potential counter ? anybody looking in this counter ???

slow! majority property/construction counter are slow. good to enter below 2.10 and dump after 2.20

IJM Land: Second wave of NAV expansion

IJM Land
(Oct 14, RM2.68)
Maintain buy with fair value at RM3.88: We raise our fair value from RM3.60 per share to RM3.88 based on an unchanged 10% discount to our revised fully-diluted (FD) NAV of RM4.31 per share, which takes into account an estimated accretion of 31 sen per share (50% stake) from the acquisition of 2,000 acres of land at Canal City (GDV: RM6.5 billion).

The acquisition price of about RM5 psf is very attractive. Payment will be staggered over four years.

The maiden launch is expected to be in 4Q11.

The deal will give it a strong foothold in the lucrative township development in the Klang Valley.

The recent tender by the Penang government for 93 acres at Bayan Mutiara for RM200 psf may establish a new benchmark price for seafront land.

This may lead to a repricing of implied land values at Phase II (103 acres) of The Light, which should cost less than RM50 psf to reclaim.

The imminent debut of Light Collections II (GDV: RM260 million) next month is highly anticipated.

IJM Land is actively negotiating with anchor investors to pre-commit on its highly sought-after waterfront retail mall (GFA: 1.0msf) at Phase II.

Presales in the first six months of this fiscal year have reached RM900 million.

IJM Land looks likely to surpass its presales guidance of RM1.2 billion given its presales pipeline of a further RM700 million until end-FY11F. Unbilled sales now stand at RM1.1 billion.


This article appeared in The Edge Financial Daily, October 15, 2010.

http://www.ijm.com/v2/ijml/what.htm

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Added on October 27, 2010, 11:04 amMARKET PRICE NOW IS ONLY RM2.76. Its warant at RM1.36 only conversion rm1.35, is below the mother share price. THERE IS ALOT OF ROOM TO MOVE TO ITS FAIR VALUE PRICE.

IT IS A GOOD SHARE TO HOLD IN THE LONG RUN. MOVING UP LITTLE BY LITTLE EACH DAY.

IJM GROUP IS VERY STABLE AND THE CEO DO ALWAYS TAKE CARE OF THE STAFF BENEFIT VERY WELL. ALL STAFF WORKING THERE HOLD ESOS FROM BOTTOM TO TOP MANAGEMENT ARE ALL MILLIONAIRES. TOGETHER FATT CONCEPT

monitor and see and will know how good it it.

This post has been edited by lowyat888: Oct 27 2010, 12:36 PM

Agreed, this counter is in right rally

ijm land is rising each day

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Added on November 23, 2010, 12:20 pmIJM Land and MRCB shares suspended, they are to announce potential corporate exercise today
By ANGIE NG
angie@thestar.com.my

PETALING JAYA: Market talk of a potential merger, or takeover, involving IJM Land Bhd and Malaysian Resources Corp Bhd (MRCB) has intensified with the suspension of the shares of IJM Land, its parent IJM Corp Bhd and MRCB since 9am yesterday pending a material announcement on a potential corporate exercise.

The companies are expected to announce details of the corporate exercise later today.

An analyst with a local research house said there was room for consolidation in the local property sector to make way for more competitive and bigger entities in the likes of their better capitalised counterparts in Singapore.

There are various possibilities how the exercise will be carried out. One involves the merger of IJM Land and MRCB into a new entity and the other is via the takeover route, he told StarBiz yesterday.
An artist’s impression of IJM Land’s RM4.3bil The Light Waterfront phase two project.

He said the rationale for a merger or takeover was for both parties to leverage on each other's strengths and synergies going forward.

With the Employees Provident Fund (EPF) having close to a 42% stake in MRCB, he said there was value in MRCB due to its expected involvement or major role in the redevelopment of the Government's land in Sungai Buloh, and a possible strong uplift to the construction order book from the rollout of the 10th Malaysia Plan projects.

Another analyst said while MRCB had proven itself in commercial development, especially the award-winning KL Sentral development, its track record in residential development has not been significant.

IJM Land, with its good track record in residential projects and township development, will be a good match for MRCB as its expertise will be most valuable to the enlarged group's expanded landbank, he said.

Strong brand

The property development arm of IJM Corp has the advantage of a strong brand and is a trusted developer of quality niche properties and new townships.

It is well regarded for its township building expertise as well as expertise in building medium to high-end residences and commercial projects.

Among its flagship projects are The Light Waterfront project in Penang as well as the Seremban 2 and Shah Alam 2 townships.

The analyst said MRCB's advantage of being one of the frontrunners for the redevelopment of the Sungei Buloh land could be the main impetus for the coming together of both companies.

We believe MRCB has been helping the EPF in drawing up the masterplan for the 3,300 acres in Sungei Buloh. However, details on the plot ratio, size of initial development, and other issues are not available as yet. But we understand that the Government is expected to announce the award and details by the first quarter of 2011, he added.

The Government and the EPF will form a joint venture to promote the development of the Sungei Buloh land into a new hub for the Klang Valley. The land is believed to have a gross development value (GDV) of RM10bil.

KL Sentral's development is also progressing well with over RM4bil of GDV having been completed. MRCB, together with its partners, are undertaking RM4.3bil worth of development, to be completed mostly in 2012.

Most of the development centres on Lot G, comprising two office towers, one retail mall and a hotel, with a gross floor area of about three million sq ft. The retail mall, to be called Nu Sentral Mall, will be kept for rental income. Two more properties KL Sentral Park and 348 Sentral (office and apartments) would also be injected into its property investment units for rental income. We understand that about 53% of tenants have been secured for KL Sentral Park and Shell would be taking up office space at 348 Sentral, the analyst said.

He said there would be about RM6bil worth of GDV remaining for development in KL Sentral with construction to start mostly in 2011 and 2012.

This development would include office suites (Lot B), office towers, St Regis Hotel/Residences, and a luxury high-rise development (joint venture with CapitaLand and Quill).

The analyst said MRCB was targeting at least RM1bil of new jobs next year. Among others, it is eyeing some portion of the civil works for the RM43bil MRT project proposed by MMC Corp Bhd and Gamuda Bhd.

The group is also expecting renewals to environmental projects, including the Sungai Pahang rehabilitation project, which is valued at about RM200mil. It is also looking at RM300mil to RM400mil worth of new transmission jobs from Sabah and Sarawak, he said.


http://biz.thestar.com.my/news/story.asp?f...57&sec=business

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Added on November 24, 2010, 9:52 amIJM Land to merge with MRCB in share-swap deal
By SHARIDAN M. ALI
sharidan@thestar.com.my

KUALA LUMPUR: IJM Land Bhd and Malaysian Resources Corp Bhd (MRCB) plan to merge via a share swap in a newly incorporated company that is slated to emerge as the nation's second-largest property developer.

Yesterday the two companies signed a memorandum of understanding (MoU) and planned to come up with a definite agreement within three weeks.

The merger will involve a share-swap whereby the shares of IJM Land and MRCB will be exchanged for shares in the new company.

The exchange price per IJM Land share is RM3.65 and RM2.30 per MRCB share. This will translate into a premium of 27.5% and 10.2% for IJM Land and MRCB respectively to the five-day volume weighted average market price.
From left: MRCB CFO Chong Chin Ann, CEO Mohamed Razeek Hussain, IJM Land MD Datuk Soam Heng Choon and chairman Datuk Krishnan Tan at the MoU signing on Tuesday.

Post merger, IJM Land and MRCB plan not to maintain their listing status and the new company will take over their listing status by June 2011. IJM Land's market capitalisation is currently at RM3.4bil while MRCB's is about RM3bil.

MRCB CEO Mohamed Razeek Hussain said the MoU was only the first step of the merger where they would reveal further details of the agreement, such as shareholding structure and share swap ratio for the merger, in three weeks' time.

But because of rife speculation of the merger in the media, we think it will be fair to announce that both companies are in discussion and have signed an MoU pursuant to the merger. We are not ready to give the plethora of arrangement just as yet, he said after the MoU signing yesterday.

Meanwhile, IJM Land chairman Datuk Krishnan Tan said the two companies complement each other via the merger.

It's a merger between businesses, people and branding to take both companies to the next level. It's a good marriage, he said.

MRCB specialises in high-rise development office and condominiums while IJM Land projects are slanted towards mass township of mixed developments.

According to a presentation revealing some preliminary details of the merger, the new company is anticipated to be a mega-size property developer with implied market valuation of RM7bil, combined annual revenue of RM2bil and net asset of RM3bil, landbank in excess of 9,000 acres and increase in geographical presence.

AmResearch said the merger between MRCB and IJM Land made sense.

IJM Land could leverage on MRCB's advantage in Sungai Buloh land. MRCB has been assisting the EPF in drawing up the masterplan for the redevelopment of the RRI (Rubber Research Institute) land (in Sungai Buloh).

The research house added that IJM Land would bring expertise and a strong track record to the partnership as MRCB lacked experience in township development.

Separately, OSK Research said the merger would boost synergy and economies of scale. We believe the combined entity will stand a strong chance of being appointed the master developer of the prized piece of federal land at RRI.

However, Krishnan said the purpose of the merger was beyond any specific project and was more towards complementing each other and to be more competitive.

MRCB's largest shareholder is the EPF while IJM Land is a unit of IJM Corp Bhd, a construction and plantation group.

On Nov 4, UEM Land Holdings Bhd made a RM1.4bil takeover offer for Sunrise Bhd that would make it the largest developer of the country.

IJM Land, in its filing to Bursa Malaysia, said its net profit fell by 19.4% to RM30mil for its second quarter ended Sept 30 from a year ago. Revenue for the quarter under review also fell by 30% to RM212.9mil.

The decrease in both revenue and net profit for the quarter was due to strong take-up rate achieved in the preceding quarter for Lot 28 in Penang and sale of units (Platino and Summer Place in Penang) previously reserved for bumiputra being offered to the public.

However, cumulatively, for first six months of the current financial year, IJM Land saw its net profit surged by 30.8% year-on-year on the back of RM577.9mil of revenue.


http://biz.thestar.com.my/news/story.asp?f...41&sec=business

This post has been edited by lowyat888: Nov 24 2010, 09:52 AM

time to collect more

Donno why the merging exchange price is 3.65 but the price stil droping today until 3.09..?

majority of the shares drop today due to the war between north n south korea. when drop it is an good opportunity to buy more bcos investor do panic here n there. good opportunity does not always come around and investing in a very good company.

To be realistic there will be no war just scaring each other. it will be no good for the country and difficult time for people of country there.

need to think wisely it is worth it to have war.

if war do persist anything also no value, cash, property,shares etc.

This post has been edited by lowyat888: Nov 26 2010, 06:49 PM

If the deal is on, it will appreciate to the indicative value. This is also provided the price of MRCB is sustainable.

Any sifu can give any comment on this price adjustment? Does it mean when they merge they will return cash bank of the merger price of 3.58?

Conversion Rate : 3 to 1
Exercise Price = 2.2

X*3 +2.2 = 3.58
X*3 = 1.38
X= = 0.46

Does that mean they will cash back IJMLAND-CA on 0.46 ( Increase of 0.16 from current 0.3 which is about 50% increase)






JMLAND-CA - General Announcement
Announcement Type: General Announcement
Submitting Merchant Bank: AMINVESTMENT BANK BERHAD
Name: IJMLAND-CA: CW IJM LAND BERHAD (AM)
Stock Name: IJMLAND-CA
Date Announced: 26/11/2010

Announcement Detail:
Type: Announcement

Subject: AMINVESTMENT BANK BERHAD ("AMINVESTMENT BANK")

ADJUSTMENT TO THE TERMS AND CONDITIONS OF THE EUROPEAN STYLE CASH-SETTLED CALL WARRANTS OVER ORDINARY SHARES OF IJM LAND BERHAD ("IJMLAND") ("IJMLAND-CA") PURSUANT TO THE MEMORANDUM OF UNDERSTANDING ON THE PROPOSED MERGER BETWEEN MALAYSIA RESOURCES CORPORATION BERHAD AND IJMLAND BY WAY OF A MEMBERS' SCHEME OF ARRANGEMENT UNDER SECTION 176 OF THE COMPANIES ACT, 1965 VIA A NEWLY INCORPORATED COMPANY ("PROPOSED MERGER")

Contents: We refer to the announcement by IJMLAND dated 23 November 2010 in relation to the Proposed Merger.

In accordance with the Deed Poll dated 8 July 2009, the terms and conditions of IJMLAND-CA will be adjusted accordingly in the event the Proposed Merger is implemented ("Adjustments").

Further announcement in relation to the Adjustments will be made in due course when more information on the Proposed Merger is announced by IJMLAND.

This announcement is dated 26 November 2010.

before the deal ijmland as below

Maintain buy with fair value at RM3.88: We raise our fair value from RM3.60 per share to RM3.88 based on an unchanged 10% discount to our revised fully-diluted (FD) NAV of RM4.31 per share, which takes into account an estimated accretion of 31 sen per share (50% stake) from the acquisition of 2,000 acres of land at Canal City (GDV: RM6.5 billion).

even if the deal is not on, the fair value is even higher. +- ijmland is still a good buy. with or without the deal, ijmland share price should be higher. Directors is holding so much share also not afraid. very confident in data krishnan tan management, very sharp and have very good vision and do care for its staff benefit. all staff in IJM group are millionaires

ijm group is worth buying, as long as dato krishnan tan is monitoring the whole group and being promoted to Executive Deputy Chairman .

Details of any interest in the securities of the listed issuer or its subsidiaries :

1) IJM Corporation Berhad - 2,449,180 Shares (Direct), 1,095,136 Shares (Indirect), 1,274,348 Warrants (Direct) and 613,800 Warrants (Indirect);
2) IJM Land Berhad - 20,000 Shares (Indirect), 1,248,610 Warrants (Direct) and 123,900 Warrants (Indirect); and
3) IJM Plantations Berhad - 646,000 Shares (Direct), 429,982 Shares (Indirect), 70,060 Warrants (Direct) and 51,051 Warrants (Indirect)

Remarks
Dato' Tan will be stepping down as the Chief Executive Officer & Managing Director on 31 December 2010 and redesignated as Executive Deputy Chairman of the Company with effect from 1 January 2011.

This post has been edited by lowyat888: Nov 29 2010, 12:18 PM

My IJM shares will be converted to new merged companies?

Nothing doing with IJM shares.

only IJMLAND SHARES WILL BE CONVERTED TO NEW NEWCO COMPANY

IJMLAND WARANT
http://biz.thestar.com.my/news/story.asp?f...59&sec=business

This post has been edited by lowyat888: Nov 29 2010, 07:34 PM

IJMLAND have very good potential and the management their is good indeed

Looks bad from the latest news outcome.

http://www.btimes.com.my/Current_News/BTIM...124053/Article/

http://www.bernama.com/bernama/v5/newsbusiness.php?id=553316

IJM LAND IS WORTH MORE THAN THE VALUE NOT TO SAY JUST BECAUSE THE DEAL IS OFF THEN THE COMPANY IS USELESS. IJMLAND MANAGEMENT WANTS WHAT IS BEST FOR ITS COMPANIES.

THE TERM AND CONDITION IS DUE TO WHO SITS IN THE NEW COMPANY AND THE PRICE TO CONVERT BOTH PARTIES DO NOT AGREE. TOO SCARCE OR DIVERSITY A COMPANY IS DIFFICULT TO MANAGE AND CONTROL.

BETTER FOR IJM LAND TO MANAGE BACK ITS COMPANY DUE TO ITS CAPABILITIES IN ITS MANAGEMENT TO BRING THE COMPANY FURTHER FORWARD/AHEAD AND DONT MERGE IF GOT NO GOODIES FOR THEM. ON ITS OWN ITS MUCH BETTER. NOT TO INVOLVE TO MANY PARTIES AND MAN POWER.

JUST LOOK AT IJM CORP, SHARE PRICE GOING UP STEP BY STEP AND MORE PROJECTS ARE COMING OVER THE BOOK VALUE. THERE MANAGEMENT IS VERY GOOD INDEED.

This post has been edited by lowyat888: Dec 30 2010, 01:51 PM

True.

IJM and MRCB is of different level..

Hopefully will go up ...as I bought and average the price at 1.650 warrant

Sure will...not to worry....see how next year~