OTHERS ECO WORLD DEVELOPMENT GROUP BERHAD (EW BERHAD) EXPRESSION OF INTEREST FOR THE SUBSCRIPTION OF SECURITIES IN ECO WORLD INTERNATIONAL SDN BHD (EWI) (PROPOSED SUBSCRIPTION)
The Board of Directors of EW Berhad wishes to announce that EW Berhad and EWI have mutually agreed on certain key terms and conditions relating to EW Berhad’s proposed investment in EWI in conjunction with EWI’s plan to undertake an initial public offering (“Proposed IPO”) and listing on the Main Market of Bursa Malaysia Securities Berhad (“Proposed Listing”). Further details of the Proposed Subscription are set out in the attachment of this announcement.
CIMB Research maintains Add on Eco World KUALA LUMPUR: CIMB Research has maintained an Add call for Eco World Development Group with a target price of RM1.90, it said in a note on Friday. The research house said Eco World's FY15 results were above expectations, as net profit came in 12% above its forecast.
"FY15 net profit beat consensus estimates by a wider margin of 37%. Unbilled sales increased from RM3.99iln in 3Q to RM4.16bil in 4Q. Eco World did not declare any final dividends, below our expectation of 1 sen," it noted.
It said that Eco World sold RM3bil worth of properties in FY15, exactly in line with its target.
RM1.58mil or 53% came from the Klang Valley (Eco Majestic recorded RM810mil in sales, while the maiden launch of Eco Sanctuary recorded RM653mil in sales), RM1.21bil or 40% from Johor and RM224mil or 7% from Penang," it said.
The group is keeping to its sales target of RM4bil in FY16.
"This is very commendable, given that most developers have suffered lower sales this year and are not optimistic about the outlook for next year. Eco World is likely to pull further ahead of the competition in the coming years.
"The RM4bil sales target includes its portion of the BBCC project (40%) and Eco World International (30%) but does not include Eco Marina," it added.
CIMB said the two major upcoming projects to keep a close watch on in FY16 would be the RM8.8bil, 19.4-acre BBCC project next to the major shopping district in Kuala Lumpur and the RM10bil, 300-acre Eco Marina township in Batu Kawan, Penang.
Given the size of these projects and their strategic locations, they are likely to be key contributors to FY16 sales.
The 40%-owned BBCC project holds much promise and should draw strong interest once it wraps up a joint venture partner for the 1m sq ft mall.
Eco World surpasses FY15 target, banking on BBCC KUALA LUMPUR: Eco World Development Bhd has surpassed its sales target of RM3bil for the financial year 2015 (FY15).
It is now banking on the RM8.7bil Bukit Bintang City Centre (BBCC) project to drive sales in financial year 2016 (FY16).
President and chief executive officer Datuk Chang Khim Wah said the company achieved RM3.016bil sales for the financial year ended Oct 31, 2015, contributed by four projects in the Klang Valley worth RM1.579bil, six projects in Iskandar Malaysia (RM1.213bil) and two projects in Penang ( RM224mil).
The BBCC, a joint development by Eco World, UDA Holdings Bhd and the Employees Provident Fund (EPF), would be launched in the first quarter of next year, with construction to start in mid-2016 and completion expected in 8-10 years.
"The first phase of the development includes strata offices, retail space and a block of serviced apartments," he told a media briefing on the company's full-year results on Thursday.
For the FY15, the group recorded revenue of RM1.712bil and gross profit of RM411.9mil with gross margin averaging at 24%. - Bernama
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This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
pineapple
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Posted by pineapple > 2015-12-04 18:30 | Report Abuse
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