies and IFCA only has
over 100 customers in China. The company has 8 offices there and is planning
to add 10 new offices by end-2015. In 2014, IFCA sales soared 80% to around
RM30m while revenue reco