Emerging Towns & Cities Singapore Ltd · SGX:1C0
Emerging Towns & Cities Singapore — Q1 2017 Earnings Presentation
30 slides from Emerging Towns & Cities Singapore's earnings presentation, 2017
Slide 1: Emerging Towns & Cities Singapore Ltd. 1Q2017 Corporate Presentation
EMERGING TOWNS & CITIES SINGAPORE LTD. 1Q2017 Corporate Presentation 1
Slide 2: Disclaimer
This presentation may contain forward looking statements that involve risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward looking statements as a result of a number of risks, uncertainties and assumptions. Representative exam
Slide 3: Profile, Portfolio, Financials, Outlook
01 Profile 02 Portfolio 03 Financials 04 Outlook 3
Slide 4: Overview
Niche property developer and investor in emerging Listed on SGX markets Catalist board (SGX:1C0) OVERVIEW 4
Slide 5: Model
Focus on emerging towns and cities Property development Property investment MODEL Short-term Long-term development recurring profit income Currently exploring strategic investments in property-related ventures in Indonesia, Thailand, Malaysia, and PRC 5
Slide 6: Milestones
MILESTONES Nov 2015 Mar 2016 Sep 2016 Dec 2016 Feb 2017 Acquired 60% Resumed trading Completed rights Completed Changed name to “Emerging Daya Bay Project issue Phase I Towns & Cities Singapore Ltd”; acquisition of completed Phase II acquisition of Golden City Golden City Project Project 6
Slide 7: Presence
PRESENCE Daya Bay, Huizhou, Guangdong Province, PRC Golden City, Yankin Township, Yangon, Myanmar Total GFA as at 31 March 2017 = ~2.76 million sq ft 7
Slide 8: Board of Directors / Non-Executive Directors
Board of Directors / Non-Executive Directors Christopher Chong Meng Tak Non-Executive and Independent Peter Tan Group Chairman, Chairman of the Independent Director, Teo Cheng Kwee Nominating & Corporate Governance Chairman of the Audit Non-Executive Director Committee and the Remuneration Committee
Slide 9: Board of Directors / Executive Directors
Board of Directors / Executive Directors Tan Thiam Hee Zhu Xiaolin Patrick Wong Pak Him Executive Director and Group Executive Director and Group Executive Director Chief Executive Officer President 9
Slide 10: Management Team
Management Team William Lau Lai Xuejun Joseph Lim Yang Cha Vice President Senior Vice President & Group Chief Financial Group Chief (Investment) & Regional Regional General Officer Development Officer Chief Financial Officer – Manager – Myanmar Myanmar Li Bo Vice President (Sales & Irwin Ang Chee Li
Slide 11: Group Structure
GROUP STRUCTURE As at 31 March 2017 Emerging Towns & Cities Singapore Ltd. Trechance Cedar Properties Futura Asset DAS Pte. Ltd. Holdings Ltd. Pte. Ltd. Holdings Pte. Ltd. 100% 100% 100% 100% Chengdu Xin Cheng Huizhou Daya Bay Mei Uni Global Power Cedar Properties Tai Cheng Property Consulting Co.,
Slide 12: Key Corporate Developments
KEY CORPORATE DEVELOPMENTS 2015 2016 2017 APRIL: Suspension of trading FEBRUARY: JUNE: Signing of share subscription agreement Removal of previous Board MARCH: Appointment of new Board Resumption of trading JANUARY: JULY: APRIL: Completion of capital reduction Appointment of special auditors Complet
Slide 13: Portfolio
01 Profile 02 Portfolio 03 Financials 04 Outlook 13
Slide 14: Golden City
GFA: ~2.2m sq ft Average selling GDV: ~US$400m Brownfield price: (Phases 1 and 2 and CMA building only) ~US$260 psf • Acquisition cost: US$24.9m for 49.0% stake; completed in Feb 2017 • Luxury mixed-use development including residential and commercial • Iconic: Tallest building in Myanmar; clear vie
Slide 15: Development Update @ 31 March 2017
Phase III: Phase IV: Phase II: Phase I: Other uses Other uses Residential DEVELOPMENT Residential blocks 5 – 7; (incl. (incl. blocks 1 – 4 commercial); commercial); UPDATE @ completed in target completion in target target Dec 2016 completion in completion in 31 MARCH 2017 1H2018 2019 2019 Phase I Ph
Slide 16: Sale of Development Properties as at 31 March 2017
Sales value No. of units Total floor area (USD million) (’000 sq ft) Sold (SPA signed & 163.7 460 626.9 stated at gross) Unsold (incl. deposit 233.3 605 841.8 received but contract not signed) Total 397.0 1,065 1,468.7 Notified and Handed 56.1 140 224.8 over Notified, but not 32.6 80 132.2 handed ov
Slide 17: Sale of Development Properties and GP Analysis
SALE OF DEVELOPMENT PROPERTIES as at 31 March 2017 1Q2017 4Q2016 Sales No. of Total floor Price/sq ft Sales No. of Total floor Price/sq ft value units area (‘000 (USD) value (USD units area (’000 (USD) (USD sq ft) million) sq ft) million) Sold (SPA signed & 7.4 25 25.4 293 156.3 435 601.5 260 stated
Slide 18: Daya Bay
DAYA BAY Huizhou, Guangdong, PRC GFA: ~552,000 • Acquisition cost: RMB48.0m for 60.0% stake; completed in sq ft; GDV: Oct 2015 ~RMB687m • Consists of residential apartments (717 units, 336,052 sq ft) and holiday rental apartments (399 units, 215,872 sq ft) • Domestic tourism hotspot (particularly in
Slide 19: Sale of Development Properties as at 31 March 2017
Sales value No. of units Total floor area (RMB million) (’000 sq ft) Sold (SPA signed & 389.8 658 312.9 stated at gross) Unsold (incl. deposit 28.8 59 23.2 received but contract not signed) Total 418.6 717 336.1 Notified and Handed 284.7 474 226.8 over Notified, but not 42.6 77 36.0 handed over Tota
Slide 20: Sale of Development Properties by Quarter
SALE OF DEVELOPMENT PROPERTIES as at 31 March 2017 1Q2017 4Q2016 3Q2016 Sales No. of Total Price/sq Sales No. of Total Price/ Sales No. of Total Price/ value units floor ft value units floor sq ft value units floor sq ft (RMB area (RMB (RMB area (RMB (RMB area (RMB million) (‘000 ’000) million) (‘00
Slide 21: Rental Properties as at 31 March 2017
RENTAL PROPERTIES as at 31 March 2017 Recurring revenue from 399 units rented out to e-Stay for five years at RMB2,000/unit per month from December 2015 e-Stay: Third party hotel operator with over 1,000 properties under management in China Under the rental contract, price per unit is negotiab
Slide 22: GP Analysis (RMB million)
GP Analysis (RMB million) 38% 18% 19% 45.2 38.5 Revenue 17.2 Development Gross Profit 6.8 Gross Profit Margin 1.0 0.2 3Q2016 4Q2016 1Q2017 82% 2.4 2.4 2.4 Revenue 2.0 2.0 2.0 Gross Profit Rental Gross Profit Margin 3Q2016 4Q2016 1Q2017 22
Slide 23: Financials
01 Profile 02 Portfolio 03 Financials 04 Outlook 23
Slide 24: 1Q2017 Financial Highlights
1Q2017 FINANCIAL HIGHLIGHTS Recurring REVENUE, GROSS PROFIT, AND NET PROFIT income from ATTRIBUTABLE TO OWNERS (IN SGD MILLION) rental of holiday apartments 5.0% 10.1 5.2 10.1 2.8 1.0 1.0 1Q2016 1Q2017 -0.7 Sale of Revenue Gross Profit Net Profit Attributable to Owners property units 95.0% 24
Slide 25: 1Q2017 Financial Highlights
1Q2017 FINANCIAL HIGHLIGHTS As at 31 March 2017 As at 31 December 2016 (SGD million) (SGD million) Development properties 230.6 246.2 Cash and cash equivalents 12.4 16.5 (Group) • Cash and cash equivalents 3.2 3.6 (Company) Bank borrowings 19.0 19.6 Financial liabilities1 43.5 45.0 Non-controlling i
Slide 26: Outlook
01 Profile 02 Portfolio 03 Financials 04 Outlook 26
Slide 27: ASEAN Outlook
ASEAN OUTLOOK EY’s 2017 report – “Rediscover Asean: A growth Asean+3 Macroeconomic Research Office’s story of 10 countries” (AMRO) 2017 report • Keen investment interest from US, • Asean+3 region is projected to Australian, European, and grow at 5.2% in 2017 and 5.1% in Japanese companies 2018 • Chi
Slide 28: China Outlook
CHINA OUTLOOK • March 2017: Average new home • Guangdong-Hong Kong-Macau price across hundred cities declined Big Bay Area Plan 4.4% y-o-y • New round of upgraded tightening • Construction of Hong Kong- curbs implemented in late-March; Zhuhai-Macau Bridge to be • Increase in down-payment completed e
Slide 29: Myanmar Outlook
MYANMAR OUTLOOK • Delay in issuing the by-laws of the • Myanmar’s growth forecast is “Condominium Law” expected to be at east 6.0% in 2017 and 2018 • 2Q: Festive season in Myanmar -> demand is expected to be sluggish 29
Slide 30: Thank You
THANK YOU For enquiries, please contact: Chong Yap TOK / Cassandra CHAN Investor Relations Financial PR Pte. Ltd. Tel: +65 6438 2990 chongyap@financialpr.com.sg/ cassandra@financialpr.com.sg 30
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