Keladi Maju to go high-end with RM1.5b project
By theedgeproperty.com | August 1, 2014 4:45 AM MYT
KUALA LUMPUR: Kedah-based property player Keladi Maju Bhd plans to build high-end properties on the 5.66ha prime land it is buying from Goh Ban Huat Bhd (GBH) in Mukim Batu, Segambut, confirming market talk that it will be making its maiden foray into the high-end residential market in its first venture in the Klang Valley.
Managing director Datuk Chuah Chin Ah said plans for the development are still in the very early stages, but affirmed that the land in Segambut carries a gross development value (GDV) of RM1.5 billion, and that Keladi Maju plans to undertake the project all by itself.
He was speaking to reporters after the group&rsquo s annual general meeting yesterday.
Keladi Maju, which is also a palm oil producer, has been in the limelight following its proposed acquisition of the GBH land for RM192.37 million. It made an announcement on this to Bursa Malaysia on July 2.
On July 24, its shares surged to a seven-year high of 42.5 sen on speculation that the company would venture into high-end properties. The counter closed 1.18% lower at 42 sen yesterday with 4.77 million shares changing hands, translating to a market capitalisation of RM318.5 million.
Asked if there would be more upcoming land deals, Chuah said: &ldquo We are always on the lookout for good land. If [it] comes with oil palm trees, then it will be better as it has recurring income from oil palm harvesting. There is no definitive term on the type of land that we are looking to acquire.&rdquo
The group&rsquo s chairman and non-independent non-executive director Tan Sri Tan Hua Choon said GBH is consolidating its assets but declined to reveal what GBH is planning to do next.
The transfer of land from GBH to Keladi Maju is part of an asset-unlocking exercise by Tan, who is a substantial shareholder in both firms.
GBH is paving the way for a reverse takeover (RTO) by Dynac Sdn Bhd to gain immediate access into the oil and gas industry. The deal would be partly financed by the proceeds gained from the sale of several pieces of land to Keladi Maju.
Apart from GBH and Keladi Maju, Tan also sits on the board of FCW Holdings Bhd, Marco Holdings Bhd and Jasa Kita Bhd.
Meanwhile, Chuah said Keladi Maju&rsquo s results for its second quarter ended July 31 (2QFY15) would be &ldquo comparable&rdquo with the previous corresponding quarter (2QFY14).
It raked in a net profit of RM6.36 million in 2QFY14, a drop of 5.44% from RM6.73 million a year earlier. Revenue dropped 37.31% to RM17.38 million from RM27.7 million a year ago.
In a result note dated Sept 17, 2013, it said the decline in performance was mainly due to lower income recognition from property development and lower revenue from the sales of fresh fruit bunches.
Its estimated revenue of RM58 million for FY15 is expected to be similar to what it made in FY14, said Chuah.
&ldquo We expect good take-up rates for our launches this year. We are very confident because most of our products are sold out. We will not be slowing down on our launches,&rdquo he added.
The estimated GDV of the group&rsquo s new launches for FY15 is about RM58 million. Chua said the group has launched projects worth some RM15 million to date the remaining RM43 million will be launched in the near future.
That includes its new developments in Taman Desa Cinta Sayang and Taman Puteri in Kedah.
Taman Desa Cinta Sayang will have 455 single-storey medium-cost terrace houses, 152 shop houses, and a petrol station.
Taman Puteri, with GDV of RM240 million, comprises 1,585 residential and commercial properties.
Keladi Maju currently owns 1,182 acres of estate land, 133 acres of vacant land and 167 acres of land under development.
This article first appeared in The Edge Financial Daily, on August 1, 2014.
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Keladi Maju to go high-end with RM1.5b project
By theedgeproperty.com | August 1, 2014 4:45 AM MYT
KUALA LUMPUR: Kedah-based property player Keladi Maju Bhd plans to build high-end properties on the 5.66ha prime land it is buying from Goh Ban Huat Bhd (GBH) in Mukim Batu, Segambut, confirming market talk that it will be making its maiden foray into the high-end residential market in its first venture in the Klang Valley.
Managing director Datuk Chuah Chin Ah said plans for the development are still in the very early stages, but affirmed that the land in Segambut carries a gross development value (GDV) of RM1.5 billion, and that Keladi Maju plans to undertake the project all by itself.
He was speaking to reporters after the group&rsquo s annual general meeting yesterday.
Keladi Maju, which is also a palm oil producer, has been in the limelight following its proposed acquisition of the GBH land for RM192.37 million. It made an announcement on this to Bursa Malaysia on July 2.
On July 24, its shares surged to a seven-year high of 42.5 sen on speculation that the company would venture into high-end properties. The counter closed 1.18% lower at 42 sen yesterday with 4.77 million shares changing hands, translating to a market capitalisation of RM318.5 million.
Asked if there would be more upcoming land deals, Chuah said: &ldquo We are always on the lookout for good land. If [it] comes with oil palm trees, then it will be better as it has recurring income from oil palm harvesting. There is no definitive term on the type of land that we are looking to acquire.&rdquo
The group&rsquo s chairman and non-independent non-executive director Tan Sri Tan Hua Choon said GBH is consolidating its assets but declined to reveal what GBH is planning to do next.
The transfer of land from GBH to Keladi Maju is part of an asset-unlocking exercise by Tan, who is a substantial shareholder in both firms.
GBH is paving the way for a reverse takeover (RTO) by Dynac Sdn Bhd to gain immediate access into the oil and gas industry. The deal would be partly financed by the proceeds gained from the sale of several pieces of land to Keladi Maju.
Apart from GBH and Keladi Maju, Tan also sits on the board of FCW Holdings Bhd, Marco Holdings Bhd and Jasa Kita Bhd.
Meanwhile, Chuah said Keladi Maju&rsquo s results for its second quarter ended July 31 (2QFY15) would be &ldquo comparable&rdquo with the previous corresponding quarter (2QFY14).
It raked in a net profit of RM6.36 million in 2QFY14, a drop of 5.44% from RM6.73 million a year earlier. Revenue dropped 37.31% to RM17.38 million from RM27.7 million a year ago.
In a result note dated Sept 17, 2013, it said the decline in performance was mainly due to lower income recognition from property development and lower revenue from the sales of fresh fruit bunches.
Its estimated revenue of RM58 million for FY15 is expected to be similar to what it made in FY14, said Chuah.
&ldquo We expect good take-up rates for our launches this year. We are very confident because most of our products are sold out. We will not be slowing down on our launches,&rdquo he added.
The estimated GDV of the group&rsquo s new launches for FY15 is about RM58 million. Chua said the group has launched projects worth some RM15 million to date the remaining RM43 million will be launched in the near future.
That includes its new developments in Taman Desa Cinta Sayang and Taman Puteri in Kedah.
Taman Desa Cinta Sayang will have 455 single-storey medium-cost terrace houses, 152 shop houses, and a petrol station.
Taman Puteri, with GDV of RM240 million, comprises 1,585 residential and commercial properties.
Keladi Maju currently owns 1,182 acres of estate land, 133 acres of vacant land and 167 acres of land under development.
This article first appeared in The Edge Financial Daily, on August 1, 2014.
JKG LAND BHD appoints former IJM Corp CEO as MD
By Chester Tay / theedgemarkets.com | July 1, 2015 : 7:58 PM MYT
KUALA LUMPUR (July 1): Keladi Maju Bhd ( Financial Dashboard) announced to Bursa Malaysia that former IJM Corp Bhd chief executive officer (CEO) Datuk Teh Kean Ming is appointed as the property developer' s managing director (MD), effective today.
In a separate filing with the stock exchange, Keladi Maju (fundamental: 1.65 valuation: 2.4) said its existing MD Datuk Ir Chuah Chin Ah has been redesignated as executive deputy chairman.
Teh joined the board of IJM Corp as an alternate director on Sept 1, 2005 and was the deputy CEO and deputy MD of IJM Corp from July 1, 2008 to Dec 31, 2010. He was then appointed CEO and MD of the company on Jan 1, 2011 and retired on Apr 5, 2015.
Chuah, on the other hand, is one of the founders of Keladi Maju and has been the MD of the group since 1986.
Keladi Maju rose half sen or 1.72% to 29.5 sen today, giving it a market capitalisation of RM219.91 million.
(Note: The Edge Research' s fundamental score reflects a company&rsquo s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)
JKG LAND BHD(KELADI)&rsquo s 1Q net profit triples to RM8.79m on higher property sales
By Levina Lim / theedgemarkets.com | June 22, 2015 : 7:02 PM MYT
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KUALA LUMPUR (June 22): Keladi Maju Bhd ( Financial Dashboard)&rsquo s net profit tripled to RM8.79 million or 1.16 sen a share for the first financial quarter ended April 31, 2015 (1QFY16) from RM2.92 million or 0.38 sen a share a year ago, mainly due to higher contribution from its property development segment.
Revenue was also higher, tripling to RM24.74 million from RM7.93 million in the previous corresponding quarter. &ldquo The higher recognition of revenue and profit before tax were mainly due to improved sales activities and construction progress billings achieved.
&ldquo During the quarter under review, a built then sell project comprising 236 units of terrace houses in Phase 4B2 of Taman Lagenda was completed with approval of Certificate of Completion and Compliance (CCC) and achieved 100% sales rate,&rdquo it said in a filing with Bursa Malaysia today.
Meanwhile, its palm oil cultivation division posted a 6% rise in pre-tax profit to RM501,000 from RM471,000 a year ago, on the back of an 18% rise in revenue to RM844,000.
According to Keladi Maju, 2015 will be a challenging year due to the depreciation in value of the Ringgit, the slump in crude oil price and inflationary effect due to implementation of the goods and services tax dampening consumer spending pattern.
&ldquo Nevertheless, all the group&rsquo s projects which are in progress at Taman Lagenda and Taman Desa Cinta Sayang are expected to contribute positively to the earnings of the group for the remaining period of the financial year,&rdquo said the property and plantation group.
Keladi Maju said it will continue to embark on development of affordable and saleable properties from its existing development land banks.
&ldquo With diligent development planning together with the steady smooth implementation, the prospects of the group remain bright,&rdquo it added.
Keladi Maju (fundamental: 1.65 valuation: 1.8) shares were untraded at 28 sen today, giving it a market capitalisation of RM212.33 million.
(Note: The Edge Research' s fundamental score reflects a company' s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)
