Any questions and concerns about its business, financials and even issues, please address to its Investor Relations at email@example.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
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..
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
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
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
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.
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...
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.
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...
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.
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.
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
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.
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.
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
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
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. ?
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
@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 ?
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
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)
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
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
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
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.
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...
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.
Post a Comment
People who like this
You should check in on some of those fields below.
Click Confirm to delete this Forum Thread and all the associated comments.
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....