There are more than 900 acres of land in the state of Johor. Most importantly, 75% of it yet to revalue at least 10 years.

@hng33 Do you mind to share more on how the REITS listing works?

Of course, the extent of Singapore’s active management involves multiple aspects. Particularly for property developers, the regular rounds of cooling measures figure front and centre in their decision-making. Counterintuitively, Lee is viewing this policy stance positively. “I would rather see a situation where the government intervenes early than to let things blow out of proportion. China is a very good example. The market should be gradually trending up, not on a sharp curve,” he says.
Following the latest cooling measures announced in April, foreigners are to pay a hefty additional buyer’s stamp duty (ABSD) of 60%, double what they were obliged to pay earlier. According to the government, foreigners accounted for just 4% of buyers in the last three years.
Permanent residents, meanwhile, are to still pay just 5% for their first property — a yawning gap versus foreigners. Besides citizens, Lee suggests demand will come from newly minted PRs, estimated at tens of thousands a year. “The first thing PRs do when they receive their new status is to buy a property. So, in a way, I’m quite confident that the demand will still be there,” says Lee.
Furthermore, in Singapore, Lee points out that property prices in the Outside Central Region (OCR) and Rest of Central Region (RCR) have been gaining more rapidly than in the Core Central Region (CCR), where Marina View is located. “It is about time people appreciate the attractiveness and convenience of living in the CCR,” he says.
Lee also points out that even with the 60% ABSD, Singapore’s top-end property prices lag the global cities of London, Hong Kong and Shanghai. This is a set of buyers with a global perspective who know these markets well. Compared to these cities, Singapore has a certain level of appeal. “They are used to these kinds of numbers. It is not a shocking number to them. It is whether you can create the product, create something they want to have,” he maintains.
Complacent hospitality industry?
Lee believes that the Singapore hospitality scene can do better. He has seen how every September and October are full of global-level events drawing in private bankers, family offices and big corporations, bookending the weeks before and after the annual F1 night race. For example, Malaysia’s Prime Minister Anwar Ibrahim was willing to fly in just to speak for half an hour at the Milken Institute Asia Summit, notes Lee.
During this period, hotels here enjoy full occupancy and much higher rates. Yet, Lee feels that the incumbents have gotten somewhat complacent and that the Singapore hospitality industry has not upped its game enough to further capture the business potential from this kind of global crowd, with no new luxury hotel property launched for years to charge higher rates potentially.
For the upcoming hotel component of Marina View, IOI Properties has turned to its long-time hotel management partner, Marriott International, to introduce a new concept under its W Hotel brand.
Is IOI Properties already eyeing yet another project in Singapore? The immediate answer is “yes”, and this time round, it will be in retail. “I can’t talk too much about that, but it is going to be something that will transform Singapore,” says Lee.

More than a decade ago, IOI Properties ventured into a bigger project, teaming up with Ho Bee Land H13 0.00% to complete two landmark sea-facing residential projects at Sentosa Cove. This was when Resorts World Sentosa had transformed the laid-back, touristy island into a playground for the rich and famous.
The much bigger project, South Beach Development, came about in 2011 indirectly — after two of the original three partners fell out, opening the door for IOI Properties to partner with CDL instead.
Lee is happy to have gotten involved as South Beach put the company “on a different map”. In the past, IOI Properties was known for its low-cost township projects in Malaysia. “But when you come to Singapore, this is a project that is in a different class, and we made good money out of it,” adds Lee, noting how all 190 South Beach Residences units were sold at average prices of more than $3,000 psf.
In addition, South Beach Tower, the office portion, is delivering a steady income stream, thanks to tenants such as Facebook, Lego and management consultancy Bain & Company. JW Marriott Hotel Singapore South Beach, the hotel component, suffered during the pandemic like everyone in the hospitality business. But once travel restrictions were lifted, business has rebounded very strongly.
With South Beach and IOI Central Boulevard Towers, IOI Properties has created a bigger appetite for bigger projects here. “If I am already playing in the Champions League, why should I go back to the Premier League?” says Lee, when asked if he will still look at residential projects in the range of hundreds of units.
Two years ago, in September 2021, IOI Properties triggered the hotel-cum-residential white site at Marina View, minutes from Central Boulevard Towers. IOI Properties ended up as the only bidder, paying $1.5 billion. No other developers were in the mood to take such a big bet with varying pandemic restrictions still in place.
Yet, Lee believes his timing was right and that his upcoming product will be compelling. He points out that market talk has it that Skywaters Residences, the residential component of the ongoing redevelopment of 8 Shenton Way, a couple of hundred metres away from Marina View, is to be priced at $6,000 psf onwards.
As another yardstick for comparison, Lee notes that South Beach Residences was launched at around $3,000 psf. Since then, resale prices have risen. A record of $4,748 psf was seen in October 2021. The most recent transaction was done at $4,504 psf in February this year.
Although CBD living was never fashionable, this has changed with the government introducing more residential developments and as people’s attitudes and habits change. As such, the CBD no longer falls silent after 9pm on weekdays. Traditionally, residential properties fetch a premium in Singapore if they are located near reputable schools. Lee believes other attributes, such as the location within the CBD, where there are hardly any schools, have become more important. Borrowing the famous slogan from Singapore’s Ministry of Education, Lee, who was at St Patrick’s School here before qualifying as a lawyer after graduating from King’s College London, quips: “Every school is a good school.”

IOI Central Boulevard Towers enters the market when the view of commercial properties as an asset class is not the most favourable. Lee agrees that many workers, following the pandemic, have gotten used to working from home because of the flexibility. However, he points out that most households are confined to relatively small apartments and “the living conditions are just not conducive” for work. As such, Lee sees the flight towards quality further firming up in the office sector, where an attractive location will naturally draw better demand.
Another reason for his optimism was that the big multinational tenants, which IOI Properties is already servicing with South Beach Tower, are all working towards certain environmental, social and governance (ESG) goals. One way they are doing so is to locate themselves in newer buildings with significant advantages in sustainability features over older properties.
Lee also notes that for the multinational tenants, once they relocate, they tend to stay put for years and commit to rental rates amounting to tens or even hundreds of millions of dollars over the lease period. Given the scale of their operations, they are not in the habit of changing offices frequently.
Specifically for IOI Central Boulevard Towers, IOI Properties reportedly has signed two anchor tenants: US e-commerce giant Amazon and leading US bank Morgan Stanley, which has been at its current location here for 30 years.
see also: IOI Properties readies Singapore-listed office REIT as income profile shifts
According to Lee, IOI Central Boulevard Towers has already signed a committed occupancy of 40%, with another 20% in advanced talks. He is confident that after this property receives its TOP sometime in 1Q2024, it can achieve more than 90% occupancy at around $14 psf to $15 psf per month, which is a significant premium above $11.33 for Grade-A space in 2Q2023, according to JLL.
Because there is hardly any vacant office space for now and no significant new supply in the next five years, Lee is upbeat that his office offerings can eventually command $18 psf or even closer to $20 psf.
Economies around the world are not exactly doing well and that Singapore’s open economy is prone to volatility. Even so, Lee is confident not just with his product but also with Singapore as a market, and that is why IOI Properties is increasing bigger bets here. “The government knows what it is doing. And it knows what business people want and need from the government,” he says.
Next stop: Marina View
IOI Properties is not a new property player here. In 1996, it won the bid for a land parcel along Prinsep Street, which was developed into the 12-storey IOI Plaza, and subsequently sold to Singapore Pools in 2010 and renamed.

With IOI Central Boulevard Towers and the upcoming Marina View, IOI Properties’ CEO Lee Yeow Seng has shown his appetite to undertake multi-billion developments here
Lee Yeow Seng remembers clearly how, as a young boy, he often followed his father, Lee Shin Cheng, across remote Sabah to develop one tract of land after another into palm oil plantations. From such visits, the boy learnt to appreciate the effort needed to clear the land, build the infrastructure, plant the crops, and tend to the growing trees before the harvest some years later. By the time he passed away in 2019, Lee Shin Cheng had built up a palm oil empire that overtook those that used to dominate this industry.
Along the way, the founder of the IOI Group earned the nickname “The Tree Whisperer” for talking and singing to the palm oil trees, presumably to coax them to be more fruitful.
“My father went through this kind of effort, going through the most difficult path, because he didn’t have any opportunities,” says Lee Yeow Seng, the younger son of Lee Shin Cheng, in an interview with The Edge Singapore.
Today, Lee, tapping on the base built by his father, is seizing the market opportunities that have come his way. However, Lee readily confesses despite his experience in the plantations in his formative years, his passion today lies more in property, which is the other key business started by his father.
“That’s also another form of development. It is satisfying to see nice buildings coming up on previously empty land,” says Lee, who is CEO of IOI Properties. It is separately listed from IOI Corp, which is headed by his elder brother Yeow Chor.
Making bigger bets
While IOI Properties maintains a strong presence in its home market Malaysia, at least for this year, Singapore will be the market where Lee has been paying a lot more attention. Out of the estimated RM10.6 billion ($3.07 billion) in total gross development value (GDV) of projects to be launched in its FY2024 ended June 30, 2024, Malaysia-based projects compromise just over RM2 billion, whereas the GDV of its Singapore project, specifically, Marina View Residences, will have a GDV of RM8.56 billion.
Almost concurrently, the company is readying its key investment property here for business. On Aug 28, IOI Properties held the topping-out ceremony of IOI Central Boulevard Towers, a Grade-A office development. In November 2016, IOI Properties paid a then-record $2.57 billion or $1,689 psf per plot ratio (ppr) for the site. The development, slightly delayed by the pandemic, consists of two office towers of 16 and 48 storeys sitting on top of a seven-storey podium. It will have 1.26 million sq ft of office space and 30,000 sq ft of retail and F&B spaces.
IOI Central Boulevard Towers also marks IOI Properties’ largest wholly-owned development in Singapore, following the South Beach Development, a joint venture with City Developments (CDL).

The “vastly” expanded investment property portfolio, says Tan, will give IOI Properties a heavier, steadier stream of recurring cash flow to fund expansion at a faster pace than the traditional develop and sell method. “We see FY2024 as the pivot point as the group enters into a new phase of growth which should propel it to new heights,” he adds.
And of course, IOI Properties is active in China too, where it has undertaken numerous projects in Xiamen, a key city of Fujian province, where the Lee family can trace its ancestry. As widely reported, China’s property market is in a steep downturn because of the tough lending curbing measures introduced by the government, which was induced into a further drop when the pandemic happened.
Sensing that the cooling might have gone overboard, the Chinese government has allowed some loosening but the downward momentum will take a lot more to wrestle back up. Citing the “very serious structural” change already inflicted, Lee warns that this downturn will not be over soon. “It is not going to be so simple this time,” he figures, adding that things might become worse before the eventual recovery. If there’s one silver lining, it might be that China will learn not to be too fixated on properties in the future. And for now, there are no new plans for further investments in China.
Meanwhile, IOI Properties remains very active in its home market Malaysia, where it, in Lee’s own words, maintains its best team — including long-serving colleagues trained personally by his father over the years.
Last year, IOI Properties opened the second phase of a key project IOI City Mall. With this addition, the company further marks its position as a leading developer and operator of shopping malls in Southeast Asia. For the second phase, many interesting new tenants such as Swiss Watch Gallery, carrying a range of famous brands, as well as fashion brand Michael Kors have been brought in. For the third phase, Lee plans to go even more upmarket by bringing in brands such as those in the LVMH stable.
Thanks partly to government support, consumer confidence remains buoyant, as can be seen from footfall and tenant sales, especially when news of the next round of handouts was out. “You only need to announce a handout of RM5,000 and they will spend RM10,000. Malaysians in general are always very optimistic,” says Lee. “As landlords, of course, we are very happy because we take a percentage of their turnover.”

Over the past six months, IOI Properties shares have surged by around 50% to close at RM1.77 ($0.51) on Oct 18. In contrast, many listed developers here have traded sideways at best. Rather than press on this distinction, CEO Lee Yeow Seng diplomatically points out that different property companies are going through different phases. Some might be taking a hit from the valuation of their London assets; others may be hurt because of exposure in China and Hong Kong.
Despite the recent gain, IOI Properties’ share price is still at 0.44x of its NAV per share of RM4.05 as at June 30. Lee prefers to focus on how he can create value for shareholders rather than lamenting about this gap.
With the completion of IOI Central Boulevard Towers, IOI Properties will stand to collect an annual income of around $200 million, estimates Lee. This will add significantly to the company’s revenue from investment properties, which stood at RM491 million in FY2023, up from RM364 million in FY2022. As a proportion of total revenue, that’s an increase from around 14% to nearly a fifth. With this additional cash flow, the company will be able to reduce its gearing, which stands at 67.5% as at June 30.
More interestingly, the company will have a good platform to recycle its capital via a Singapore-listed office REIT, which will also include IOI Properties’ share of South Beach Tower. City Developments, if it wants to put its share in the REIT, will be a bonus, but IOI Properties can go ahead alone, says Lee. “It is about time we unlock value for our shareholders,” he adds.
Lee believes that a REIT listed in Singapore makes sense because this is an asset class readily understood by investors here. Upon completion of IOI Central Boulevard Towers, IOI’s logo will claim its spot in the Singapore CBD skyline. This improved visibility — both figuratively and literally — will presumably lead to better recognition among investors too.
He disagrees with suggestions that IOI Central Boulevard Towers is too new to be included in a REIT. Some REIT managers figure they need to let a particular asset “stabilise” first — with at least one leasing cycle of three years — before selling the asset into a REIT. Not so from Lee’s perspective. “If I can lock in at $15, I am happy to leave something behind on the table for other investors,” says Lee, referring to the rental rates and upside he is projecting from leasing out IOI Central Boulevard Towers.
Besides the office REIT, Lee is potentially securitising some of the mall and hospitality assets in Malaysia too. As for IOI Properties itself, Lee will keep its primary listing in Malaysia.
Based on Bloomberg data, IOI Properties is viewed positively by all seven analysts covering the stock. “FY2024 represents an important execution year for IOI Properties given the execution for two of its largest projects, namely the commencement of IOI Central Boulevard Towers and the launch of Marina View Residences,” writes Hong Leong Investment Bank analyst Tan Kai Shuen, the most bullish with his RM2.48 price target, raised from RM2.10 previously.
In his Oct 5 report, Tan notes that IOI Properties is on track to achieve new records among Malaysian developers from the more than RM10 billion in gross development value (GDV) of new projects to be launched. With an impending RM20 billion portfolio of investment properties following the addition of IOI Central Boulevard Towers, IOI Properties would be overtaking KLCC REIT which owns RM15.7 billion worth as at June 30.

hi guys,

just checked online the selling price of Uniglove's antimicrobial glove, the selling price is crazy. It is close to USD 250 per 1000 pcs. Please refer to the link below.

https://www.safetygloves.co.uk/unigloves-fortified-gf001-antimicrobial-blue-nitrile-gloves.html

Even though this selling price is from the dealer or distributor. But let's assume Uniglove is selling at USD 150 to the distributor. What kind of profit they are making??

Besides Hartalega, UG Healthcare which listed in SGX can also produce Antimicrobial gloves. Please refer to the link below.

https://unigloves.co.uk/biocote-antimicrobial-gloves-fortified-range-unigloves

There is another glove maker which listed in SGX is missed from your comparison list.

You may look into UG Healthcare.

Actually UG Healthcare's Uniglove already got the approval from FDA on their Antimicrobial gloves.

This share is definitely a hidden gem which listed in SGX.

Finally there is a research paper for UG..

https://rfs.cgs-cimb.com/api/download?file=17C33388-4C23-4941-89F4-41F...

Hidden gem...

https://rfs.cgs-cimb.com/api/download?file=17C33388-4C23-4941-89F4-41F...

Hidden gem...

https://rfs.cgs-cimb.com/api/download?file=17C33388-4C23-4941-89F4-41F...

Hidden gem.

https://rfs.cgs-cimb.com/api/download?file=17C33388-4C23-4941-89F4-41FEDF4D0B84

Hidden gem...

https://rfs.cgs-cimb.com/api/download?file=17C33388-4C23-4941-89F4-41FEDF4D0B84

@pelhamblackfund, agreed with you that UG's scale is smaller but it is OBM. OBM has hgiher profit margin and it's North and South America revenue is increasing these few quarters.

Can refer to the link below.

https://unigloves.co.uk/fortified-biocote-antimicrobial-gloves

There is another Malaysia glove company which listed in SGX producing Antimicrobial glove. It's business module is same as Supermax (OBM) and it had launched Antimicrobial glove earlier than Hartalega. It is UG Healthcare (41A).
It has own distribution centers in German, UK, US, Nigeria and Brazil. It is worth to have a look on it.

Another Malaysia glove manufacturer which is OBM which listed in SGX is also producing such glove. This company has distribution centers at German, UK, US, Brazil and Nigeria. All of these countries are badly affected by Covid-19.

Please refer to the link below.

https://www.biocote.com/partners/unigloves/

erkongseng. You can have a look at UG healthcare, Malaysia glove company which listed in SGX

If you guys do a deep research on UG Healthcare (Malaysia’s company listed in Singapore), you guys will realize that it is quite similar to Malaysia listed Supermax and Top Glove. The reason Supermax and Top Glove up alot since Supermax release their quarter report is because these 2 companies are distributing their own brand of glove which lead to higher profit margin. You guys can understand further from the video as per below link. After watching, you guys can go read UG's report and you guys will realize that UG has their own distribution center at China, Nigeria, UK, German, US and Brazil. Despite UG didnt own 100% of share of these companies, but definitely it helps UG to have better profit. Also, these coutries are badly affected by Covid-19.

https://klse.i3investor.com/blogs/kianweiaritcles/2020-05-28-story-h15......

Also, not to neglect that Ug Healthcare German is also selling mask, PPE, disinfection, protective clothes etc. All these products are high demand product during this Covid-19. Please refer to the link to understand better.

Besides, UG Healthcare Nigeria is also very interesting distribution center as it is selling the similar products that UG Healthcare German is selling but on top of that, it is also selling infra-red thermometer which is also high demand. Please refer to the link below.

https://www.unimedicalhealthcare.com/aboutus.html...

The link below will enable you to understand better about Uniglove UK. Even though it is old news but it definitely will be benefited during this pandemic as it is Europe’s first antimicrobial nitrile glove.

https://www.hsmsearch.com/page_960209.asp...

https://www.buildingbetterhealthcare.com/news/article_page/Two_firms_j...

https://unigloves.co.uk/fortified-biocote-antimicrobial-gloves...

https://klse.i3investor.com/blogs/kianweiaritcles/2020-05-29-story-h15...

If we do comparison between Rubberex Malaysia and UG Healthcare. UG healthcare is lagging behind.
Rubberex market cap = (rm3.56/3.06) * 252195617 = SGD 293,404,051
UG heathcare market cap =（SGD 0.47 * 196092856）= SGD 92,163,642

UG yearly capacity is around 3B where Rubberex only 2B.

So if we use production capacity ratio to market cap as below calculation. UG should worth SGD
(293404051 (Rubberex’s market cap) * 3B (UG’s capacity)) / 2b (Rubberex’s market cap) = 214685891

UG’s potential share price = 214685891 / 196092856 (no of UG’s issued share)= SGD 1.09

If we do comparison between Careplus Malaysia and UG Healthcare. UG healthcare is also lagging behind.
Careplus market cap = (rm1.40/3.06) * 531,359,799 = SGD 243,105,790
UG heathcare market cap =（SGD 0.47 * 196092856）= SGD 92,163,642

So if we use production capacity ratio to market cap as below calculation. UG should worth SGD
(243105790 (careplus’ market cap) * 3B (UG’s capacity)) / 4.1B (careplus’ capacity) = 177882285.4

UG’s potential share price = 177882285.4 / 196092856 (no of UG’s issued share) = SGD 0.907

Even though careplus produce 1B pcs extra compared to UG healthcare, but UG healthcare will benefitted from it’s own brand of glove as well as it’s distribution centers in UK, Brazil and Nigeria are selling others PPE and tools which are badly needed during this pandemic.

If we use the method of one of the Malaysia’s famous investor to calculation the price per glove, UG healthcare is on 0.09 per glove which is much more cheaper compared to peers.




Even though the last quarter report seems like “poor”, but it was mainly affected by the production modification cost where the board has decided to on hold the modification in order to cope with the sudden spike of demand. Do take note that the modification at the end will benefit the group as well. UG has reported positive earning for the last 3 FY. In fact, increase of marketing expenses is good for the company in long run as once everyone know about “Uniglove”, the marketing expenses eventually will come back and profit will go up.

Most likely August report will have flying colour result.

Stay tuned!!!

If you guys do a deep research on UG Healthcare (Malaysia’s company listed in Singapore), you guys will realize that it is quite similar to Malaysia listed Supermax and Top Glove. The reason Supermax and Top Glove up alot since Supermax release their quarter report is because these 2 companies are distributing their own brand of glove which lead to higher profit margin. You guys can understand further from the video as per below link. After watching, you guys can go read UG's report and you guys will realize that UG has their own distribution center at China, Nigeria, UK, German, US and Brazil. Despite UG didnt own 100% of share of these companies, but definitely it helps UG to have better profit. Also, these coutries are badly affected by Covid-19.

https://klse.i3investor.com/blogs/kianweiaritcles/2020-05-28-story-h15......

Also, not to neglect that Ug Healthcare German is also selling mask, PPE, disinfection, protective clothes etc. All these products are high demand product during this Covid-19. Please refer to the link to understand better.

Besides, UG Healthcare Nigeria is also very interesting distribution center as it is selling the similar products that UG Healthcare German is selling but on top of that, it is also selling infra-red thermometer which is also high demand. Please refer to the link below.

https://www.unimedicalhealthcare.com/aboutus.html...

The link below will enable you to understand better about Uniglove UK. Even though it is old news but it definitely will be benefited during this pandemic as it is Europe’s first antimicrobial nitrile glove.

https://www.hsmsearch.com/page_960209.asp...

https://www.buildingbetterhealthcare.com/news/article_page/Two_firms_j...

https://unigloves.co.uk/fortified-biocote-antimicrobial-gloves...

https://klse.i3investor.com/blogs/kianweiaritcles/2020-05-29-story-h15...

If we do comparison between Rubberex Malaysia and UG Healthcare. UG healthcare is lagging behind.
Rubberex market cap = (rm3.56/3.06) * 252195617 = SGD 293,404,051
UG heathcare market cap =（SGD 0.47 * 196092856）= SGD 92,163,642

UG yearly capacity is around 3B where Rubberex only 2B.

So if we use production capacity ratio to market cap as below calculation. UG should worth SGD
(293404051 (Rubberex’s market cap) * 3B (UG’s capacity)) / 2b (Rubberex’s market cap) = 214685891

UG’s potential share price = 214685891 / 196092856 (no of UG’s issued share)= SGD 1.09

If we do comparison between Careplus Malaysia and UG Healthcare. UG healthcare is also lagging behind.
Careplus market cap = (rm1.40/3.06) * 531,359,799 = SGD 243,105,790
UG heathcare market cap =（SGD 0.47 * 196092856）= SGD 92,163,642

So if we use production capacity ratio to market cap as below calculation. UG should worth SGD
(243105790 (careplus’ market cap) * 3B (UG’s capacity)) / 4.1B (careplus’ capacity) = 177882285.4

UG’s potential share price = 177882285.4 / 196092856 (no of UG’s issued share) = SGD 0.907

Even though careplus produce 1B pcs extra compared to UG healthcare, but UG healthcare will benefitted from it’s own brand of glove as well as it’s distribution centers in UK, Brazil and Nigeria are selling others PPE and tools which are badly needed during this pandemic.

If we use the method of one of the Malaysia’s famous investor to calculation the price per glove, UG healthcare is on 0.09 per glove which is much more cheaper compared to peers.




Even though the last quarter report seems like “poor”, but it was mainly affected by the production modification cost where the board has decided to on hold the modification in order to cope with the sudden spike of demand. Do take note that the modification at the end will benefit the group as well. UG has reported positive earning for the last 3 FY. In fact, increase of marketing expenses is good for the company in long run as once everyone know about “Uniglove”, the marketing expenses eventually will come back and profit will go up.

Most likely August report will have flying colour result.

Stay tuned!!!

If you guys do a deep research on UG Healthcare (Malaysia’s company listed in Singapore), you guys will realize that it is quite similar to Malaysia listed Supermax and Top Glove. The reason Supermax and Top Glove up alot since Supermax release their quarter report is because these 2 companies are distributing their own brand of glove which lead to higher profit margin. You guys can understand further from the video as per below link. After watching, you guys can go read UG's report and you guys will realize that UG has their own distribution center at China, Nigeria, UK, German, US and Brazil. Despite UG didnt own 100% of share of these companies, but definitely it helps UG to have better profit. Also, these coutries are badly affected by Covid-19.

https://klse.i3investor.com/blogs/kianweiaritcles/2020-05-28-story-h15......

Also, not to neglect that Ug Healthcare German is also selling mask, PPE, disinfection, protective clothes etc. All these products are high demand product during this Covid-19. Please refer to the link to understand better.

Besides, UG Healthcare Nigeria is also very interesting distribution center as it is selling the similar products that UG Healthcare German is selling but on top of that, it is also selling infra-red thermometer which is also high demand. Please refer to the link below.

https://www.unimedicalhealthcare.com/aboutus.html...

The link below will enable you to understand better about Uniglove UK. Even though it is old news but it definitely will be benefited during this pandemic as it is Europe’s first antimicrobial nitrile glove.

https://www.hsmsearch.com/page_960209.asp...

https://www.buildingbetterhealthcare.com/news/article_page/Two_firms_j...

https://unigloves.co.uk/fortified-biocote-antimicrobial-gloves...

https://klse.i3investor.com/blogs/kianweiaritcles/2020-05-29-story-h15...

If we do comparison between Rubberex Malaysia and UG Healthcare. UG healthcare is lagging behind.
Rubberex market cap = (rm3.56/3.06) * 252195617 = SGD 293,404,051
UG heathcare market cap =（SGD 0.47 * 196092856）= SGD 92,163,642

UG yearly capacity is around 3B where Rubberex only 2B.

So if we use production capacity ratio to market cap as below calculation. UG should worth SGD
(293404051 (Rubberex’s market cap) * 3B (UG’s capacity)) / 2b (Rubberex’s market cap) = 214685891

UG’s potential share price = 214685891 / 196092856 (no of UG’s issued share)= SGD 1.09

If we do comparison between Careplus Malaysia and UG Healthcare. UG healthcare is also lagging behind.
Careplus market cap = (rm1.40/3.06) * 531,359,799 = SGD 243,105,790
UG heathcare market cap =（SGD 0.47 * 196092856）= SGD 92,163,642

So if we use production capacity ratio to market cap as below calculation. UG should worth SGD
(243105790 (careplus’ market cap) * 3B (UG’s capacity)) / 4.1B (careplus’ capacity) = 177882285.4

UG’s potential share price = 177882285.4 / 196092856 (no of UG’s issued share) = SGD 0.907

Even though careplus produce 1B pcs extra compared to UG healthcare, but UG healthcare will benefitted from it’s own brand of glove as well as it’s distribution centers in UK, Brazil and Nigeria are selling others PPE and tools which are badly needed during this pandemic.

If we use the method of one of the Malaysia’s famous investor to calculation the price per glove, UG healthcare is on 0.09 per glove which is much more cheaper compared to peers.




Even though the last quarter report seems like “poor”, but it was mainly affected by the production modification cost where the board has decided to on hold the modification in order to cope with the sudden spike of demand. Do take note that the modification at the end will benefit the group as well. UG has reported positive earning for the last 3 FY. In fact, increase of marketing expenses is good for the company in long run as once everyone know about “Uniglove”, the marketing expenses eventually will come back and profit will go up.

Most likely August report will have flying colour result.

Stay tuned!!!

If you guys do a deep research on UG Healthcare (Malaysia’s company listed in Singapore), you guys will realize that it is quite similar to Malaysia listed Supermax and Top Glove. The reason Supermax and Top Glove up alot since Supermax release their quarter report is because these 2 companies are distributing their own brand of glove which lead to higher profit margin. You guys can understand further from the video as per below link. After watching, you guys can go read UG's report and you guys will realize that UG has their own distribution center at China, Nigeria, UK, German, US and Brazil. Despite UG didnt own 100% of share of these companies, but definitely it helps UG to have better profit. Also, these coutries are badly affected by Covid-19.

https://klse.i3investor.com/blogs/kianweiaritcles/2020-05-28-story-h15......

Also, not to neglect that Ug Healthcare German is also selling mask, PPE, disinfection, protective clothes etc. All these products are high demand product during this Covid-19. Please refer to the link to understand better.

Besides, UG Healthcare Nigeria is also very interesting distribution center as it is selling the similar products that UG Healthcare German is selling but on top of that, it is also selling infra-red thermometer which is also high demand. Please refer to the link below.

https://www.unimedicalhealthcare.com/aboutus.html...

The link below will enable you to understand better about Uniglove UK. Even though it is old news but it definitely will be benefited during this pandemic as it is Europe’s first antimicrobial nitrile glove.

https://www.hsmsearch.com/page_960209.asp...

https://www.buildingbetterhealthcare.com/news/article_page/Two_firms_j...

https://unigloves.co.uk/fortified-biocote-antimicrobial-gloves...

https://klse.i3investor.com/blogs/kianweiaritcles/2020-05-29-story-h15...

If we do comparison between Rubberex Malaysia and UG Healthcare. UG healthcare is lagging behind.
Rubberex market cap = (rm3.56/3.06) * 252195617 = SGD 293,404,051
UG heathcare market cap =（SGD 0.47 * 196092856）= SGD 92,163,642

UG yearly capacity is around 3B where Rubberex only 2B.

So if we use production capacity ratio to market cap as below calculation. UG should worth SGD
(293404051 (Rubberex’s market cap) * 3B (UG’s capacity)) / 2b (Rubberex’s market cap) = 214685891

UG’s potential share price = 214685891 / 196092856 (no of UG’s issued share)= SGD 1.09

If we do comparison between Careplus Malaysia and UG Healthcare. UG healthcare is also lagging behind.
Careplus market cap = (rm1.40/3.06) * 531,359,799 = SGD 243,105,790
UG heathcare market cap =（SGD 0.47 * 196092856）= SGD 92,163,642

So if we use production capacity ratio to market cap as below calculation. UG should worth SGD
(243105790 (careplus’ market cap) * 3B (UG’s capacity)) / 4.1B (careplus’ capacity) = 177882285.4

UG’s potential share price = 177882285.4 / 196092856 (no of UG’s issued share) = SGD 0.907

Even though careplus produce 1B pcs extra compared to UG healthcare, but UG healthcare will benefitted from it’s own brand of glove as well as it’s distribution centers in UK, Brazil and Nigeria are selling others PPE and tools which are badly needed during this pandemic.

If we use the method of one of the Malaysia’s famous investor to calculation the price per glove, UG healthcare is on 0.09 per glove which is much more cheaper compared to peers.




Even though the last quarter report seems like “poor”, but it was mainly affected by the production modification cost where the board has decided to on hold the modification in order to cope with the sudden spike of demand. Do take note that the modification at the end will benefit the group as well. UG has reported positive earning for the last 3 FY. In fact, increase of marketing expenses is good for the company in long run as once everyone know about “Uniglove”, the marketing expenses eventually will come back and profit will go up.

Most likely August report will have flying colour result.

Stay tuned!!!

If you guys do a deep research on UG Healthcare (Malaysia’s company listed in Singapore), you guys will realize that it is quite similar to Malaysia listed Supermax and Top Glove. The reason Supermax and Top Glove up alot since Supermax release their quarter report is because these 2 companies are distributing their own brand of glove which lead to higher profit margin. You guys can understand further from the video as per below link. After watching, you guys can go read UG's report and you guys will realize that UG has their own distribution center at China, Nigeria, UK, German, US and Brazil. Despite UG didnt own 100% of share of these companies, but definitely it helps UG to have better profit. Also, these coutries are badly affected by Covid-19.

https://klse.i3investor.com/blogs/kianweiaritcles/2020-05-28-story-h15......

Also, not to neglect that Ug Healthcare German is also selling mask, PPE, disinfection, protective clothes etc. All these products are high demand product during this Covid-19. Please refer to the link to understand better.

Besides, UG Healthcare Nigeria is also very interesting distribution center as it is selling the similar products that UG Healthcare German is selling but on top of that, it is also selling infra-red thermometer which is also high demand. Please refer to the link below.

https://www.unimedicalhealthcare.com/aboutus.html...

The link below will enable you to understand better about Uniglove UK. Even though it is old news but it definitely will be benefited during this pandemic as it is Europe’s first antimicrobial nitrile glove.

https://www.hsmsearch.com/page_960209.asp...

https://www.buildingbetterhealthcare.com/news/article_page/Two_firms_j...

https://unigloves.co.uk/fortified-biocote-antimicrobial-gloves...

https://klse.i3investor.com/blogs/kianweiaritcles/2020-05-29-story-h15...

If we do comparison between Rubberex Malaysia and UG Healthcare. UG healthcare is lagging behind.
Rubberex market cap = (rm3.56/3.06) * 252195617 = SGD 293,404,051
UG heathcare market cap =（SGD 0.47 * 196092856）= SGD 92,163,642

UG yearly capacity is around 3B where Rubberex only 2B.

So if we use production capacity ratio to market cap as below calculation. UG should worth SGD
(293404051 (Rubberex’s market cap) * 3B (UG’s capacity)) / 2b (Rubberex’s market cap) = 214685891

UG’s potential share price = 214685891 / 196092856 (no of UG’s issued share)= SGD 1.09

If we do comparison between Careplus Malaysia and UG Healthcare. UG healthcare is also lagging behind.
Careplus market cap = (rm1.40/3.06) * 531,359,799 = SGD 243,105,790
UG heathcare market cap =（SGD 0.47 * 196092856）= SGD 92,163,642

So if we use production capacity ratio to market cap as below calculation. UG should worth SGD
(243105790 (careplus’ market cap) * 3B (UG’s capacity)) / 4.1B (careplus’ capacity) = 177882285.4

UG’s potential share price = 177882285.4 / 196092856 (no of UG’s issued share) = SGD 0.907

Even though careplus produce 1B pcs extra compared to UG healthcare, but UG healthcare will benefitted from it’s own brand of glove as well as it’s distribution centers in UK, Brazil and Nigeria are selling others PPE and tools which are badly needed during this pandemic.

If we use the method of one of the Malaysia’s famous investor to calculation the price per glove, UG healthcare is on 0.09 per glove which is much more cheaper compared to peers.




Even though the last quarter report seems like “poor”, but it was mainly affected by the production modification cost where the board has decided to on hold the modification in order to cope with the sudden spike of demand. Do take note that the modification at the end will benefit the group as well. UG has reported positive earning for the last 3 FY. In fact, increase of marketing expenses is good for the company in long run as once everyone know about “Uniglove”, the marketing expenses eventually will come back and profit will go up.

Most likely August report will have flying colour result.

Stay tuned!!!

If you guys do a deep research on UG Healthcare (Malaysia’s company listed in Singapore), you guys will realize that it is quite similar to Malaysia listed Supermax and Top Glove. The reason Supermax and Top Glove up alot since Supermax release their quarter report is because these 2 companies are distributing their own brand of glove which lead to higher profit margin. You guys can understand further from the video as per below link. After watching, you guys can go read UG's report and you guys will realize that UG has their own distribution center at China, Nigeria, UK, German, US and Brazil. Despite UG didnt own 100% of share of these companies, but definitely it helps UG to have better profit. Also, these coutries are badly affected by Covid-19.

https://klse.i3investor.com/blogs/kianweiaritcles/2020-05-28-story-h15......

Also, not to neglect that Ug Healthcare German is also selling mask, PPE, disinfection, protective clothes etc. All these products are high demand product during this Covid-19. Please refer to the link to understand better.

Besides, UG Healthcare Nigeria is also very interesting distribution center as it is selling the similar products that UG Healthcare German is selling but on top of that, it is also selling infra-red thermometer which is also high demand. Please refer to the link below.

https://www.unimedicalhealthcare.com/aboutus.html...

The link below will enable you to understand better about Uniglove UK. Even though it is old news but it definitely will be benefited during this pandemic as it is Europe’s first antimicrobial nitrile glove.

https://www.hsmsearch.com/page_960209.asp...

https://www.buildingbetterhealthcare.com/news/article_page/Two_firms_j...

https://unigloves.co.uk/fortified-biocote-antimicrobial-gloves...

https://klse.i3investor.com/blogs/kianweiaritcles/2020-05-29-story-h15...

If we do comparison between Rubberex Malaysia and UG Healthcare. UG healthcare is lagging behind.
Rubberex market cap = (rm3.56/3.06) * 252195617 = SGD 293,404,051
UG heathcare market cap =（SGD 0.47 * 196092856）= SGD 92,163,642

UG yearly capacity is around 3B where Rubberex only 2B.

So if we use production capacity ratio to market cap as below calculation. UG should worth SGD
(293404051 (Rubberex’s market cap) * 3B (UG’s capacity)) / 2b (Rubberex’s market cap) = 214685891

UG’s potential share price = 214685891 / 196092856 (no of UG’s issued share)= SGD 1.09

If we do comparison between Careplus Malaysia and UG Healthcare. UG healthcare is also lagging behind.
Careplus market cap = (rm1.40/3.06) * 531,359,799 = SGD 243,105,790
UG heathcare market cap =（SGD 0.47 * 196092856）= SGD 92,163,642

So if we use production capacity ratio to market cap as below calculation. UG should worth SGD
(243105790 (careplus’ market cap) * 3B (UG’s capacity)) / 4.1B (careplus’ capacity) = 177882285.4

UG’s potential share price = 177882285.4 / 196092856 (no of UG’s issued share) = SGD 0.907

Even though careplus produce 1B pcs extra compared to UG healthcare, but UG healthcare will benefitted from it’s own brand of glove as well as it’s distribution centers in UK, Brazil and Nigeria are selling others PPE and tools which are badly needed during this pandemic.

If we use the method of one of the Malaysia’s famous investor to calculation the price per glove, UG healthcare is on 0.09 per glove which is much more cheaper compared to peers.




Even though the last quarter report seems like “poor”, but it was mainly affected by the production modification cost where the board has decided to on hold the modification in order to cope with the sudden spike of demand. Do take note that the modification at the end will benefit the group as well. UG has reported positive earning for the last 3 FY. In fact, increase of marketing expenses is good for the company in long run as once everyone know about “Uniglove”, the marketing expenses eventually will come back and profit will go up.

Most likely August report will have flying colour result.

Stay tuned!!!