Aseana Properties Limited · LSE:ASPL
Aseana Properties — Investor Presentation (November 2011)
40 slides from Aseana Properties's investor presentation, November 2011
Slide 1: Aseana Properties Limited Corporate Presentation
ASEANA PROPERTIES LIMITED Corporate Presentation November 2011 1
Slide 2: Disclaimer
DISCLAIMER The information contained in this confidential document (the “Presentation”) has been prepared by Aseana Properties Limited (the “Company”). It has not been fully verified and is subject to material updating, revision and further amendment. This Presentation does not constitute or form an
Slide 3: Overview
OVERVIEW Aseana Properties is an upmarket property developer in the emerging markets of Southeast Asia Admission date 5 April 2007 on London Stock Exchange Main Market Geographical Focus Malaysia and Vietnam Investment Focus Upscale residential, commercial and mixed developments Typical Investment E
Slide 4: Investment Case
INVESTMENT CASE Aseana Properties provides a unique opportunity for investors to be part of the real estate growth story in Malaysia and Vietnam The fundamentals of Malaysia and Vietnam remain strong, with a growing young middle class population and continued high level of foreign direct investment
Slide 5: The Company
THE COMPANY Aseana Properties operates within the parameters of these business principles to maximise returns of each development project Current fund allocation: 60% Malaysia and 40% Vietnam Diversifying to Seeks to invest in projects yielding annualised ROE of greater than 30% generate attractive
Slide 6: Our Competitive Strengths
OUR COMPETITIVE STRENGTHS Aseana Properties and the Development Manager are well positioned to harness development opportunities in Malaysia and Vietnam THE COMPANY THE DEVELOPMENT MANAGER An attractive property portfolio Backed by sound track record of project delivery Twelve projects at different
Slide 7: The Development Manager
THE DEVELOPMENT MANAGER Ireka Development Management is the exclusive development manager of Aseana Properties and a wholly-owned subsidiary of Ireka Corporation Berhad Established in January 1967 Listed on Malaysian Bourse in 1993 Revenue for the year ended 31 March 2011 of RM445 million (~ US$147m
Slide 8: Overview of Malaysia & Vietnam
OVERVIEW OF MALAYSIA & VIETNAM Malaysia & Vietnam shares common characteristics that will continue to drive the growth of real estate in coming years Malaysia Vietnam 2010 GDP Growth: 7.2% 2010 GDP Growth: 6.8% Population (2010): 28.40 million Population (2010): 86.94 million 66% of population under
Slide 9: The Property Portfolio - Malaysia
THE PROPERTY PORTFOLIO - MALAYSIA No. Project Location Expected GDV Type Effective Status (US$ m) Ownership Structure 1 Tiffani by i-ZEN Kuala Lumpur, 124 Luxury 100% ASPL - 95% sold. Target to achieve Malaysia condominiums 98% sales by year end - Completed August 2009 2 1 Mont’ Kiara by Kuala Lumpu
Slide 10: The Property Portfolio - Malaysia
THE PROPERTY PORTFOLIO - MALAYSIA No. Project Location Expected Type Effective Status GDV Ownership (US$ m) Structure 3 Sandakan Sandakan, 170 Retail Lots, 100% ASPL - Phase 1: 100% sold (Completed) Harbour Sabah, Retail Mall & - Phase 2: 96% sold; remaining 4% Square Malaysia Four Points by reserve
Slide 11: The Property Portfolio - Malaysia
THE PROPERTY PORTFOLIO - MALAYSIA No. Project Location Expected Type Effective Status GDV (US$ m) Ownership Structure 5 Kuala Lumpur Kuala Lumpur, 256 Two office towers 40% ASPL, - 100% sold Sentral Office Towers Malaysia and a business- 60% MRCB - Target completion end & Hotel class hotel 2012 6 Al
Slide 12: The Property Portfolio - Malaysia
THE PROPERTY PORTFOLIO - MALAYSIA No. Project Location Expected Type Effective Ownership Status GDV Structure (US$ m) 7 KLCC Kia Peng Kuala 170 Luxury 70% ASPL, - Sales launch and construction Residential and Lumpur, Residences 30% ICB expected to commence in Q2 2012; Boutique Hotel Malaysia and Bou
Slide 13: The Property Portfolio - Vietnam
THE PROPERTY PORTFOLIO - VIETNAM No. Projects Location Expected Type Effective Status GDV Ownership (US$ m) Structure 1 International Binh Tan 670 Commercial 51% ASPL, - Commenced construction of Phase 1: Hi-Tech District, and residential 49% Hoa Lam City International Hospital (“CIH”); Healthcare H
Slide 14: The Property Portfolio - Vietnam
THE PROPERTY PORTFOLIO - VIETNAM No. Projects Location Expected Type Effective Status GDV Ownership (US$ m) Structure 2 Queen’s Place District 4, Ho 115 Mixed 65% ASPL, - Resettlement planning underway Chi Minh City, residential, 35% Binh Duong - Expected approvals in 2013 Vietnam office and retail
Slide 15: The Property Portfolio - Vietnam
THE PROPERTY PORTFOLIO - VIETNAM No. Projects Location Expected Type Effective Status GDV Ownership (US$ m) Structure 4 Tan Thuan Dong District 7, Ho 91 High-rise 80% ASPL, - Expect to secure development approvals in Q1 Project Chi Minh City, apartments 20% Nam Long 2012 Vietnam - Expected sales lau
Slide 16: Recent Key Developments for Aseana
RECENT KEY DEVELOPMENTS FOR ASEANA Company Development Dividend An interim dividend for the six months ended 30 June 2011 of US$0.01 per Ordinary Share shall be paid on 15 December 2011 to Shareholders on the register at the close of business on 25 November 2011. The Ordinary Shares will trade ex-di
Slide 17: Recent Key Developments for Aseana
RECENT KEY DEVELOPMENTS FOR ASEANA Projects Development Aloft Kuala Lumpur Sentral Hotel, Kuala Signed Management Agreement on 11 November 2011 between Aseana and Lumpur, Malaysia Starwood Asia Pacific Hotels & Resorts Pte Ltd to appoint Starwood as the (November 2011) operator of the Kuala Lumpur S
Slide 18: Financial Highlights: Income Statement (1)
FINANCIAL HIGHLIGHTS: INCOME STATEMENT (1) Period ended Period ended 30 September 2011 30 September 2010 (US$ mil) (US$ mil) Revenue 1 192.25 9.93 Cost of sales (164.37) (15.32) Gross profit / (loss) 27.88 (5.39) Operating expenses 2 (8.33) (10.39) Operating profit / (loss) 19.55 (15.78) Net finance
Slide 19: Financial Highlights: Income Statement (2)
FINANCIAL HIGHLIGHTS: INCOME STATEMENT (2) Notes: 1. Revenue was mainly attributable to SENI Mont’ Kiara Phase 1 following its completion and issuance of certificate of occupation in April 2011, which enables the recognition of revenue. SENI Mont’ Kiara Phase 2 was completed in October 2011 and its
Slide 20: Financial Highlights: Balance Sheet (1)
FINANCIAL HIGHLIGHTS: BALANCE SHEET (1) Period ended Period ended 30 September 2011 30 June 2011 (US$ mil) (US$ mil) Non-current assets 1 53.03 52.80 Current assets 2 402.30 427.80 TOTAL ASSETS 455.33 480.60 Shareholders’ equity 200.84 200.52 Non-controlling interest 3.63 3.64 TOTAL EQUITY 204.47 20
Slide 21: Financial Highlights: Balance Sheet (2)
FINANCIAL HIGHLIGHTS: BALANCE SHEET (2) Notes: 1. Non-current assets included deferred tax assets of US$10.9 million, which arose from the tax paid on deferred revenue and project cost accruals, which would be offset against future tax payable when the project profit is recognised 2. Total current a
Slide 22: Summary of Debt
SUMMARY OF DEBT Outstanding Total Debt Unutilised as at Remarks Project Name Limit Debt 30 Sept 2011 (US$ mil) (US$ mil) (US$ mil) Sandakan Harbour Square 62.8 14.6 48.2 Term loans to fund ongoing construction works of the project, maturing in December 2011. The term loans will be refinanced via a G
Slide 23: Valuation Methodology
VALUATION METHODOLOGY In addition to the disclosure of NAV under accounting standards, which does not allow for upwards revaluation of partially completed developments, Aseana provides an estimate of the current project valuation through the calculation of Realisable NAV (RNAV) as follows: RNAV RNAV
Slide 24: Net Asset Value and Realisable Net Asset Value Details (1)
NET ASSET VALUE AND REALISABLE NET ASSET VALUE DETAILS (1) Project NAV Project RNAV Projects as at as at 30 September 2011 30 September 2011 US$’mil US$’mil Malaysian projects: Tiffani by i-ZEN 5.93 5.93 1 1 Mont’ Kiara by i-ZEN 17.29 17.50 2 Sandakan Harbour Square 28.83 32.11 3b SENI Mont’ Kiara 6
Slide 25: Net Asset Value and Realisable Net Asset Value Details (2)
NET ASSET VALUE AND REALISABLE NET ASSET VALUE DETAILS (2) Project NAV Project RNAV Projects as at as at 30 September 2011 30 September 2011 US$’mil US$’mil Total Project NAV/RNAV, b/f 188.14 223.83 Cash and cash equivalents 6 14.54 14.54 Other assets & liabilities (1.84) (1.84) TOTAL NAV/RNAV 200.8
Slide 26: Net Asset Value and Realisable Net Asset Value Bridge (1)
NET ASSET VALUE AND REALISABLE NET ASSET VALUE BRIDGE (1) RNAV per share = US$1.113 NAV per share = US$0.945 35.71 236.54 188.14 (0.89) 200.84 14.54 Cash Projects Net Other Assets Total NAV as at Unrealised Gain Total RNAV as at & Liabilities 30 September 30 September 2011 2011 Note: Please see Appe
Slide 27: Net Asset Value and Realisable Net Asset Value Breakdown
NET ASSET VALUE AND REALISABLE NET ASSET VALUE BREAKDOWN As at 30 SEPTEMBER 2011 Total NAV : US$200.84 million Total RNAV :US$236.53 million Cash at Other Assets Cash at Other Assets Company, & Liabilities Company, & Liabilities 7.2% (Net), -0.9% 6.2% (Net), -0.8% Vietnam, Vietnam, 21.8% 24.5% Malay
Slide 28: FY2012 Outlook
FY2012 OUTLOOK 2012 will see the completion of three projects and commencement of three others in Aseana‘s portfolio Positive GDP and FDI outlook for Malaysian and Vietnamese economies with a young growing middle class population - Some short term challenges in Vietnam property market - Generally po
Slide 29: Appendices
APPENDICES fy ASEANA i PROPERTIES ( LiMiTED
Slide 30: Aseana Properties Share Price Chart
ASEANA PROPERTIES SHARE PRICE CHART As at 30 September 2011 0.7 2,500 Aseana FTSE All Share 0.65 FTSE 350 Real Estate Volume 2,000 0.6 Share price (US$) Volume (000's) 1,500 0.55 1,000 0.5 500 0.45 0.4 0 Jan 11 Feb 11 Mar 11 Apr 11 May 11 Jun 11 Jul 11 Aug 11 Sep 11 High for the period: US$0.563 Low
Slide 31: The Company Structure
THE COMPANY STRUCTURE Company Structure Jersey incorporated, London Listed Equity Investors Number of shares in issue 212,525,000 ordinary shares Tax Structure Tax resident of Jersey and is subject to a Independent Non- tax rate of 0%, project companies are tax Executive Board residents in Malaysia
Slide 32: The Company
THE COMPANY ASPL is governed by a strong and experienced independent Board of Directors Mohammed Azlan Hashim was appointed as Chairman (Non-Executive) of Aseana Properties in March 2007. Currently, Azlan is also Non-Executive Chairman of Parkway Holdings Limited, Asiasons Capital Limited and Asiaso
Slide 33: The Company
THE COMPANY ASPL is governed by a strong and experienced independent Board of Directors David Harris was appointed as Director (Non-Executive) of Aseana Properties in March 2007. David is currently Chief Executive of InvaTrust Consultancy Ltd, a company that specialises in the provision of investmen
Slide 34: The Company
THE COMPANY ASPL is governed by a strong and experienced independent Board of Directors John Lynton Jones was appointed as Director (Non-Executive) of Aseana Properties in March 2007. Lynton is chairman of Bourse Consult, a consultancy that advises clients on initiatives relating to exchange trading
Slide 35: The Management Team
THE MANAGEMENT TEAM The Manager of Aseana Properties is led by a team of personnel with hands- on property development and sound professional experience Voon Hon, Lai CEO/President of Ireka Development Management Sdn. Bhd. (“IDM”) and Executive Director of Ireka Corporation Berhad (”ICB”). An archit
Slide 36: The Management Team
THE MANAGEMENT TEAM The Manager of Aseana Properties is led by a team of personnel with hands- on property development and sound professional experience David Yip Acting Country Head and Senior Vice President, Finance in Vietnam. Prior to joining Ireka, David Yip held senior position in a public-lis
Slide 37: Our Partners
OUR PARTNERS Malaysian Resources Corporation Berhad (“MRCB”) is one of Malaysia’s leading, Government-linked construction and property development company. MRCB has four core businesses: Property Development, Engineering & Construction, Infrastructure & Concessions and Building Services. MRCB is the
Slide 38: Key Media Articles
KEY MEDIA ARTICLES Topping Up Ceremony er James Wong (centre) with other officials during the topping up ceremony of Sandakan Harbour Mall and Four Points by| hotel : eal SEN Mont’ Kiera adds an artistic facet fo the swanky Mon” Keraenciove in KL {et rtea snl wane tarts ausogely a wy paren ‘i ea cr
Slide 39: Valuation Methodology
VALUATION METHODOLOGY The Realisable Net Asset Value of the Company as at 30 September 2011 has been computed by the Company based on the Company’s management accounts for the period ended 30 September 2011 and the Market Values of the property portfolio as at 30 June 2011 . The Market Value of the
Slide 40: Ireka Development Management Sdn. Bhd
Ireka Development Management Sdn. Bhd Malaysia Office: Vietnam Office: Level 18, Wisma Mont’ Kiara Suite 703, Floor 7, Fideco Tower 12 Castle Street St. Helier, Jersey No. 1, Jalan Kiara, Mont’ Kiara No. 81-85, Ham Nghi Street JE2 3RT 50480 Kuala Lumpur Nguyen Thai Binh Ward District 1, Channel Isla
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