ECO WORLD INTERNATIONAL BERHAD

KLSE (MYR): EWINT (5283)

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Last Price

0.26

Today's Change

-0.005 (1.89%)

Day's Change

0.26 - 0.265

Trading Volume

85,000


5 people like this.

5,133 comment(s). Last comment by Ben5555 5 hours ago

warchest

1,523 posts

Posted by warchest > 2 weeks ago | Report Abuse


Any questions and concerns about its business, financials and even issues, please address to its Investor Relations at ewi@ecoworldinternational.com

Is already more than 5 years since its IPO, all the projects at the tail-end but somehow the management team of EWINT is not capable of delivery value and returns for the RM2.4b capital invested by the shareholders. Somehow the projects delivered are vanity in nature but not profitable

Johnt299

165 posts

Posted by Johnt299 > 2 weeks ago | Report Abuse

feel dissapointed, and don't know that to do...haizzzzz

warchest

1,523 posts

Posted by warchest > 2 weeks ago | Report Abuse

Actually still a silver lining, 80 cents net net cash after settlements of amount owing by JVs. Assuming half of its will be distributed within 1-2 years, you can expect dividends of at least 40 cents

warchest

1,523 posts

Posted by warchest > 2 weeks ago | Report Abuse

So actually buying at current price is a good deal but for IPO investors a bad investment

warchest

1,523 posts

Posted by warchest > 2 weeks ago | Report Abuse

As they stucked at RM1.20

Ben5555

0 posts

Posted by Ben5555 > 2 weeks ago | Report Abuse

Looking at AR 2020 vs 2021, top 30 substantial shareholders has minor changes, most of them still holding the share till today. I think they are not foolish investors but trust in some extent of their money n investing.
From IPO listed till now, capital earning accumulated with substantial land bank for future development, I guess this is not easy but pretty good management n jobs.
If a company management doesn't keen on shareholders interest, they wouldn't keep on preparing for promises on cash distribution but will be reserved n reserved. It will create value of share or money back to shareholders.
Those hold at low price should be pretty appreciated for former shareholders to give up share to u...

This is my little feeling... I will start buy now..

warchest

1,523 posts

Posted by warchest > 2 weeks ago | Report Abuse

Like what I calculated net net cash should be 80 cents once the JV entities repaid the amounts owing. 50% distribution and remaining for landbank acquisition, we can still expect a dividends of 40 cents, well above the current share price and we still own the company. Actually payment of dividends is bad for growth companies as less money invested to compound growth. But so far not in the case of EWINT. So far landbank mostly exhausted as most of the projects at tail-end. However, the issue is with this company is whether is outright sales or BTR project, its projects only have thin margins after taking into account holding costs and extra incentives. It cause doubt either the industry itself is too competitive for the management to handle or they are having issue in cost control. That's why the silver lining now for redistribution of dividends and why is taking 1-2 years as the pound now is weakening badly against RM, so is not a wise decision

warchest

1,523 posts

Posted by warchest > 2 weeks ago | Report Abuse

As the Company is entering into 2nd phase and replenishment of its landbank, it would be better that the Company restrategise its business. Of course they have track record but now they need to figure on how to make money for the shareholders as RM2.4b of equity has been invested since 2017

warchest

1,523 posts

Posted by warchest > 2 weeks ago | Report Abuse

Market no longer reacting to its sales targets and sales + reserves secured. RM2b, RM2.2b as these do not necessarily translate into profitability. Something that management need to focus is not only be a strong resources allocator but finding ways to expand its margins

Ben5555

0 posts

Posted by Ben5555 > 2 weeks ago | Report Abuse

Excellent opinion n sharing on above. On biz view, capital regroup n less debt is wise strategy for next move. Expected tough biz environment n recession storm is coming n happening in all Western developed countries especially in UK. If ewint able to regroup over RM 2b capital with partial landbank for future development, it consider marvellous achievement vs other local property counters. Based on their rich experience past few years in UK especially, I still hold belief on their capabilities to look for new venture.
Actually as founder point of views, I think they should have some intention or proposal in mind for company prospect.... Delisted could be one of the option hopefully n payback capital to IPO shareholders..
Then at current price of RM 0.30, or even lower, could be the golden period for new comer or old bird investors... Certainly assuming the management can fulfill their promise on coming period of handsome distribution first.

Johnt299

165 posts

Posted by Johnt299 > 2 weeks ago | Report Abuse

I loss confidence this counter because as investors can't forsee any future in western properties and management never share their future plans how to make money for shareholders

drkelvin20

561 posts

Posted by drkelvin20 > 1 week ago | Report Abuse

it seems to me that, the mos benefited parties here are the Directors and CEO for this EWINT, who enjoy all types of remunerations, the biggest losers are the shareholders, who invested the hard-earned money, beleiving in this ewint story and dream, and let the incompetent CEOs/managers/director here to roll the biz using our investment...

drkelvin20

561 posts

Posted by drkelvin20 > 1 week ago | Report Abuse

Most shareholders in early days, suffer biggest pain, and the CEO/directors/managers just take it easy. We should sack these incompetent CEO/directors/managers who lead company to holland.

drkelvin20

561 posts

Posted by drkelvin20 > 1 week ago | Report Abuse

we prefer to wrap it up, get back the borrowing money from JVs, and distribute to investors, rather than letting the incompetent CEO/directors/manegers to continue riding on their fat fat remuneration and no performance deliver.

drkelvin20

561 posts

Posted by drkelvin20 > 1 week ago | Report Abuse

And most surprising, the cuco land owner-Kuok Family also suffer this big, not sure what share price they subscrbe, not sure if they still hold big, not sure any other things...but if they are still in here, they shoud do something, as biggest share holder, at least kick out the CEO/directors...or propose to wrap up the biz, distribute back the cash etc to shareholders...

drkelvin20

561 posts

Posted by drkelvin20 > 1 week ago | Report Abuse

based on current performance, the share price may go down to 20+ or even 10sen...and no effect on the incompetent CEO/directors, as they on fat pay, the lost in biz never bother these guys...

warchest

1,523 posts

Posted by warchest > 1 week ago | Report Abuse

Actually I believe the shareholders are mainly institutional, private companies, high net-worth individuals, management of Ecoworld and Guocoland

Ben5555

0 posts

Posted by Ben5555 > 1 week ago | Report Abuse

On AR2021, president/CEO teow still holding 15,000,000 unit of share. I trust he will focus on creating value to shareholders. Looking at UK property, most investors are not local but foreigners n PR status. Tenancy periods of property in UK is based on yearly basis n upfront. Most Malaysian investors are not aware about this module of property in both Australia n UK but Ewint listed in Malaysia. Following with management acting on last 2 year during covid periods, they have restructuring the major invested holding company on EW ballymore n EW London. I doubt the local analyst n research film for comments on this negative feedback and caused many of us sell in low price just believe the outsider information but not insider report declaration.

Ben5555

0 posts

Posted by Ben5555 > 1 week ago | Report Abuse

Indeed, lack of information announcement is one of key reasons to cause price share drop further... Looking at investor relationship web, updated till Q1 2022 only but today already Q3 2022. Management has to update info as quickly as possible for value investors otherwise, most small investors like us may loss of confidence.

warchest

1,523 posts

Posted by warchest > 1 week ago | Report Abuse

For president and CEO and management team, I believe is their intentions to create value for the shareholders. However, so far they're lacking of the skills and experience to ride on the trends and navigate it from the crises. 5 years plus already enough to judge it. If not because of their partners they could not get the developments completed. Should just change the management and get the more competence management team

warchest

1,523 posts

Posted by warchest > 1 week ago | Report Abuse

They need to be engaging. We need to be engaged on the good news but bad news. So far the engagement is disappointing

Johnt299

165 posts

Posted by Johnt299 > 1 week ago | Report Abuse

@warchest.....we complaining here....any action can be taken from shareholder instead of complaning....hahaha

warchest

1,523 posts

Posted by warchest > 1 week ago | Report Abuse

You can just exercise your rights as a shareholder. Raise your questions via AGM or to their investors relations. Just throw a small bomb to them to pressure them.

Any questions and concerns about its business, financials and even issues, please address to its Investor Relations at ewi@ecoworldinternational.com

warchest

1,523 posts

Posted by warchest > 1 week ago | Report Abuse

The light at the end of tunnel is to get the repatriation of funds which envisaged to be RM0.80. Hopefully more than 3/4 would be distributed

drkelvin20

561 posts

Posted by drkelvin20 > 1 week ago | Report Abuse

I think same too, repatriation of funds to shareholders, the bigger portion is better, else the longer it drags on, the cash may burn out due to various reasons whereas the CEO/Directors may not be affected.

Its totally unacceptable, or a failed CEO who lead a listed company from IPO of rm1.2 to now 29 sen.

drkelvin20

561 posts

Posted by drkelvin20 > 1 week ago | Report Abuse

Please share on info regarding to to particpate in annual meeting, better if it is physical.
please request CEO and his team to step down...

Either poor planning, and imcompetencies. any stocks have high and low, up and down, this EWINT continous to slump from IPO price till 29 sen now...and imagine 6-7 years since it IPO, at least it should show 1.5 if it is a good investment.

Strip CEO, sack him and his team.
Please alert KuoK family on this incompetent line up.

Ben5555

0 posts

Posted by Ben5555 > 1 week ago | Report Abuse

I did send reminder to ewi investors relationship for updated report on presentation just 1 days ago... Now all updated information is coming out..... Please read it carefully and share thought...

Ben5555

0 posts

Posted by Ben5555 > 1 week ago | Report Abuse

It look positive response...cheers

warchest

1,523 posts

Posted by warchest > 1 week ago | Report Abuse

Every dog has its day. But so far not EWINT since it's venture into the UK and AU. Results since IPO were horrible. Don't count on the management team to expand its business but instead hope bigger chunk of dividends instead. It need to be restructured and pivot it's business model from now

warchest

1,523 posts

Posted by warchest > 1 week ago | Report Abuse

The CEO of UK subsidiary is too young and incapable. The Group President more of finance guy and lacking of business acumen. We need good resource allocator that knows how to putting the resources into right projects

Ben5555

0 posts

Posted by Ben5555 > 1 week ago | Report Abuse

Please correct me if I am wrong calculation.
Up to Q3 2022 presentation, just 3 projects hold by new ballymore for sales value was GBP 1.8B, if ownership 70% of GDV, and 75% own of ew ballymore company by EWI, total sales belonging to EWI is GBP 1.8B x 0.7 x 0.75 = GBP 945M, assuming sales between 80~90% = GBP 756m ~ 850M , approx x 5 rate = RM 3.7B ~ 4.25B...
This amount will be flowed back to EWI within 1~2 years.. WOW.. Marvellous Cash in, right. ?

Ben5555

0 posts

Posted by Ben5555 > 1 week ago | Report Abuse

Just look at dividends payback on coming 1~2 years, it could be pretty good n then exercise for next plan either delisted program or further investment,. Those IPO investors should get back whatever invested capital plus margin in near future hopefully

Gen2

225 posts

Posted by Gen2 > 4 days ago | Report Abuse

@Ben5555 GSV is not equal to profit. Off course I believe there will be some dividend payout but who know how many % of it ? Some money might need for new land bank or new joint ventures. If you look at their QR it is very different from our local property company and yet how do we know the JV could be at loss position ?

warchest

1,523 posts

Posted by warchest > 3 days ago | Report Abuse

Which should work out around RM1.9b, but that is before the recent tumble of UK pound

warchest

1,523 posts

Posted by warchest > 3 days ago | Report Abuse

Just that is underperforming Group with incompetent management team. Its share price performance is a good bellwether to know whether they do well or not. They should be leaned and reduce excessive fat from high salaries, bonuses, benefits and perks to the CEO and management team in the corporate and the UK

warchest

1,523 posts

Posted by warchest > 3 days ago | Report Abuse

Its share price now at 27.5 cents, pathetic with more than 2/3 drop in value compared to its IPO.

Posted by MrPatience > 2 days ago | Report Abuse

During the past 5 quarters, current owing by JV is decreasing while non current owings is increasing.
anyone know if the growing non current owings is due to repayment period of current owings extended or new launch of new projects?

The fact the management taking a precautious measure during uncertainty period is a good move. They repay big chunk of foreign debt and 90% debt left is MYR denominated MTN at fix rates, should be more manageble. (though the falling of GBP will affect their bottomline)

warchest

1,523 posts

Posted by warchest > 1 day ago | Report Abuse

No choice, if cannot expand the business than need to be prudence especially on the spending and staff costs. That's why they need to spend less, focused to repay borrowings and repay the shareholders. Is better for them to do less than more. You can see that RM2.4b invested now probably can get RM2b back. It is I'm negative returns more than 5 years since IPO

warchest

1,523 posts

Posted by warchest > 1 day ago | Report Abuse

Somehow the UK and Australia markets no longer lucrative for the Group. The projects are nice but somehow they haven't learned to make profits from these projects and the issues spiralling down. Do less, be lean is the way to go till they have found the right business model to make money for its shareholders

warchest

1,523 posts

Posted by warchest > 1 day ago | Report Abuse

Is a good value at current price. But is a very depressive investment for IPO investors that pouring billions but getting negative returns. All end in vain due to inability of the management team to understand on its business model, core competencies and landscapes. More developed the country is, more regulations, compliance and cost of doing business. That's why EWINT is in distress mode

GoldenShares

3,436 posts

Posted by GoldenShares > 1 day ago | Report Abuse

below 0.20 is matter of time........

Ben5555

0 posts

Posted by Ben5555 > 1 day ago | Report Abuse

My views as follows : if wrong, please correct me......
1. Ewi is investment holding company. During IPO 2017, ewi invested most of capital into 2 markets Australia n UK on property development. In Australia is 100% own n UK via JV with EW ballymore n EW London.

2. In 2020~2021, Australia project completed n capital regrouping to EWI n paid 6sen of dividend with cash remaining at ewi.

3. In 2021, ewi restructure the UK JV for ew Ballymore n ew London became 75% own on ew ballymore n 100% own of ew London.

4. Back on 2017, ewi invested around RM 2B to UK on JV company at exchange rate of around RM 5.7~5.8 = GBP 1 for project. Total invested amount around GBP 350~430M together with bank loan of GBP

5. 2022~2023, ew ballymore has 3 mega projects to be completed or completed worth amount of GBP 1.8B. this amount of sales is belonging to ew Ballymoney JV company . 75% own by ewi.

6. 2022 up to Q3, liabilities or bank loan down to 0.07x. meaning most of bank borrowing will be cleared to zero liability by end 2022 or early 2023.

7. 2022 Q3 reported, ew ballymore UK projected sold almost 80% of units worth GBP 1.6B.

8. Ew London has on going projects n could be slow down the development due to uncertainty which highlighted on last to Q2, Q3 report of 2022.

Comments :
Ew ballymore is JV company, whatever ewi invested amount is the creditor account from ew ballymore. This jv company has right to do own accounting following with UK system although ewi has 75% own. This JV account may not combine figure into ewi listed account figure as this is jv biz. If assuming this jv biz is profit or loss, it may not immediately affected in ewi account. The initial capital invested by ewi has depreciated due to exchange loss and may affected in ewi BS statement. But in ew ballymore BS statement should be same amount due to no change in UK currency as this jv company is following in UK GBP. Hence in coming period of cash flow in at ew Ballymoney in GBP should be around GBP 1.6~1.8B as this is project worth of sales n may start to handover to buyers if project can be achieved over 80% of sales .

Once the cash flow back to ew ballymore account, ewi has options to reserve some for ew London for project development in UK ( it may not have any exchange loss issue ) and some flow back to ewi for repatriation of dividend. Remember ewi own 75% of ew Ballymore.

All of this exercise, ewi may has recover handsome cpaital initial back in account in UK or Malaysia plus profit which unknown so far.

Ewi management should keep more portions of capital in GBP in UK instead of flow back to suffer loss of exchange to Malaysia.

Looking at 2021, most earlier investors are paying 6 sen of dividends by Ewi, trusted this around of time should be more of it but ewi will suffer exchange loss also if want to keep same of 6 sen dividends which amount approx RM 144M = GBP 29M with exchange assuming on 4.9 to GBP 1.

Anyway based on this calculate amount, ewi as today price of RM 0.27, it is real attractive point to accumulated either you are old or new investors.

Michael Kwok

4,621 posts

Posted by Michael Kwok > 1 day ago | Report Abuse

Price 26-27 cents
Tp below 20 cebts
4.17pm 29/9/2022

Ben5555

0 posts

Posted by Ben5555 > 1 day ago | Report Abuse

Beside above-mentioned figure collected from entire report of 2022 from ewi, ew London still has large portion of project to be developed worth over GBP 1.5B. based on capital regrouping n sufficient fund to financing the remaining projects with careful plan I think ewi management team in UK is doing pretty good job.. they are worth to get the rewards n perk.

Please do remember the CEO of ewi has over 15,000,000 unit of share and salaried n perk is only RM 2M plus only...

Ben5555

0 posts

Posted by Ben5555 > 1 day ago | Report Abuse

Short term investors better don't looking at this counters you will suffer much.. long term investors will painful on patient...I am the investors in between.. suffer n painful......

Posted by MrPatience > 1 day ago | Report Abuse

Pain and suffer are usual for monitoring share price movement ...
There are indeed no counter to be look at if suffer from price movement.
Too cheap also pain, share price run up will feel regret.

Posted by MrPatience > 1 day ago | Report Abuse

EWI has the commitment to fund those 3 JV, and their liability is quite high though can be covered by asset. But I cant find detail reporting ...

Is the property segment EWI involved in UK is facing a crunch? as I read the avg selling price has reduce to 600K, which is still above EWI JV avg selling price.

And how about the Btr project thats going to hand over to invesco?

Steve64

13 posts

Posted by Steve64 > 17 hours ago | Report Abuse

wonder how much of sharp stck price fall is due to margin calls. ??..plus loss of confidence

Gen2

225 posts

Posted by Gen2 > 10 hours ago | Report Abuse

@Ben5555 look like you still uncertain. Sales is sales and profit or loss is not equal to sales.

Ben5555

0 posts

Posted by Ben5555 > 5 hours ago | Report Abuse

UK n Aussie property accounting not similar to Malaysia. Malaysia is progressive payment as sales. UK, aus is fully completed n handover period time collections as sale. Those sales capital regrouping is included profit or loss payment. One lum sum inwards. As long as higer sales achievement, more n more capital regroup.. this is my understanding.. if wrong, please correct it.

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