SENTORIA GROUP BERHAD Investors Briefing 9m12 Financial Results - - PowerPoint PPT Presentation

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SENTORIA GROUP BERHAD Investors Briefing 9m12 Financial Results & Corporate Update 10 September 2012 1 Private & Confidential Contents Section 1 9m12 Operations Review Section 2 9m12 Financial Highlights Section 3 Growth

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SENTORIA GROUP BERHAD

Investors Briefing 9m12 Financial Results & Corporate Update

Private & Confidential

1

10 September 2012

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Private and Confidential

Contents

Section 1 9m12 Operations Review Section 2 9m12 Financial Highlights Section 3 Growth Strategies Section 4 Investment Merits Appendix Corporate Profile

2

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SECTION 1 9m12 Operations Review

3

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9m12 Operations Review: Property Development

4

Positive take-up rate of BGRC properties indicates buyer appreciation of long- term investment proposition… Continued to strengthen reputation in Kuantan High take-up rate in Global Heritage South properties spurred subsequent launches

Launched Taman Bukit Rangin, a residential development in Kuantan

  • Comprises total of 472 units of single-storey terraces and semi-detached homes
  • GDV of RM59.3 million on 37.2 acre land
  • 91% units taken-up#

#All take-up rates are as at 15 August 2012

  • Since launch in March 2012:
  • 52% of San Francisco villas taken-up#
  • 60% of Amsterdam villas taken-up#
  • Launched two new themes – Barcelona and Venice – in May 2012
  • 15% of Venice (waterfront) villas taken-up#
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Private and Confidential

9m12 Operations Review: Leisure and Hospitality

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Not only did visitor numbers rise, average spend by visitor improved too…

+17.8% yoy +4.6% yoy

Rising patronage to Bukit Gambang Resort City (BGRC)

  • Resulting from higher awareness amongst target markets with increasing trend of larger group functions
  • School holidays in May also a contributing factor
  • 98% of visitors from Malaysia, balance 2% from overseas (mainly Singapore)

Higher revenue per visitor

  • Largely due to increased number of F&B outlets & more efficient service at the outlets
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Private and Confidential

Constantly improving occupancy rates at Caribbean Bay Resort (CBR)

  • Due to higher BGRC patronage and more MICE*-related activities
  • Hosted two large MICE groups (of 2,000pax and 900pax respectively) in 3Q12

9m12 Operations Review: Leisure and Hospitality (con’t)

6

Growing number of ‘play and stay’ visitors… opening of ABR to see the next jump in patronage

*MICE = Meetings, Incentives, Conventions & Exhibitions

Completed Arabian Bay Resort (ABR)

  • ABR to increase BGRC room capacity to 1,866 rooms
  • Houses the award-winning “Largest Pillarless Grand Ballroom in Malaysia” by the Malaysian Book of Records
  • Awaiting Certificate of Fitness; targeted by end-2012
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SECTION 2 9m12 Financial Highlights

7

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Private and Confidential

RM'mil 9m12 9m11* Change Remarks Revenue 135.4 129.3 4.7%

All-round revenue growth in both segments

Gross Profit 60.3 46.0 31.1% Gross margin 44.6% 35.6% 9.0 pt EBITDA 44.3 35.0 26.8% EBITDA margin 32.8% 27.1% 5.7 pt PBT 39.4 30.2 30.5% PBT margin 29.1% 23.4% 5.8 pt PATMI 31.1 23.3 33.1% Net margin 22.9% 18.0% 4.9 pt Basic EPS (sen) 8.39 6.86 22.3%

Based on share base of 400 mil shares Property segment enjoyed higher margins from favourable product mix, also from disposal of certain land parcels in 3Q12; higher patronage to BGRC saw increased profitability in Leisure and Hospitality segment 9m11 PATMI includes tax allowance of RM12 mil; FY12 on track for outperformance Still growing despite higher OPEX from ongoing expansion efforts Asset-light strategies (eg. sale and leaseback approach) minimizing finance requirements

9m12 Income Statement Summary

8

All-round growth, with high element of operational efficiency…

*Prorated from audited 10m11 figures, net of ITA

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Private and Confidential

9m12 Segmental Analysis

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Revenue Breakdown by Activities (RM’mil)

Leisure and hospitality recording robust performance…property development remaining steady

Gross Profit Breakdown by Activities (RM’mil) Revenue Breakdown by Activities (RM’mil) 9m12 9m11* Change

Property Development

91.1 90.2 1.0%

Leisure and Hospitality

44.3 39.1 13.2% Total 135.4 129.3 4.7% Gross Profit Breakdown by Activities (RM’mil) 9m12 9m11 Change

Property Development

39.9 29.5 34.9%

Leisure and Hospitality

20.5 16.5 24.3% Total 60.3 46.0 31.1%

*Prorated from audited 10m11 figures, net of ITA

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9m12 Financial Performance

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On route for outperformance… 9m12 net profit exceeding that of FY2011 (net of Investment Tax Allowance)

Gross Profit (RM’mil) & GP Margin (%) EBITDA (RM’mil) & EBITDA Margin (%) Revenue (RM’mil) Net Profit (RM’mil) & Net Margin (%)

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9m12 Balance Sheet

11 Balance Sheet (RM’mil)

Balance sheet still improving… net gearing remains at a comfortable level

Total Assets (RM’mil) & ROA (%) Shareholders’ Funds (RM’mil) & ROE (%)

(RM’mil) As at 30.06.12 As of 30.09.11 Plant & Equipment 135.7 90.5 Other Non-Current Assets 28.8 28.6 Current Assets 141.6 109.6 Current Liabilities 91.3 81.4 Non-Current Liabilities 32.0 38.9 Total Shareholders Equity 182.6 108.4 Total Borrowings 45.8 53.1 Cash & Cash Equivalents 28.7 5.3 Gearing (net of cash) (x) 0.09 0.44 Net Tangible Assets/share (RM) 0.46 54.2*

* Based on 2 mil shares only

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SECTION 3 Growth Strategies

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Growth Strategies: Property Development

  • Satisfactory response for GHS over the last few months
  • Will continue nationwide promotions via property exhibitions

To continue promoting Global Heritage South nationwide

  • Encouraging take-up rate for Taman Bukit Rangin indicates high demand for affordable

residences

To continue developing affordable housing projects

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Strengthening footprint in East Coast…

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Growth Strategies: Leisure & Hospitality

  • ABR targeted to be fully operational by

end-2012

  • To increase Group’s room inventory to

1,866

  • Will cater to even larger number of patrons

and MICE groups

  • First two phases of Safari Park to open in

end-2012

  • Completed construction of main entrance

complex

  • Construction
  • f

main roads and infrastructure underway

  • In process of obtaining relevant permits and

licenses to procure animals

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ABR set to vastly increase room inventory… Safari Park progressing well

Accommodation MICE Facilities

  • 546 resort suites
  • 320 two-bedroom

family suites

  • 216 hotel suites
  • 10 penthouse suites
  • 6 banquet halls
  • Pillarless ballroom that fits

3,100 people (roundtable seating)

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SECTION 4 Investment Merits

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Valuation

16

Share Price @ 07-Sept 2012 RM0.670 Market Cap @ 07-Sept 2012 RM268.0 mil FY11 PE Ratio 1 10.3x FY12 PE Ratio 2 6.5x Enterprise Value/EBITDA 4.8x Price to book ratio 3 1.5x

Undemanding valuation for a still-growing company...

1 Based on FY2011 net profit of RM26.0 mil (net of RM12.5 mil in deferred tax assets from hospitality segment) 2 Based on annualized net profit of RM41.4 mil 3 Based on Net Tangible Assets per share of RM0.46 (as at 30 June 2012)

  • Sentoria has paid an interim dividend of 1sen/share on 28 June 2012
  • Intends to declare a final dividend in respect of FY2012
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Investment Merits

 Highly-efficient property developer with a proven track record and asset-light approach

 Group’s property sales displays resilience even in recession; pipeline projects with total

GDV of RM1.1 billion till 2020

 BGRC a fast-growing integrated resort city with theme parks, MICE facilities and accommodation

 Growing awareness of BGRC, increasing number of attractions and accommodation

capacity enables operational scalability

 Strong financial performance with high gross margins and high ROE  Affordable valuation for a high-growth proposition, underpinned by dividend payout

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Private and Confidential

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Question and Answer Session Thank You

Contact:

  • En. Nasiruddin Nasrun

nasir@sentoria.com.my T:019-669 1505/03-8943 8388

  • Ms. Julia Pong

julia@aquilas.com.my T:012-390 9258/03-2711 1391

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APPENDIX Corporate Profile

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Background

  • Sentoria commenced operations in 2000, and has since established two

core businesses today

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A rising star in the leisure & hospitality sector in Malaysia…while property development segment has been the Group’s stable cash cow

Property Development: Currently focused

  • n residential

properties in Kuantan, Pahang Leisure & Hospitality: Featuring BGRC, an integrated theme park with MICE facilities and accommodation for a holistic experience for corporates and families

Leisure & Hospitality Property Development

Township Development Resort City Development

* Meetings, Incentives, Conventions and Exhibitions

Resort Accommodation Themeparks MICE* Facilities

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Key Milestones

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 In 2001, Sentoria

formed a JV to develop Taman Sentoria

 In 2002, Sentoria

developed Taman Indera Sempurna 1 via its 2nd JV

 In 2005, Sentoria

entered into its 3rd JV to develop Taman Indera Sempurna 2

2001 - 2006 2007 2008 2009 2010 2011

 Sentoria commenced

the construction of BGRC, comprising Bukit Gambang Water Park (BGWP) & Caribbean Bay Resort (CBR) accommodation

 Launched the

1st parcel of Desa Hijauan (single-storey terrace houses within vicinity

  • f BGRC)

 Launched sales

  • f Arabian Bay

Resort (ABR) accommodation; targeted for completion by 2nd half of 2012

2012 -

 Ventured into the

leisure & hospitality sector with the official

  • pening of BGWP

in July 2009

 BGWP garnered

10,000 visitors by August 2009

 Launched Fasa

Bunga Raya double-storey homes in Pajam, Negeri Sembilan; targeted for completion by April 2013

 To undertake

upcoming projects to further develop BGRC as a top – notch leisure destination and value-accretive investment proposition

An illustrious 10-year track record in adding development value to acquired land…

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Property Development

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9m12 Update: Property Development (BGRC)

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Amsterdam and San Francisco villas at GHS receiving good response… Launched Venice & Barcelona villas in May 2012

Project Name / Location GDV (RM’mil)

  • No. of

units available for sale

  • No. of

units reserved @15 August 2012

  • No. of units

sold/ Take-up rate Total Sales (RM’mil) Unbilled Sales (RM’mil) Construction progress/ Targeted completion

Arabian Bay Resorts @ BGRC 90.1 546 112 429 / 99% 84.5 4 100%* / Sep 2012 Global Heritage South @ BGRC Amsterdam1 34.8 50 4 31 / 62% 21.7 19.5 10%/ 2015 San Francisco1 29.0 42 3 22 / 52% 15.2 13.7 10%/ 2015 Venice2 25.1 34 12 5 / 15% 3.8 3.8 5%/ 2015 Barcelona2 32.1 46 12 0/0% 0%/2015 Desa Hijauan @ BGRC Phase 2 terrace: Tulip A & B 19.2 168

  • 168 / 100%

19.12 3.9 80% / Dec 2012 Phase 2 semi detached: Inggeris, Jerman, Tropika, Perancis 32.1 176

  • 176 / 100%

32.1 9.5 70% / Dec 2012 TOTAL

262.4 1,062 143 831/71% 176.42 54.4

1 Launched in March 2012 2 Launched in May 2012

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9m12 Update: Property Development (others)

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Launched Taman Bukit Rangin in May 2012… 91% take-up rate to date

Project Name / Location GDV (RM’mil)

  • No. of units

available for sale @15 August 2012

  • No. of units

sold/ Take-up rate Total Sales (RM’mil) Unbilled Sales (RM’mil) Construction progress/ Targeted completion

Taman Indera Sempurna @ Kuantan Block D 20.5 180 180 / 100% 20.45 1 95% / Aug 2012 Block E 68.8 287 262 / 91% 61.8 31 50% / Feb 2013 Block F – Double-storey shop office 13.7 34 34 / 100% 13.69 1.4 90%/ Sept2013 Fasa Bunga Raya @ Pajam 19.5 135 134 / 99% 19.4 5 75%/ Apr 2013 Taman Bukit Rangin @ Kuantan 59.5 472 444 / 94% 57.7 46.2 20%/ Mar 2014 TOTAL

182 1,108 1,054 173.04 84.6

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Completed Projects

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  • Completed projects
  • Delivered >4K houses to date valued at RM419.2 mil; all fully-sold

Single Storey Semi-D Double Storey Shop Office Single Storey Terrace Single Storey Semi-D Single Storey Terrace Taman Sentoria Taman Indera Sempurna 1 Taman Indera Sempurna 2 Sempurna Resort 108 rooms & 4 meeting rooms Desa Hijauan Single Storey Terrace Single-Storey Terrace Shop Office

Completed and sold >4K houses to date, with reputation for delivery ahead of time… JV with land owner minimises outlay for landbank

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Ongoing Projects

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GDV of ongoing property projects amounting to RM212.4 million until 2013…

Single Storey Semi D (Seri Sentosa) Commencement & Completion Date: Oct 2010 – Oct 2012 Single Storey Semi D (Seri Harmoni (C)) Commencement & Completion Date : June 2011 – June 2013 Taman Indera Sempurna 2 Single Storey Bungalow (Seri Carcosa) Commencement & Completion Date: Jan 2011 – Jan 2013 Double Storey Shop Office (Sempurna Ria) Commencement & Completion Date: Sept 2010 – Sept 2013 Fasa Bunga Raya Commencement & Completion Date: April 2011 – April 2013

  • Ongoing projects

Desa Hijauan Commencement & Completion Date: Nov 2009 – Dec 2012

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Ongoing Projects (con’t)

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Arabian Bay Resort (ABR)

Type of Suite Total No.

  • f Units
  • No. of

Units Sold

  • No. of Units

Owned by Group Price Range (RM’000) Blk A – Family Suite 160 120 20 190.8 – 212.8 Blk B – Family Suite 160 157

  • 178.8 – 200.8

Blk C – Hotel Suites 216 115 36 132.8 – 142.8 Blk C – Penthouse Suite 10

  • 10

198.8 – 298.8 Total 546 392 66

ABR commanding higher prices, leveraging on CBR’s success and BGRC’s growing popularity…

  • Ongoing projects (con’t)

Block A (Family Suite) Block F (Recreational) Block D (Corporate Centre) Block C (Hotel & Penthouse Suite) Block B (Family Suite) Block E (Club House)

Higher range compared to CBR family suite of RM150K-190K, and studio of RM99K-145K

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Summary Total GDV: RM212.4 million

Project

  • No. of Units

Types of Development Location Land Area (Acres) Gross Development Value (RMm) Taman Indera Sempurna 2 501

  • Semi-Ds
  • Bungalows
  • Shop offices

Perkampungan Indera Sempurna, Kuantan, Pahang 71.6 64.7 Desa Hijauan 262

  • Terrace houses
  • Semi-Ds

Taman Gambang Damai, Kuantan, Pahang 31.6 36.5 Arabian Bay 546

  • Family suites
  • Hotel suites
  • Penthouse suites

Jalan Bukit Gambang Utama, Kuantan, Pahang 12.0 92.0 Fasa Bunga Raya 135

  • Terrace houses

Desa Pinggiran Bayu, Pajam, Negeri Sembilan 3.1 19.2 TOTAL 1,444 118.3 212.4

Ongoing Projects

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Upcoming Projects

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Summary Total: GDV RM541.7million

Project

  • No. of

Units Types of Development Location Land Area (Acres) Estimated GDV (RMm) Expected Year

  • f Completion

Desa Hijauan 97

  • Semi-Ds
  • Bungalows

Taman Gambang Damai, Kuantan, Pahang 15.8 20.9 2013 Taman Bukit Rangin 474

  • Terrace houses
  • Semi-Ds

Kuantan, Pahang 39.4 58.0 2014 Taman Bukit Tinggi 31

  • Semi-Ds

Salak Tinggi, Selangor 4.0 7.8 2014 Global Heritage South 763

  • Resort villas
  • Hotel suite

BGRC 59.0 335.0 2016 Mediterranean Bay Resort 400

  • Family suite
  • Studio suite

BGRC 8.2 80.0 2016 East Coast Bazaar 200

  • Wholesale & retail
  • utlets

BGRC 7.1 40.0 2016 TOTAL 1,965 133.5 541.7

Upcoming projects within and outside BGRC, as well as first foray in Selangor…

  • Upcoming projects
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Future Projects

  • Future projects
  • To be undertaken from 2015 to 2020
  • Future development to be even higher-value-addition, elevating the Group to the next level

30 Project

  • No. of Units

Types of Development Location Land Area (Acres) Estimated GDV (RMm) Sungai Karang Beach Resort 120

  • Hotel suites

Kuantan, Pahang 2.6 48.0 Global Heritage North 580

  • Resort villas

BGRC 54.9 400.0 Hawaiian Bay Resort 400

  • Family suites
  • Studio suites

BGRC 9.6 80.0 Andaman Bay Resort 400

  • Family suites
  • Studio suites

BGRC 5.1 80.0 Rainforest Eco Suites 1,2,3 600

  • Resort suites

BGRC 16.3 180.0 Promenade Retail Suites 200

  • Retail suites

BGRC 3.6 40.0 Heritage Square 20

  • Retail outlets

BGRC 4.9 20.0 Business Hotel and Convention Centre 201

  • Hotel suites
  • Convention centre

BGRC 6.5 90.0 TOTAL 2,521 103.5 938.0

Future developments elevating the Group to the next level with a mixture of commercial properties and mid-tier residences…

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Leisure & Hospitality

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BGRC Overview

  • Built on 547 acres of our own land, BGRC is one of the

largest integrated resort cities in Malaysia

  • Located in secondary jungle for natural surroundings
  • Easily accessible from the East Coast Expressway; located 35km

from Kuantan town and 218km from Kuala Lumpur

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BGRC an increasingly popular holiday destination with feature-rich attractions, natural surroundings and easy accessibility …

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BGRC: Bukit Gambang Water Park

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Bukit Gambang Water Park already the 3rd-most popular theme park in Malaysia within 2 years of opening…

  • BGWP: The ideal leisure destination in East Coast
  • 4 zones at present: Coco Beach, Penguin Island, Tree Top Hill Slides and Corporate Function Area; with

ample land for future attractions

  • Includes F&B outlets with local and international fare, wi-fi zones,

and locker facilities

  • First in Malaysia to fully use e-value system for cashless payments within the theme park for visitors’

convenience

Glacier River Malaysia’s longest 6-lane racer slide (97.8m) Cabanas Malaysia’s longest family raft ride (222m) One of largest in M’sia & 1st 8-mode Wave Pool (24K sq ft)

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10 Reasons for the Popularity of Bukit Gambang Water Park

  • The 1st & only waterpark with all CASHLESS “e-value”

transaction system in Malaysia

  • The most convenient unlimited use (multiple opening)

locker system in Malaysia

  • The most natural & conducive waterpark environment in

Malaysia

1- 3- 2-

  • The most child-friendly Penguin Island in Malaysia

4- 5-

  • The only dedicated parent-toddler tube slide in Malaysia
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10 Reasons for the Popularity of Bukit Gambang Water Park

  • The only wave pool with 8 wave patterns in Malaysia
  • The unique & one of its kind stationary “Double

Diamond” wave in Malaysia

  • The longest & highest 6-lane racer in Malaysia
  • The longest & smoothest Family Raft Ride in Malaysia

7- 8- 9- 10- 6-

  • The most turbulent Glacier River in Malaysia
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BGRC: MICE Facilities

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Ample space in MICE enhancing its popularity for corporate functions and large-scale events…

Caribbean Ballroom Cabana Ballroom Meeting Room Multipurpose Hall

  • Fully-equipped MICE facilities able to accommodate multiple functions

simultaneously

  • Combination of large conference halls (catering for up to 700 pax/room) and seminar rooms

(for up to 200 pax/room)

  • Have accommodated more than 500 groups thus far, the largest being 16 different groups totalling

2,400 pax in one day

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BGRC: Active Academy

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Active Academy complementary to BGWP…wide range of teambuilding activities for corporates and families

  • Aims to create a “Collaborative Learning” environment

with self-discovery experiential learning approach

  • Teambuilding programmes run by certified facilitators

Ground Obstacle Challenge Paintball Warzone ATV Rides High Ropes & Flying Fox

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BGRC: Caribbean Bay Resort

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Caribbean Bay Resort part of the integrated “play-and-stay”

  • ffering…able to accommodate more than 2,000 pax per day

Type of Suite Gross Built Up (sq ft) Total No. of Units Room rate (per room per night) Studio 470 140 RM238/= Family 810 420 RM388/= Deluxe 639-985 18 RM488/= Total 578

Average Occupancy Rates in CBR FY2010: 24.5% FY2011: 30.5%

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BGRC: Master Plan

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Pipeline plans to enhance BGRC’s positioning as a premier leisure destination, but also a strong investment proposition for its properties…

Pipeline Residences in BGRC Global Heritage South Arabian Bay Resort (ABR) Desa Hijauan

Developed on 59-acre land; comprises 490 units of themed resort villas and 273-suite boutique hotel. Adjacent to CBR and developed on 12-acre land; will have 546 units of resort suites. Developed

  • n 100 acres
  • f land;

comprising 962 units of affordable housing. Est GDV: RM335 mil Est GDV: RM92 mil Est GDV: RM115.2 mil

Pipeline Theme Parks Bukit Gambang Safari Park Aquarium Park Adventure Land

Spans 88.2 acres; will allow appreciation of animals in their natural settings Spans 5.4 acres; will showcase local fresh water fish and marine wildlife. Span 82.0 acres; will feature an amusement park with themed zones Est investment: RM48 mil Est investment: RM30 mil Est investment: RM170 mil

Total GDV (incl. upcoming & future projects):

RM1.8 bil

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BGRC: Upcoming Features

  • Bukit Gambang Safari Park spans over 88.2 acres
  • Commenced construction in June 2011
  • Zones 1 & 2 targeted for completion in end-2012

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Bukit Gambang Safari Park to attract more visitors to BGRC by end-2012…

Bukit Gambang Safari Park @ Bukit Gambang Resort City (Kuantan)

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Private and Confidential

  • Construction started in Feb 2010 and completed in 3Q 2012
  • New development to double BGRC’s accommodation capacity
  • MICE facilities able to handle even higher number of participants
  • A large Grand Ballroom with 3,050-pax capacity
  • 6 major banquet halls with capacity between 300 to 600 pax/room
  • Interested groups already made reservation for function in 2012

BGRC: Upcoming Features (con’t)

41

Type of Suite Gross Built Up (sq ft)

  • No. of Units

Room rate (per room per night) Studio Suite (Blk C) 413 216 RM248-308/= Family Suite (Blk A/B) 738 320 RM408-468/= Penthouse Suite (Blk C) 824 – 1,876 10 RM1,388/= Total 546

ABR will not only increase BGRC’s guest rooms to 1,868 in total, but also boast of a Grand Ballroom with 3,050-pax capacity…

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Private and Confidential

  • Construction to start in end-2011
  • Development set in luscious green

environment on 59-acre land featuring themed villas for high-end market

BGRC: Upcoming Features (con’t)

42 Venice Villa Barcelona Villa San Francisco Villa Paris Villa Florence Villa Amsterdam Villa

Global Heritage Southern Precinct

Global Heritage to feature hotel suites and themed villas targeting the higher-end visitors to BGRC and MICE events…