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IMPRESSION CITY

KUALA LUMPUR: DBS Group Research is making a buy call on Yong Tai Bhd, envisioning long-term earnings visibility as the tourism-related property developer’s Impression City and Impression Melaka projects ride on the booming Chinese tourism.

“As the first Impression Series outside China, the Malacca Straits-fronting Impression Melaka is poised to be a resounding success by tapping into the booming Chinese tourism in Malaysia, which has seen an impressive 11% tourist arrivals CAGR (compound annual growth rate) over 2000-2016 (versus 1% for Malaysia’s overall tourist arrivals),” the report said.

The stock was trading at an undemanding nine times FY18 price-earnings, it said, calling this “grossly unjustified.”

The report, prepared by AllianceDBS Research, gave a 12-month price target of RM2.10. The counter closed unchanged at RM1.48 on Wednesday with 1.4 million shares done.

DBS Group Research said Impression Melaka – featuring a live, large-scale, cinematography show using light and sound technology – offered a compelling value proposition given its estimated 20% internal rate of return over the 30-year concession from Impression Wonders Art Development Co Ltd of China.

This would transform Yong Tai into an emerging cash cow with strong recurring income, it reckoned.

The report said that the Malacca property market was under-appreciated despite its “immense potential” as the target was not just confined to its 900,000 local population but also more than 16 million tourists that visited the World Heritage City annually.

“Yong Tai’s impressive unbilled sales of RM990mil – anchored by en-bloc sales of 262 retail lot units in Impression City for RM873mil – will underpin strong earnings visibility strong earnings visibility over the next two years,” said DBS Group Research.

The report said Impression City’s attractive investment merit was under-appreciated by investors, and the official opening of Impression Melaka in February 2018 would be a major catalyst.

“Given Yong Tai’s unrivalled competitive advantages arising from its unique tourism appeal and synergistic property product offerings, it iss expected to deliver exponential earnings per share CAGR of 57% over FY16-FY19f,” AllianceDBS Research said.

Article source: http://tourism-melaka.blogspot.com/feeds/posts/default

YONG TAI EXPANDS LAND BANK IN MALACCA

Yong Tai Acquires Two Parcels of Land in Malacca
• March 22, 2017


Key player in the tourism and cultural development in Malacca, Yong Tai Berhad will embark on two mega property projects with GDV of RM2.3 billion.

Yong Tai Bhd has acquired two parcels of land within the Impression City project in Malacca from Mustazah Osman and Laila Endut of Laila Development Sdn Bhd for RM35 million, reported The Sun Daily.

In a Bursa Malaysia filing, Yong Tai revealed that the acquisition price will be funded via a mix of bank borrowings and/or internally generated funds.

The property developer intends to develop the six acre land into a mixed development project comprising retail units, a hotel and serviced apartments.

With a gross development value (GDV) of RM1.1 billion and a gross development cost (GDC) of RM800 million, the project, which is set to be completed in five years, will yield a potential gross profit of RM300 million.

Meanwhile, Yong Tai’s fully-owned unit YTB Impression Sdn Bhd has inked a joint development agreement with JM Bestari Land Sdn Bhd for the development of another piece of land in Melaka Tengah.

Set to be completed in five years, the project will include retail, office and commercial units.

It is expected to have a GDV of RM1.2 billion and a GDC of RM800 million, resulting to a potential gross development profit of RM400 million.

Article source: http://tourism-melaka.blogspot.com/feeds/posts/default

Food Haven Ipoh: Simply The Best

By Vishnu Krishnan

The homely town of Ipoh is on the verge of major development and expansion, but the fragments of its rustic charm still remain, namely within the old school buildings and authentic local cuisines which many argue are simply the best.

The dish most synonymous with Ipoh is their nga choy kai or beansprout chicken. This mouthwatering dish consists of chicken meat and innards, blanched crunchy beansprouts drenched in soy sauce and sesame oil. The blend of textures is divine. Follow the throngs of locals for the best serving at Onn Kee Restaurant.

Onn Kee Tauge Ayam Kue Tiaun is bliss.

(Source: https://www.pinterest.com/pin/94223817174270490/

It is sinful to skip assam laksa in Ipoh. The best version of it is served with yong tau foo (fried or boiled processed fishcakes and vegetables) stewing in a steamy bowl of the famous sweet and spicy sardine broth. Head to Dai Shu Geok Assam Laksa restaurant for this scrumptious delight.

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Dai Shu Geok Assam Laksa is the flavor of the heaven!

(Source: http://www.misstamchiak.com/the-ipoh-food-guide-2014/)

Ipoh Hor Fun is a signature kuey teow (flat noodle) soup with shredded chicken and prawns that burst with flavours. The Tricycle Chicken Prawn kuey teow at Thean Chun Coffee Shop is one of the best places to sample this little piece of heaven.

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Tricycle Chicken Prawn Kuey Teow is the way to the heart

(Source: http://www.imgrum.net/user/sonia.leong/1946618593/1253554644445572068_1946618593)

Wat tan hor, also known as hor fun, is an amazing dish of flat noodles smothered in a thick egg gravy littered with chicken pieces and prawns. The slimy texture is surprisingly smooth and delectable. The best serving can be found at the Tuck Kee Restaurant which is known for slipping-in an egg at the very last minute to further enhance the smoothness of the gravy!

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Tuck Kee Wat Tan Hor redefines your concept of texture!
(Source: http://www.j2kfm.com/tuck-kee-fried-noodles-wat-tan-hor-ipoh/)

Ipoh is not just limited to full meals and entrées. Their desserts and snacks are pretty good as well. Muah chee is a glutinous rice ball coated in a lovely sweet chopped peanut powder. To experience the best, try the stall right outside the Nam Heong Coffee Shop.

Ipoh white coffee is a blessing to coffee lovers across Malaysia. This beverage is traditionally made from butter roasted coffee beans that is known for an intense, unrivalled aroma.

This particular blend was created by the Wong brothers who set up the famous Sin Yoon Long Coffee Shop in 1937. The white coffee is best served with their famous Hainanese toast bread with kaya, a sweet coconut and egg spread.

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Sin Yoon Long Coffee Shop’s white coffee and toast with eggs may not look like much, but trust us, this is the real deal!

(Source: https://en.yelp.my/biz/sin-yoon-loong-ipoh)

And a trip to Ipoh is not complete without a visit to Buntong for Ipoh’s famed kacang putih (Indian snacks). This area is famous for the manufacturing and retail of kacang putih and makes millions each year selling these savoury treats to England, New Zealand and Australia.

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Now this is what you call snacks!

(Source: http://www.j2kfm.com/kacang-putih-stall-ipoh-garden-post-office/)

For a full list of things to do while you’re enjoying best food in town go to http://www.ipoh-city.com/attraction/

Article source: http://blog.tourism.gov.my/feed/

IMPRESSION CITY BY END 2017

Yong Tai Berhad : bullish on Impression City
     
02/24/2016 | 03:12 am
KUALA LUMPUR: YONG Tai Bhd expects its RM5.4 billion project in Malacca to generate net profit margin of 20 per cent, which would help to sustain the company’s earnings in the long term.

The garment maker-turned-property developer, which has been loss- making for several years, expects to return to the black this year with contribution coming from the real estate sector.

The company, which has pockets of developments in the Klang Valley and Johor, is planning to develop Impression City on a 47.03ha site in Malacca.

The project would be developed in 11 phases and over 10 years, said its executive director Boo Kuang Loon.

Construction for Phase 1 would start in the third quarter of this year and feature retail and commercial units, said Boo at a luncheon hosted by MIDF Amanah Investment Bank Bhd, here, yesterday.

It is expected to have a gross development value of RM1.1 billion,

The catalyst for the commercial-led Impression City is the Impression Melaka performing arts theatre, to be built on the 47.03ha site.

Construction of Impression Melaka, the jewel of the company, will start next month at a cost of RM300 million and includes land acquisition. The opening is slated for end-2017.

Boo said although Impression Melaka required a huge capital investment, the returns would be long term and attractive.

It would take two years to construct and the projected returns would start from 2018 onwards, he added.

With 15 million tourists visiting Malacca annually, Yong Tai hopes to attract at least 1.1 million visitors to Impression Melaka, with 40 per cent coming from China.

The company is also targeting visitors from Southeast Asia (30 per cent), Asia (20 per cent) and the rest from the Middle East, Europe and the United States.

“With two shows a day and tickets priced at RM120 per person, we are poised to achieve a revenue of RM140 million a year, including the sale of souvenirs and merchandise. For this business, we are targeting a profit margin of 50 per cent. This would net us a profit of around RM60 million a year.

“There are many more upsides, such as increasing the ticket prices and having up to four shows a day. This is the potential of Yong Tai in the future,” said Boo.

“For the next two years we are at the investing stage and would generate profits. But the profits would not be much to give dividends,” he said.

Article source: http://tourism-melaka.blogspot.com/feeds/posts/default

MELAKA IMPRESSIONS AND IMPRESSIONS CITY IMPACT ON YONG TAI

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.

Article source: http://tourism-melaka.blogspot.com/feeds/posts/default