Posted by Kikilala3188 > 1 month ago | Report Abuse

Sure, wanted to keep my portfolio in green haha

IOIPG by valuation on NTA, really can unleash for mega REIT: 2nd gen Lee’s legacy is coming up

Posted by Kikilala3188 > 1 month ago | Report Abuse

When you have the track record and cash pile: 2nd and 3rd tier properties are the main dishes

Posted by UncleFollower > 1 month ago | Report Abuse

@dragon given the depth and liquidty of S-REITs over M-REITs + IOI's huge exposure in SG, i think there's a good chance they either list it in SG or have a dual-listed REIT over SGX and Bursa, instead of a M-REIT. Actually if they list it in SG it's good enough, dual-listing it is to be poltiically correct, I guess. YTL's Starhill REIT owns our KL Assets via its S-REIT, that was done before current political climate.

Posted by UncleFollower > 1 month ago | Report Abuse

Crown jewels are IOI City Mall + IOI Central Boulevard. And I think the latter is neater, easier, faster. So first a pure play office reit, followed by the retail reit. IOIPG doesnt need to trailblaze, they can emulate Capitaland's model. The SG properties alone should be injected at above RM18B valuation

Posted by Kikilala3188 > 1 month ago | Report Abuse

And now Capitaland have the capacity to buy stake in Club Med, multi billion euro deal

Posted by UncleFollower > 1 month ago | Report Abuse

Market is justly responding to rate cut. Everyone knows IOI prop's props are now worth more as we enter new rate cut era + even WCT can do a 2.4B REIT, IOIPG? Whoaaaaa

Posted by Investorrr > 1 month ago | Report Abuse

I think this round IOIP will be the superstar

Posted by Investorrr > 1 month ago | Report Abuse

Big land bank in Kulai (within SEZ),and Reit retail malls

Posted by Investorrr > 1 month ago | Report Abuse

quietly recovering from the deep ,

Posted by UncleFollower > 1 month ago | Report Abuse

@dragon328 has very good write-ups...he may even know more about IOIPG than its CEO damn 🤣🤣🤣

Posted by UncleFollower > 1 month ago | Report Abuse

You can't not mention IOI Singapore...if you look at Keppel REIT, occupancy is consistently at 99% and they are older buildings. I'm familiar with IOI's CBD properties, another league altogether. That will be a huge one to REIT.




Investorrr

Big land bank in Kulai (within SEZ),and Reit retail malls

5 hours ago

Posted by Kikilala3188 > 1 month ago | Report Abuse

IOIPG BOD to rush for the bandwagon? Or just hold again?

Are they close with Johor royal?

Posted by dragon328 > 1 month ago | Report Abuse

@UncleFollower, I agree that IOIPG's commercial properties in Singapore are neater and certainly the crown jewels for the group besides IOI City Mall.

The management has the target to ramp up tenancy at IOI Central Boulevard to 80% by this year end. Then I hope they can achieve 95% tenancy by end June 2025, and it will be ripe for injection into a commercial REIT in Singapore.

With shortages in prime office in Singapore CBD, I am confident that IOICB will achieve average rental rate of above SGD13.00 psf by end FY2025, and the valuation for IOICB could exceed SGD5.0 billion (CEO Lee once said he would expect a valuation of SGD6.0 billion for IOICB) by end FY2025 and be close to SGD6.0 billion by FY2026 when tenancy achieves 99%-100% and rental rate is revised up by 5%-8%.

Now as IOIPG has the exclusive right to develop and market Shenton House redevelopment project, it can time it such that the marketing for the redeveloped Shenton House prime office will start from FY2027 after IOICB achieves 100% tenancy to avoid competition and conflicts of interests.

The Singapore REIT of IOIPG may be expanded when W Hotel at Marina View Residences is completed and achieves steady income in FY2027. W Hotel Singapore when injected into the REIT may be worth SGD600-1,000 million which would recoup all the investment costs of IOIPG in developing the hotel.

Posted by Kikilala3188 > 1 month ago | Report Abuse

Few trading days at good volume but share price not picking up, faced some resistance at 2.16

Posted by Nadayu > 1 month ago | Report Abuse

Tomorrow 2.50

Posted by Kikilala3188 > 1 month ago | Report Abuse

Sure? Been waiting for this, RM 2.16 for so many consecutive trading days

Posted by dragon328 > 1 month ago | Report Abuse

EPF was selling some small quantities of IOIPG on 17th Sept and 19th Sept when IOIPG share price was going up on heavy volume. I suspect the buying last week was done by foreign funds, and EPF was taking the opportunity to trim some holdings that it bought below RM2.00.

The company data shows that foreign funds' holdings in IOIPG continued going up from 4.3% in April 2024 to 5.6% in May, 5.5% in June and 5.7% in July 2024.

Given that the average cost of entry for IOIPG is above RM2.00, I see little downside to IOIPG share price at this moment. But strong resistance is seen at 2.16-2.21 blocking the share price further rally.

I suspect it needs some good news to spark a new rally and the good news is around the corner, if not already happened.

One of the good news was the jumbo 50 bps rate cut by US Fed last week, which will drive Singapore rates lower and reduce interest expenses of IOIPG substantially at its Singapore subsidiaries.

Posted by ImCK > 1 month ago | Report Abuse

it need go for reit listing now is good time to get revaluation

Posted by dragon328 > 1 month ago | Report Abuse

https://www.thestar.com.my/business/business-news/2024/09/25/new-sfz-incentives-to-buoy-forest-city

IOIPG is one of the top picks of UOB research, for its increased launches and large Johor landbank.

Yet the share price is suffering from persistent selling from certain parties for some reasons not known to me.

Posted by Kikilala3188 > 1 month ago | Report Abuse

Guys, any thoughts?

https://www.klsescreener.com/v2/announcements/view/7973073

Posted by dragon328 > 1 month ago | Report Abuse

The EGM is proposed at the request of CEO Lee for IOIPG shareholders to vote on the proposed participation of IOIPG in Shenton House redevelopment as the exclusive marketing agent, rather than as the developer. I see no reason not to vote for the proposal, as IOIPG will not need to fund the redevelopment of Shenton House but can still participate in this development and earn some commission and management fees. The more important thing is that IOIPG being the exclusive marketing agent can time the Shenton House products and launching time so as to avoid conflicts of interests and competition with its own IOI Central Boulevard office towers.

There is a good chance for IOICB to ramp up tenancy from 50% to 80% by year end and further to 95% by June 2025. By that time, IOICB will be profitable as interest expenses will have come down substantially after a projected rate cuts of 150 bps by June 2025.

Shenton House redevelopment could start in FY2026 after IOICB achieves over 90% tenancy and complete by FY2028. Then IOIPG will have sufficient cashflows (from substantial rental income from IOICB and sales from Marina View Residences, and reduced interest expenses) to participate as an equity partner or take over the project as initially envisaged. I think the timing will be just right then, but it is not the right time now for IOIPG to take over Shenton House. So I feel IOIPG top management and CEO Lee has been considerate and visionary.

After IOICB achieves over 90% occupancy, IOIPG may consider listing it up in a commercial REIT in Singapore to reduce gearing, and get back substantial funds (>S$2.0 billion) to help fund the redevelopment of Shenton House from FY2026. Once Shenton House is complete in FY2028 and achieves tenancy above 90%, it may then be injected into the Singapore commercial REIT to get back the invested money of at least S$1billion.

Posted by UncleFollower > 1 month ago | Report Abuse

IOIPG is actually trading at multi-year highs but remains severely undervalued.

The double-edged sword is the very tight shareholding. We can see circa 82% that will not move. For a company that is so asset rich, there could be more immobile shareholders. This leaves low free float and it's generally a no go for big funds. Conversely, when the time is ripe, it is not difficult to go up multi-fold when the funds see realisable value.

We can't really say that market has not priced in the progress of new assets. In the past 2 years, the 2 most significant change is in its investment properties segment whereby IOI City Mall Phase 2 has been completed and doing very well + Singapore's IOI Central Boulevard TOP with lease confrimation. Actually share price has doubled in the process over this period.

I think it's obvious without a REIT the asset value will never be adequantely reflected in share price.

For us who are keen, we will have to be quite patient. Fortunately the tide has turned for rates, CEO Lee is making moves that strongly suggest REIT exercise is coming soon.

Nowadays Bursa so choppy, I am happy to be patient w this one. Should it crash I can buy more. The same can't be said for most other counters...those crash I get scared don't dare to sailang 😂 Just bought more today, and more in days to come should it linger lower

Posted by UncleFollower > 1 month ago | Report Abuse

IOIPG is moving nicely showing bullish momentum albeit in low volume, which is healthy at this juncture - it shows less willing sellers at this price. Its trading above both 20 and 40MA and gaining strength right at 200MA. The stock has made consecutive higher lows in an acsending triangle. Barring any bad news on global rates or further singapore property cooling measures, a big vertical bounce is imminent before it consolidates again at previous highs around 2.50+. Look out for increasing volume to verify the renewed uptrend

Posted by Nadayu > 3 weeks ago | Report Abuse

Good news coming

Posted by Nadayu > 3 weeks ago | Report Abuse

Disposal land for industrial land

Posted by mf > 3 weeks ago | Report Abuse

Defiant Hezbollah fires rocket barrage at Israel, vows more attacks

Posted by dragon328 > 3 weeks ago | Report Abuse

@Nadayu, yes I also think that some good news is coming, it can be a land disposal to a data centre player, or good take-up rates at its recently launched industrial parks at Banting or Kulai, or simply good sales at its property projects.

IOIPG's commercial property offering in the heart of Bandar Puchong Jaya, Skyloft Avenue, has seen its ground floor units 100% sold out, with only limited offices left.

Its high-rise condo project GEMS Residences at IOI Resort City are selling like hot cakes.

Posted by Investorrr > 3 weeks ago | Report Abuse

This round looks like IOIP is leading the property sector uptrend.
Has big land bank around Kulai covering details airport.It stil with SEZ .Ideal location for big Data centre.currently already have few large data centre in the construction.price relatively cheaper as compared to near central JB,and Iskanader putri area.IOIp is under value with low NTA..and up and coming REIT.

Posted by dragon328 > 3 weeks ago | Report Abuse

@Investorr, IOIPG has high NTA of RM4.00 per share, and RNAV of RM6.00 per share. Hence IOIPG is trading at just 0.45x book value.

In comparison, Eco World is trading at 1.05x book value, Mah Sing is trading at 1.02x book value.

Posted by Investorrr > 3 weeks ago | Report Abuse

Hi@Dragon328,thanks for highlighting my mistake.,it shound be low P/B,and high NTA..

Posted by Investorrr > 3 weeks ago | Report Abuse

IOIp is paying out good dividend on 1st November. Ext on 14 Oct

Posted by Permutation > 3 weeks ago | Report Abuse

The TA is also very bullish. Something coming up?

Posted by dragon328 > 3 weeks ago | Report Abuse

The upcoming 2024 Budget may have major good news to IOIPG and property developers, if the proposed Madini Deposit scheme is approved.

IOIPG will be able to tweak its property offerings in IOI Resorts City and in Taman Putra Kulai and roll out properties below RM500k to qualify for the Madini Deposit scheme. New launches of affordable apartments and single storey terrace houses at price below RM500k will be well received as 1st time home buyers will surge when the upfront deposit is subsidised by the government. Furthermore, the recent pay hike of 17% for civil servants will increase the disposable income of these groups of buyers/consumers by at least 30%-50%. This will spur footfalls and spending at IOI City Mall and increase buying interests in IOIPG property offerings at IOI Resorts City.

The large tract of undeveloped land of 3,480 acres in Kulai will ensure plenty of room for IOIPG to increase its offerings to industrial demand especially data centre players. With the completion of RTS and implementation of JB-Singapore Special Economic Zone measures, more and more industrials will move into JB and hence IOIPG's Industrial Park at Iskandar will see good take-up rates for its offerings of semi-detached and detached factory lots in next 2-3 years.

Posted by Investorrr > 3 weeks ago | Report Abuse

@Permutation ,it could be partnering with another Nag7 to build and operate large data centre in Kulai?

Posted by Investorrr > 3 weeks ago | Report Abuse

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.

Posted by dragon328 > 3 weeks ago | Report Abuse

https://klse.i3investor.com/web/blog/detail/dragon328/2024-10-09-story-h470999089-IOIPG_Multiple_Re_Rating_Factors_in_Coming_Months

You may refer to my article above in which I have incorporated the recent developments at IOIPG and some updates from IOIPG investor relation chief.

Posted by Investorrr > 3 weeks ago | Report Abuse

@,Dragon328,thanks Mr Dragon for the good article write-up.

Posted by dragon328 > 3 weeks ago | Report Abuse

NO need to thank me. You should thank IOIPG top management and the CEO.

Ahead of the AGM and EGM on 7 November, I expect IOIPG to announce some good news progressively in the weeks ahead or at the AGM itself. For shareholders to vote for the proposed participation of IOIPG in Shenton House redevelopment project as the exclusive marketing agent and project manager, CEO Lee may need to announce some good news or good progress in its property projects in Singapore.

Posted by Permutation > 3 weeks ago | Report Abuse

@dragon328 ,
Following your 5-baggers in YTL and YTL Power, looks like your 5-baggers for IOIPG will come sooner than you thought??

Posted by dragon328 > 3 weeks ago | Report Abuse

YTL and YTL Power had taken almost 2 years to give me a 7 bag (from RM0.70 in May 2022 to a high of RM5.40 in May 2024). I would be happy if IOIPG could double up in one year by June 2025, from my initial recommendation in July 24 at price of around RM2.10.

For IOIPG to return a 5-bag return, it will take years and will need IOIPG management to undertake active corporate exercises to unlock its vast assets.

Posted by dragon328 > 3 weeks ago | Report Abuse

IOIPG just made a circular to shareholders during lunch break. I summarise the salients points as below:

- The main point for the EGM is to seek shareholders approval for IOIPG to participate in the Shenton House redevelopment project
- IOIPG management has earlier rejected the offer by CEO Lee to take over the Shenton House project due to capital commitment which would increase IOIPG net gearing from 0.68 to above 0.90x
- Instead IOIPG management has entered into a Management Agreement with Shenton 101 to manage the redevelopment of the project and act as exclusive agent , without equity commitment
- The entry into the
Management Agreements seeks to address the decision-making process regarding
matters where LYS has a potential self-interest or situations that may impair his ability
to perform his role as the Group Chief Executive Officer of IOIPG in an objective and
impartial manner. The terms of the Management Agreements provide IOIPG Group
with the ability to direct the manner of the development and management of the
Property in a way which manages potential competition between the business of the
IOIPG Group and Shenton 101 and will form the basis of a governance structure to
manage the Potential COI, notwithstanding that the IOIPG Group does not hold any
equity interest in Shenton 101.
- Under the terms of the Management Agreements, the IOIPG Group has been granted
a right of first refusal to have the priority right to acquire or match any third party offer
if (i) Shenton 101 were to seek to dispose of any part of the Property (including any
developed units/properties) or (ii) LYS were to seek to dispose of any part of the equity
interest held by him in Shenton 101 or (iii) Shenton 101 or LYS were to enter into any
joint venture or joint development or other disposal or transfer arrangements. The right
of first refusal is valid throughout the redevelopment period of Shenton House (which
is anticipated to end by the first quarter of 2031 based on the current redevelopment
schedule) or a period of 7 years after the date of the Management Agreements,

- Multi Wealth shall take conduct of the co-ordination, superintendence and supervision of the Project
at the cost and expense of Shenton 101, and Shenton 101 appoints, authorises and empowers Multi Wealth to manage the day to day operations of the Project
- During the Pre-Development Period, Wealthy Link (IOIPG subsi) will be paid a fee of SGD140,000 a year for Pre-construction business coordination and facilitation services + a fee of SGD53,000 a year for interim accounting and corporate support services
- During the Redevelopment Phase, Wealthy Link shall be paid for construction management services a fee which is equivalent to 2.2% of the total construction costs + a fee equivalent to 0.45% of total construction costs for interim accounting and corporate support services
- During Post-Redevelopment Period, Wealthy Link shall be paid a fee equivalent to 3% of Gross Revenue (all rental income to be received by the Redeveloped Shenton House) for provision of management services, and
- where Wealthy Link provides property management services in respect of or in
connection with the lease administration of the Redeveloped Properties (for both
new lease and lease renewal), a leasing management fee of 0.25 month’s gross
rent

Posted by dragon328 > 3 weeks ago | Report Abuse

To me, this is all good to IOIPG as the project manager as it will not need to come out with equity money to fund the project, but instead will receive fees for managing the project.

During pre-development period, IOIPG will receive total fees of SGD195,000 per annum

During the Redevelopment Phase, IOIPG still stand to receive total fees of 2.65% of total construction costs, or 2.65% x SGD600 million = SGD15.9 million during the 4-year construction period

During Post Development Phase, IOIPG will stand to receive management fees of 3% of Gross Revenue estimated at SGD68 million a year when fully tenanted, i.e. 3% x SGD68m = SGD2.0 million a year

Posted by dragon328 > 3 weeks ago | Report Abuse

I won't be attending this AGM/EGM as it is far away from my base town, but for those staying in the Klang Valley, it may be good to attend it so as to get first hand info from CEO Lee on any good news or good progress in the Singapore projects. Anyone attending it pls do report the main take-away points to us who are not able to attend.

Posted by dragon328 > 3 weeks ago | Report Abuse

IOIPG released its Annual Report 2024 yesterday. There are several pleasant surprises in CEO Lee's key note address:

1) IOIPG plans to launch over RM5 billion of properties in FY2025 (ended 30 Jun 2025), surpassing FY24's RM4.49 billion of launches.

2) Property development segment will also witness launches in existing industrial parks. In addition, there will be an introduction of a new industrial park in Melaka in FY25.

3) Spread over 322 acres, IOI Industrial Park @ Banting is expected to launch some 50 units of cluster, detached and semi-detached factories in FY25 itself, which is sooner than expected

4) IOI Industrial Park @ Iskandar Malaysia will increase its acreage to 1,107 acres, more than double of the earlier 500 acres allocated due to strong demand

5) The acquisition of Tropicana Gardens Mall will be finalised and begin contributing to IOIPG earnings as early as Q1 CY2025, in conjunction with the seasonally strong year end and CNY festive periods

6) IOI BUsiness Park in Xiamen, CHina will begin its initial contribution in FY2025, as business environment started to get a big boost from Beijing stimulus measures

7) IOI Central Boulevard towers in Singapore will begin initial contributions in FY2025, with tenancy rate increased to 60% now from 50% as of 30 Jun 2024. This is a major positive catalyst

8) Total net lettable area (NLA) of IOIPG's four malls stood at 4.34 million sq ft in FY24, is set to increase to 5.39 million sq ft in FY25 with the addition of Tropicana Gardens Mall. This paves the way for setting up a commercial REIT soon

9) Total NLA of IOIPG's six offices stood at 4.43 million sq ft, which I presume has included the 1.29 million sq ft from IOICB. This is sizable and ripe for injection into a commercial REIT when tenancy rates mature

10) The hospitality and leisure segment will get a boost in FY2025 with contributions from the acquired 199-room Courtyard by Marriott Penang which was completed in July 2024, and the commencement of the 370-room Sheraton Grand Xiamen Jimei slated for completion by Q2 FY2025 (Dec 2024).

11) Inclusive of the 634-room JW Marriott Hotel Singapore South Beach, total hotel rooms of IOIPG will increase to 3.075 rooms (of 9 hotels) by Dec 2024, which is sizable for injection into a hospitality REIT

12) The new luxury hotel in Langkawi and the new 350-room W Singapore - Marina View are scheduled for completion in 2028

Posted by dragon328 > 3 weeks ago | Report Abuse

On the other hand, Hong Leong research issued an update report on IOIPG this morning. There are plenty of good news in recent developments in Singapore as highlighted in the report.

Anyone interested in getting the report, pls pm me

Posted by dragon328 > 3 weeks ago | Report Abuse

https://www.thestar.com.my/business/business-news/2024/10/11/surge-in-spore-luxury-market-a-boon-for-ioiprop

Posted by Eagle77 > 3 weeks ago | Report Abuse

World War 3 coming ⬇️⬇️⬇️🩸🩸🩸

Posted by Eagle77 > 3 weeks ago | Report Abuse

HANCURRRR ⬇️⬇️⬇️🩸🩸🩸

Posted by UncleFollower > 2 weeks ago | Report Abuse

Just averaged up at 2.22 yesterday hoohoo

Posted by dragon328 > 2 weeks ago | Report Abuse

UncleFollower, you are chun chun. I missed to add after happily collecting the 5 sen dividend.