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KUALA LUMPUR: RHB Research projects a multi-fold rise in net profit for Yong Tai as the former garment company focuses on property development.

“This would be underpinned by the Impression City project, which would see a potential total gross development value (GDV) rise to RM6.1bil from RM164mil currently,” it said.

The research house said this  ought to keep the group busy for the next eight to 10 years. Impression Melaka, it added, offers a further upside to both earnings and valuations.

“We estimate a valuation range of RM1.03 to RM1.18,” it said as it initiated coverage.

RHB Research said in line with the group’s overall expansion plan into the property sector, Yong Tai has announced several proposals.

They are the RM37mil acquisition of a 17 acre plot in Melaka (Impression Land) for the development of a theatre to produce the Impression Melaka as well as the acquisition of PTS Impression (to hold a 30-year license to stage the show) for RM3mil. It also has a joint venture to develop 100 acres of land adjacent to the Impression Land.

The company is also undertaking a fund-raising exercise to raise more than RM300mil.

“The proposals are expected to be completed/take effect by 1HFY17 (June),” it said.

RHB Research said Impression Melaka, which is the first of its kind outside China, is a live cinematography show that utilises the latest light and sound technologies, modern art concepts and cultural performers.

This is to be the first live largescale Impression Series outside of China and is one of the “entry point project” within the National Key Economic Area (NKEA) initiative for the tourism sector. The performing arts centre is estimated to cost RM300mil, with completion targeted for end-2017.

“Management expects Impression Melaka to contribute RM50mil to RM60milper annum in bottomline thereafter,” it said.

The research house said Impression City is expected to contribute RM5.4bil to total GDV. Concurrent with the construction of the theatre for Impression Melaka, Yong Tai is to develop the land adjacent to it (the development collectively known as Impression City).

The mixed development project includes residential, commercial and retail units. The total GDV over an eight to 10 years period is estimated to be RM5.4bil.

“Management believes the Impression Melaka project would spur the growth of tourism and related industries such as real estate, hotels and eateries, that is catalysts for Impression City.

“We project for Yong Tai to turn around and post a net profit of RM14mil in FY17, accelerating to RM64mil in FY18. This is underpinned by the progress of its property projects. Our forecasts do not factor in the contribution from Impression Melaka, which we have pushed to FY19.

“We derive an indicative valuation estimate range of RM1.03 to  RM1.18 (fully diluted) based on SOP. The low end of our valuation range excludes Impression Melaka while, for its property development business, we have ascribed a 40% discount to its RNAV.

“The top end of our valuation range incorporates the show, where we estimate the business to be worth RM107mil based on DCF. We see upside to our valuation for Impression Melaka as execution risks ease. Our indicative valuation estimate range implies an FY18F P/E of seven to eight times (10.6 to 12 times, fully diluted),” it said.

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SongkRUN 5K Water Run – Malaysia

Date : 3rd April 2016

Time : 9:00 AM to 4:00 PM

Venue : Sepang, Malaysia

See more at: http://songkrun.com/about/#sthash.UL47pEIl.dpuf

An un-timed, non-competitive 5km fun run, SongkRUN course is split into five Water+Music Zones, each has it’s own unique experience. SongkRUN starts 9am – 4pm on 3 April 2016. Become a SongkRUN runner today, each ticket entitled to join our Music Party featuring Fire Brigade showers for the first time.

 

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Tourists looking for love join in Malacca’s Chap Goh Meh celebration
22 FEBRUARY 2016 @ 9:56 PM
BY MICHELE NG

MALACCA: Love was in the air at the Quayside at the Malacca River as tourists mingled with locals to celebrate Chap Goh Meh.



A group of women in particular, were keen participants in the tossing of the oranges ritual, synonymous with the celebration often dubbed the ‘Chinese Valentine’s Day.’

Susanna and Carla Saradeth from Germany who were on the boat expressed their excitement at being part of the celebration for the first time.

“A friend of mine told me the meaning behind the orange tossing and said I would do it while I am here.

“At that time, I laughed it off but I never thought I would actually do it”, Susanna said with a giggle when met today.

Carla also jokingly said that they might get lucky in love after this.

Both Susanna and Carla liked the warmth that they received by the locals throughout the event.

“We were just walking by when we were invited to join and suddenly we were a part of everything.

“It was really cool and the dances and costumes were nice,” Carla said.

Those in attendance were also serenaded by a performance from the ‘Body and Soul’ band while being entertained by the catchy lagu joget by ‘The Serani Teng Teng’.

Present was state Transport and Project Rehabilitation executive committee chairman Datuk Lim Ban Hong, who officiated the event.

Chap Goh Meh is the 15th and last day of the Chinese New Year celebration.

Some of the women tossing oranges into the Malacca River at Quayside during the Chap Goh Meh celebration. Pix by HAIRUNISAH LOKMAN.

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Richard Marx The Solo Tour

Date: 9th March 2016

Venue: Plenary Hall, Kuala Lumpur Convention Centre

Website: http://www.ticketpro.com.my/jnp/concert/1748600-Richard-Marx.html

 

Richard Marx is an American adult contemporary and pop rock singer, musician and record producer.  Since the beginning of his music career in 1980, he has sold over 30 million records.  Richard Marx performed in Malaysia in 2016 for his ‘Acoustix Evening with Richard Marx World Tour’ at the Arena of Stars, Genting Highlands.  2016 will be his first stop for South East Asia of ‘Richard Marx the Solo Tour’.

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Tuesday, 2 February 2016
Smart phone apps to guide tourists in Malacca
 
MALACCA: The state government has introduced a smart phone application known as “Destination Melaka” to guide tourists visiting the state.

Malacca Chief Minister Datuk Seri Idris Harun said the application provided various information including tourism destinations, interesting food outlets and list of hotels with the aid of the Global Positioning System (GPS).

He said the application was developed by Malacca Telekom Malaysia Bhd (TM) and the Malacca Tourism Promotion Division to promote more widely tourism destinations in the state, especially to foreign tourists.

“All data related to tourism programme, activity and destination in the state will be upgraded by Tourism Malacca from time to time. We received information the application can be downloaded for free via Google Apps.

“Very encouraging responses were received from Android smart phone users especially in Brazil, London and the United States,” he said ata media conference after chairing a state executive council meeting here recently.

TM Malacca general manager Datuk Rozlan Mohamed said the application which was expected to be able to be downloaded by iOS smart phones in February would also provide emergency calls to the police, ambulance, Fire and Rescue Department and the embassies if the tourists needed help.

“We target the application to be downloaded to 50,000 Android and iOS users in the first six months of this year. The features of the application will be improved from time to time,” he said.