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IOI properties, next Sunway ! both share similar business model, only different is IOI properties yet unlock value through REITS. Within next 1-2 year, it should be ripe time for IOI properties to trade above its current NTA

The complaint against Resorts World could result in severe sanctions and consequences for the Strip casino property. The board has requested the Nevada Gaming Commission consider taking action against Resorts World’s gaming license or placing the property under regulatory supervision.

In its 31-page complaint filed on Aug. 15, the NGCB describes an “overall lack of control,” and “acceptance among Resorts World executives,” toward illicit behavior to such an extent that it resulted in the “perception and/or reality” that the casino is “an avenue to launder funds” and “further criminal activity.”

https://igamingbusiness.com/casino/land-based-casino-regulation/resorts-world-extension-nevada/

The “Kulai Fast Lane,” a key initiative designed to facilitate the entry of foreign investments, will now be expanded into a larger program known as the Invest Malaysia Facilitation Centre.

This expansion aims to further enhance the ease of doing business in Johor, focusing on simplifying regulatory processes and providing investors with the necessary support to launch and grow their ventures.

Since its inception, the Kulai Fast Lane has successfully facilitated over 38 investments worth a staggering RM52 billion, proving the state’s growing prominence as a regional investment hub.

The new Invest Malaysia Facilitation Centre is expected to build on this success, making Johor an even more attractive destination for global investors looking to tap into the dynamic Southeast Asian market.

With the signing of the JS-SEZ agreement and continued investments pouring into Johor, the state is poised to emerge as a leader in Malaysia’s economic landscape, driving growth, innovation, and cross-border collaboration for years to come.

Next upcoming major kicker for IOI are
1. Marina View fetch gross development value SGD 3.65 billion
2. Johor-Singapore special economic zone
3. official land disposal for 2 data center, with potential cum as developer with leaseback agreement for recurring profit instead of outright sale.
4. The Gemas–Johor Bahru Electrified Double-Tracking Project to be operate in first half 2025. It will benefit IOI industrial properties which capitalize on railway line along its Kulai Industrial park, Gemas Industrial park and Segamat industrial park
5. REITS
6. HSR
7. More Fed rate cut
8. higher occupancy rate in Central Boulevard tower

dragon328
Generally, first few anchor mover will be granted early bird special discount such as Amazon and Mongan Staney, Once secure 50% occupancy rate, landlaord will normalize their rental rate.

Initial rental income needs to offset agent commission fee and account for free rental grace period for fitting. Once this gestation period is over, only the real rental income can fully account.

Profit margin increasing= rental income (increasing opponency) - interest expense (decreasing interest rate in accord to Fed rate commence begin Sept 2024, Nov 2024 and upcoming Dec 2024 which IOI have yet to account any in its latest in Q1 FY2025 which ended in Sept)

IOI Central Boulevard Towers
Fully Fitted
Rental: S$ 50,424 /mo
Size: 3,056 sqft
Rate: S$ 16.5 psf
https://www.commercialguru.com.sg/listing/for-rent-ioi-central-boulevard-towers-25419167

Typical Bare unit, rate is minimum S$ 14 psft
prime bare unit can fetch S$ 17.5 psft
https://officesolutions.com.sg/directory/ioi-central-boulevard-towers/

Added more cmsb at 1.16

The Gemas–Johor Bahru Electrified Double-Tracking Project will be completed early next year. It will benefit IOI industrial properties which capitalize on railway line along its Kulai Industrial park, Gemas Industrial park and Segamat industrial park

IOI properties earning kicker is Marina View fetch gross development value SGD 3.65 billion. Marina View development is 51-storey, mixed-use development which IOI purchased for SGD 1.508 billion in September 2021 consist of 350-room luxury hotel, W Singapore with perched on top of the W hotel is the 683-unit luxury condo Marina View Residences

locked all profit at 59.5sen

https://www.channelnewsasia.com/singapore/fed-rate-cut-implications-singapore-savings-interest-rates-mortgage-4617951

“Looking ahead, sequential improvements are expected, supported by higher occupancy at IOI Central Boulevard (IOICB) and reduced interest costs as rates decline, increased JV contributions from improved South Beach office occupancy, recognition of the Melaka land sale in 3Q25 for an estimated RM70mil net gain and initial contributions from Marina View Residences,” the research house said.

HLIB Research has a target price of RM4.05 a share for the counter based on a 35% discount to its estimated revised net asset value (RNAV) of RM6.24 a share.

It added IOIProp’s business prospects in Malaysia, Singapore and China are currently seeing a rejuvenation and the group will see significant value from its assets in Singapore, IOICB and Marina View Residences, which should anchor strong earnings ahead for 2025 and beyond.

One off gain from zhuhai. Payout 30% from gain as special dividend 2.6sen

https://www.msn.com/en-my/news/national/jb-singapore-rts-link-nears-major-milestone-as-rail-systems-installation-to-start-soon/ar-AA1uXizh

https://www.msn.com/en-my/news/national/jb-singapore-rts-link-nears-major-milestone-as-rail-systems-installation-to-start-soon/ar-AA1uXizh

Monthly rental rates at IOI Central Boulevard Towers are between $14 and $15 psf. Blue-chip tenants such as Amazon and Morgan Stanley have already pre-leased 40% of the 1.26 million sq ft premium Grade-A office space at IOI Central Boulevard Towers.

In July 2022, Amazon signed up for 369,000 sq ft of space, while in June 2023, Morgan Stanley was said to be relocating from Capital Square and taking up between 90,000 and 100,000 sq ft across five floors in the new office blocks.

https://www.expatgo.com/my/2024/11/28/singapore-and-malaysia-look-for-economic-integration-with-a-special-zone-in-johor/

The Johor-Singapore Special Economic Zone (JS-SEZ) is a joint initiative between Malaysia and Singapore to increase economic connectivity and business growth in the region:

Goal:
1. To improve the cross-border movement of people and goods.

2. Location: Spanning six districts in southern Johor, including Johor Bahru, Iskandar Puteri, Pasir Gudang, Pontian, Kulai, and Kota Tinggi.

3. Focus industries: Logistics, financial and business services, tourism, food security, education, healthcare, the digital economy, energy, and manufacturing.

4. Incentives: Special tax arrangements, passport-free clearance, training incentives, and joint events promotions.

5. Benefits: The JS-SEZ is expected to attract foreign direct investment, encourage technology transfer, and stimulate growth across various industries.

https://www.bing.com/videos/riverview/relatedvideo?&q=ioi+boulevard+singapore&&mid=22D3FF96AD872811DDB522D3FF96AD872811DDB5&&mcid=54A37455E6964859A2570BFCE002FE67&FORM=VRDGAR

The Johor-Singapore Special Economic Zone (JS-SEZ) is a joint initiative between Malaysia and Singapore to increase economic connectivity and business growth in the region:

Goal:
1. To improve the cross-border movement of people and goods.

2. Location: Spanning six districts in southern Johor, including Johor Bahru, Iskandar Puteri, Pasir Gudang, Pontian, Kulai, and Kota Tinggi.

3. Focus industries: Logistics, financial and business services, tourism, food security, education, healthcare, the digital economy, energy, and manufacturing.

4. Incentives: Special tax arrangements, passport-free clearance, training incentives, and joint events promotions.

5. Benefits: The JS-SEZ is expected to attract foreign direct investment, encourage technology transfer, and stimulate growth across various industries.

The Johor-Singapore Special Economic Zone (JS-SEZ) is a joint initiative between Malaysia and Singapore to increase economic connectivity and business growth in the region:

Goal:
1. To improve the cross-border movement of people and goods.

2. Location: Spanning six districts in southern Johor, including Johor Bahru, Iskandar Puteri, Pasir Gudang, Pontian, Kulai, and Kota Tinggi.

3. Focus industries: Logistics, financial and business services, tourism, food security, education, healthcare, the digital economy, energy, and manufacturing.

4. Incentives: Special tax arrangements, passport-free clearance, training incentives, and joint events promotions.

5. Benefits: The JS-SEZ is expected to attract foreign direct investment, encourage technology transfer, and stimulate growth across various industries.

The Johor-Singapore Special Economic Zone (JS-SEZ) is a joint initiative between Malaysia and Singapore to increase economic connectivity and business growth in the region:

Goal:
1. To improve the cross-border movement of people and goods.

2. Location: Spanning six districts in southern Johor, including Johor Bahru, Iskandar Puteri, Pasir Gudang, Pontian, Kulai, and Kota Tinggi.

3. Focus industries: Logistics, financial and business services, tourism, food security, education, healthcare, the digital economy, energy, and manufacturing.

4. Incentives: Special tax arrangements, passport-free clearance, training incentives, and joint events promotions.

5. Benefits: The JS-SEZ is expected to attract foreign direct investment, encourage technology transfer, and stimulate growth across various industries.

Bought uems 96sen

sold back at 1.10-1.12

Another interim dividend 3 sen declared

Other factors lead IOI property to list Singapore REITS is 0% tax free status for all income as long 90% profit distributed compared to corporate tax 17%. Likewise, Malaysia REITS also enjoy tax exempted compare to group tax at 24% level.

IOI property rush to list Singapore REITS as it will increase IOI property trademark in Singapore market, pave way for subsequent new properties launched. In additional, listing REITS before mature can attract more retail and institutional fund to subscribe its REITs as it give investor higher future upside rental rate potential

Despite opt REITS listing to pare down group borrowing cost. if IOI properties opt to retain stake under 50%, IOI properties can decoupling Central Boulevard Towers debt level entirely under REITS, free up group gearing

https://dayakdaily.com/premier-sarawaks-abundant-renewable-energy-water-pave-way-for-data-centre-growth/

https://dayakdaily.com/premier-sarawak-aims-to-have-five-tier-iv-data-centres-by-2030-to-further-economic-growth/

Johor-Singapore Special Economic Zone: The countdown begins
https://www.britcham.org.sg/news/johor-singapore-special-economic-zone-countdown-begins

Asked if there will be any data centres at its industrial parks, Teh said the group has received “quite a few enquiries” from data centre players for its industrial parks in Banting and Iskandar Malaysia.

“Hopefully we can have some good news in the next one or two months,” he added.
https://theedgemalaysia.com/node/726505

Johor-Singapore Special Economic Zone: The countdown begins
The JS-SEZ will span across six districts – Johor Bahru, Iskandar Puteri, Pasir Gudang, Pontian, Kulai and Kota Tinggi.
https://www.britcham.org.sg/news/johor-singapore-special-economic-zone-countdown-begins

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.

Remark: Singapore REITS may come sooner than Msia REITS

bought IOI property at 1.98

bought naim at 1.07-1.09

Monetize zhuhai will free up RM 270m for LBS

LBS wild card - Theta Edge now in the LBS–Ancom–Sinar Bina–BTS consortium, the collaboration would also contain an ART proposal on top of the JB LRT as Theta Edge is proposing ART for the three lines radiating from Johor Bahru (Skudai, Tebrau and Iskandar Puteri)

RM6.1 billion mega project - the North Coastal Highway - scheduled to commence from 2025 to 2030, funded by the state government, involves the construction of a four-lane highway connecting Miri, Limbang, and Lawas via Brunei Darussalam

added more at 1.15-1.16

CMSB core cement profit margin increase, expect to deliver stronger profit + write back forex gain.

SarawaK now is richest state after claim back oil and gas sovereign from Petronas

The unrealize loss was - RM 74.9m based on exchange rate recorded in Q3 is RM 4.11. These rate have since recover to RM 4.46 now. Hence, as much as RM 40m will be write back in next Q4

In Q3 2024, the market saw the strengthening of the Malaysian Ringgit (RM)
against US Dollar (USD), with exchange rates at 4.11 as of 30 September 2024,
compared to 4.72 on 30 June 2024, resulting in an unrealized forex loss incurred
by Cahya Mata Phosphates Sdn Bhd (Cahya Mata Phosphates) which operates
with a USD functional currency while holding RM-denominated shareholder
loans.
This also led to the Group reporting a loss before tax (LBT) of RM23.4 million for
Q3 2024, compared to a profit before tax (PBT) of RM50.3 million for Q2 2024. It is
important to note that this result was significantly impacted by an unrealized
foreign exchange (forex) loss of RM74.9 million due to the revaluation of
shareholder loans to Cahya Mata Phosphates. Excluding this unrealized forex
loss, the normalized PBT for Q3 2024 is estimated to be RM51.5 million, in
contrast to the LBT reported by the Group.

bought CMSB at 1.20

Board is optimistic that the Group's operating results for the second half of this year are expected to surpass that of the first half

bought paramount at 1.06

Q1 2024
As of March 2024, our unbilled sales stand at a healthy RM 751.9 million, with outstanding bookings reaching RM 230.7 million, providing strong revenue visibility for the coming quarters.

Q2 2024
As at 30 June 2024, our unbilled sales stood at RM743.47 million while bookings were at RM542.73 million

Q3 2024
As of 30 September 2024, the Group reported unbilled sales of RM835.2 million and additional bookings totalling RM306.5 million, further strengthening its earnings

During Q3FY2024, the Group recorded revenue of RM283.4 million, representing a
significant year-on-year increase of 30.1% compared to RM217.9 million in the same
quarter of the previous year. This growth was driven by an increase in revenue across
the property development, construction, and trading segments. Specifically, the
property development segment registered a 50.5% increase in revenue, spurred by
the successful launches of new projects such as Darulaman Lagenda Phase 3A
(Kedah), Lagenda Suria Phases 1A and 1B (Johor), Puncak Warisan Phase 1 (Johor)
and Lagenda Aman (Perak).
The Group also achieved a new milestone in this quarter, recording its highest-ever
quarterly property sales of RM349 million, with contributions from the states of Perak,
Johor, and Selangor.
As of 30 September 2024, the Group reported unbilled sales of RM835.2 million and
additional bookings totalling RM306.5 million, further strengthening its earnings

Lagenda reported strong financials, with an EBITDA of RM238 million in 2023, projected to increase to RM329 million in 2024 and further to RM523 million by 2026. Its earnings per share (EPS) is forecasted to reach 24.4 sen in 2024, rising to 38.4 sen by 2026, indicating a healthy growth outlook. Lagenda is also anticipated to offer an attractive dividend yield of 5.3% in 2024, which could increase to 7.0% by 2026.