Company Focus Eco World Development Bhd -...

Refer to important disclosures at the end of this report

BUYBUYBUYBUY RMRMRMRM5.085.085.085.08 KLCIKLCIKLCIKLCI : : : : 1,872.971,872.971,872.971,872.97 (Initiating Coverage)

Price Target :Price Target :Price Target :Price Target : 12-Month RM 6.00

Shariah CompliantShariah CompliantShariah CompliantShariah Compliant :::: Yes

Reason for Report :Reason for Report :Reason for Report :Reason for Report : Initiation

Potential Catalyst: Potential Catalyst: Potential Catalyst: Potential Catalyst: Strong property sales, aggressive property

launches, earnings delivery Analyst QUAH He Wei, CFA +603 2604 3966 [email protected]

Price Relative

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R e la t i v e In d e xR M

E c o W o r l d D e v e lo p m e n t B h d ( L H S ) R e la t i v e K L C I IN D E X ( R H S ) Forecasts and Valuation

FY FY FY FY OctOctOctOct ((((RMRMRMRM m) m) m) m) 2013201320132013AAAA 2014201420142014FFFF 2015201520152015FFFF 2016201620162016FFFF

Turnover 156 84 942 2,318 EBITDA 34 13 241 446 Pre-tax Profit 30 10 103 267 Net Profit 24 8 77 200 Net Pft (Pre Ex.) 24 8 77 200 EPS (sen) 9.6 1.2 11.8 30.4 EPS Pre Ex. (sen) 9.6 1.2 11.8 30.4 EPS Gth (%) 237 (87) 882 159 EPS Gth Pre Ex (%) 237 (87) 882 159 Diluted EPS (sen) 9.6 1.2 11.8 30.4 Net DPS (sen) 0.0 0.0 0.0 0.0 BV Per Share (sen) 125.8 378.6 390.3 420.8 PE (X) 53.0 423.9 43.2 16.7 PE Pre Ex. (X) 53.0 423.9 43.2 16.7 P/Cash Flow (X) 42.5 122.1 nm nm EV/EBITDA (X) 39.0 380.7 22.7 12.8 Net Div Yield (%) 0.0 0.0 0.0 0.0 P/Book Value (X) 4.0 1.3 1.3 1.2 Net Debt/Equity (X) 0.1 0.7 0.8 0.8 ROAE (%) 7.9 0.6 3.1 7.5 Consensus EPS Consensus EPS Consensus EPS Consensus EPS (sensensensen):::: 4.7 5.5 10.8

Other Broker Recs:Other Broker Recs:Other Broker Recs:Other Broker Recs: B: 4 S: 1 H: 0

ICB IndustryICB IndustryICB IndustryICB Industry : Financials ICB Sector: ICB Sector: ICB Sector: ICB Sector: Real Estate Investment & Services Principal Business:Principal Business:Principal Business:Principal Business: Township developer with 4,400 acres of land bank offering comprehensive range of products *13-month period for FY14 due to FYE change to Oct from Sep

Source of all data: Company, AllianceDBS, Bloomberg Finance L.P

At A Glance Issued Capital (m shrs) 253 Mkt. Cap (RMm/US$m) 1,287 / 404 Major Shareholders Liew Tian Xiong (%) 35.1 Eco World Development Holdings (%) 20.0 Free Float (%) 24.5 Avg. Daily Vol.(‘000) 967

MalaysiaMalaysiaMalaysiaMalaysia Equity Equity Equity Equity Research Research Research Research

21 Jul 2014

Company Focus

Eco World Development Bhd Bloomberg: ECW MK | Reuters: ECOW.KL Refer to important disclosures at the end of this report

New kid with old hands • New lease of life with RM43bn GDV pipeline

projects under reinvigorated corporate identity, back by a highly experienced management team

• RM5bn sales target for the next two years to spearhead complete transformation

• Initiate with BUY and RM6.00 TP

DNA of DNA of DNA of DNA of a a a a property bellwetherproperty bellwetherproperty bellwetherproperty bellwether. . . . ECW (formerly known as

Focal Aims), a relatively new property developer, is helmed by

former top executives of SP Setia. Since the takeover by Eco

World Development Holdings Sdn Bhd (20% stake; EWH) and

Liew Tian Xiong (35% stake; eldest son of Tan Sri Liew Kee

Sin – founder of SP Setia) in Nov13, ECW has proposed to

acquire development rights of eight subsidiaries from Eco

World Development Sdn Bhd (EWSB; 50% owned by EWH)

that will position the Group as the fastest-rising property

developer in Malaysia.

4,4004,4004,4004,400----acre acre acre acre land bank worth RM43.5bn GDVland bank worth RM43.5bn GDVland bank worth RM43.5bn GDVland bank worth RM43.5bn GDV will offer ECW

immediate presence in Klang Valley, Iskandar Malaysia and

Penang – Malaysia’s top property hotspots. The Group targets

to achieve RM5bn sales over two years, given the new

projects to be launched over FY14-15F.

ValueValueValueValue----accretive land acquisitionaccretive land acquisitionaccretive land acquisitionaccretive land acquisition in the pipelinein the pipelinein the pipelinein the pipeline. . . . Thanks to its

management’s track record, ECW is participating in the

redevelopment of the former Pudu Jail site at a 20-acre prime

Bukit Bintang land which could carry RM7bn GDV. The board

is still deliberating on the offer to acquire a 1.18-acre land in

Parramatta, Australia, and it could secure the 470-acre land in

Batu Kawan which we understand it is the frontrunner in the

request for proposal from the Penang state government.

Initiate with BUYInitiate with BUYInitiate with BUYInitiate with BUY. . . . We arrive at our TP of RM6.00, based on a

20% discount to our RNAV methodology (pre-share split). On

ex-all basis, we value ECW at RM2.00 (excluding 7-yr warrant

dilution). We expect ECW’s earnings to grow substantially to

RM77m in FY15 from RM24m in FY13, thanks to the

unprecedented property sales boosted by the management

team’s undisputed brand name.

Company Focus

Eco World Development Bhd

SWOT Analysis

StrengthsStrengthsStrengthsStrengths WeaknessWeaknessWeaknessWeakness

• Impressive Impressive Impressive Impressive execution track recordexecution track recordexecution track recordexecution track record underpinned by former SP Setia management team which had grown SP Setia into the Malaysian property bellwether from a relatively small establishment.

• Strong Strong Strong Strong market confidencemarket confidencemarket confidencemarket confidence. Despite being a relatively new property developer, ECW has been able to sell properties at an unprecedented pace, reflecting property buyers’ confidence in the management team’s strong brand name.

• Huge land bankHuge land bankHuge land bankHuge land bank. ECW is now in the midst of a corporate exercise that will leapfrog its land bank from 1,300 to 4,400 acres upon completion of the deal.

• Innovative product offeringsInnovative product offeringsInnovative product offeringsInnovative product offerings. ECW is likely to offer innovative products via well-crafted township planning, given its large parcel of land bank

• Building up from scratchBuilding up from scratchBuilding up from scratchBuilding up from scratch. Historically, ECW has not had successful large-scale projects to boast of.

• Relatively more expensive land costRelatively more expensive land costRelatively more expensive land costRelatively more expensive land cost. ECW is acquiring vast land banks at relatively higher prices due to the steep appreciation over the past few years.

• Premium pricingPremium pricingPremium pricingPremium pricing. ECW’s higher selling price relative to some of its peers may not be sustainable if the economic outlook deteriorates.

OpportunitiesOpportunitiesOpportunitiesOpportunities ThreatsThreatsThreatsThreats

• Favourable demographicsFavourable demographicsFavourable demographicsFavourable demographics. Young and growing population and workforce will continue to support property demand, especially in Greater KL which is also the employment hub.

• Urban migrationUrban migrationUrban migrationUrban migration. Malaysian government’s aspiration to grow the Greater KL population to 10m by 2020 from an estimated 7m currently will serve as a major demand driver

• MMMMRRRRT connectivity T connectivity T connectivity T connectivity will help support demand, especially in the suburban areas given the availability of vast land bank

• Relatively weaker property sentiment.Relatively weaker property sentiment.Relatively weaker property sentiment.Relatively weaker property sentiment. The strong property price surge over the last few years, coupled with recent tightening measures, could weaken property sales as property buyers are becoming more cautious.

• Tighter bank lendingTighter bank lendingTighter bank lendingTighter bank lending. Stricter lending guidelines by banks due to rising housing debt may lead to softer sales.

• Rising costRising costRising costRising cost. Construction and building material costs have been on the uptrend which may erode developers’ profitability.

Source: AllianceDBS

Company Focus


Company Background New lease of lifeNew lease of lifeNew lease of lifeNew lease of life.... EWH and Liew Tian Xiong took over ECW

(previously known as Focal Aims) with a 65% stake in Nov13

after months of speculation that ECW would be Tan Sri Liew

Kee Sin’s listed vehicle after his exit from SP Setia. With the

recent proposed acquisition and fund raising exercise

(expected completion by Oct14), ECW will be propelled to

the forefront of the Malaysian property sector, given its

massive 4,400-acre land bank with RM43.4bn GDV potential.

Massive corporate exercise to transform ECWMassive corporate exercise to transform ECWMassive corporate exercise to transform ECWMassive corporate exercise to transform ECW. The proposed

corporate exercise announced in Apr14 entails:

a) Proposed acquisition of development rights to eight

projects from EWSB

b) Proposed subscription of shares in ECW by shareholders

of EWSB to partially fund the acquisitions and ensure

continuity of ownership

c) Proposed rights issue with warrants and up to 20%

proposed private placement

It also includes the acquisition of two EWSB subsidiaries, Eco

World Project Management Sdn Bhd (project management

team) and Eco Macalister Development Sdn Bhd (investment

property asset in Penang).

Currently, ECW has only one ongoing project in Kota Masai,

with 991.6 acres left for development. The proposed

corporate exercise will offer immediate presence in the key

property hotspots in Malaysia – Klang Valley, Iskandar

Malaysia and Penang. This will offer ECW the much needed

platform to drive exponential growth prospects, leveraging

on its execution capability and track record.

Proposed acquisitions and corporate structure

Source: AllianceDBS, Company

Proposed fund raising

sha re ssha re ssha re ssha re s Rema rksRema rksRema rksRema rks

(m)(m)(m)(m)

share base 253.3

share split 506.6

share subscription 806.8 1,371.6

1,313.5

656.7 788.0

1,970.2

20% placement 394.0 634.4

2,364.3

warrants 525.4 1,035.0

2,889.7

Proce e ds Proce e ds Proce e ds Proce e ds

(RMm)(RMm)(RMm)(RMm)

@ RM1.70/share by

Sinarmas and EWH

rights issue with

warrants

[email protected];

entitlement not fixed

[email protected];

Price not fixed


Sales Trend Profitability Trend

-50.0%

150.0%

350.0%

550.0%

750.0%

950.0%

0

500

1,000

1,500

2,000

2012A 2013A 2014F 2015F 2016F

RM m

Total Revenue Revenue Growth (%) (YoY)

7

57

107

157

207

257

307

357

407

2012A 2013A 2014F 2015F 2016F

RM m

Operating EBIT Pre tax Profit Net Profit

Source: Company, AllianceDBS

Sinarmas EWH

EWSB

Liew TianXiong

50% 50%

ECW

20%

35%

- 8 subsidiaries- Eco Macalister- Eco World project management

Present

- Proposed acquisition of development rights of 8 subsidiaries- Proposed acquisition of Eco Macalister and Eco World project management

Company Focus


Chronology of EWSB’s rise prior to the proposed corporate exercise

Source: Company

Raring to goRaring to goRaring to goRaring to go. . . . EWSB’s 3,107 acres of land bank (RM30bn GDV

potential) will also come in handy for ECW to grow its

earnings as several projects, such as the RM11bn Eco

Majestic@Semenyih and RM5.9bn Eco Spring@Tebrau, were

introduced to the public in May14. The land bank would also

help address the skyrocketing land prices which have made it

challenging for developers to acquire sizeable land banks.

With the ready launch pipeline, ECW will be able to just focus

on delivering the products and values to its stakeholders.

Growing on a solid footingGrowing on a solid footingGrowing on a solid footingGrowing on a solid footing. EWSB was incorporated in

Dec11 and it has been on an aggressive land bank acquisition

trail to accumulate 3,106.8 acres of land within Klang Valley,

Penang and Iskandar Malaysia. ECW’s access to the land

banks will set the stage for explosive growth over the next

few years. Though ECW is still a relatively new property

developer in Malaysia, the execution ability of its key

management team has never been in doubt. The strong

response to its EcoSky and EcoBotanic projects launched late

last year has been more than impressive, judging by the

lengthy queues and buying frenzies witnessed at the project

launches, which is unprecedented by any standard for a new

developer.

Ready launch pipeline with the land bank acquisitions


En la rge d la nd ba nkEn la rge d la nd ba nkEn la rge d la nd ba nkEn la rge d la nd ba nk Ac re sAc re sAc re sAc re s GDV (RMm)GDV (RMm)GDV (RMm)GDV (RMm)

Eco Ce ntra lEco Ce ntra lEco Ce ntra lEco Ce ntra l Saujana Glenmarie 25.9 90

Eco Sky 9.6 974

Eco Majestic 1073.1 11,144

Eco Sanctuary 308.7 8,000

1417.31417.31417.31417.3 20,20820,20820,20820,208

Eco SouthEco SouthEco SouthEco South Eco Botanic 325.1 3,794

Eco Spring 613.8 5,871

Eco Tropics 743.6 3,400

Eco Business Park 1 612 3,799

Eco Business Park 2 383.6 3,009

Eco Business Park 3 248 2,000

2 ,9262,9262,9262,926 21,87321,87321,87321,873

Eco NorthEco NorthEco NorthEco North Eco Terraces 12.8 338

Eco Meadows 75.7 916

Eco Macalister 1.1 190

89 .689.689.689.6 1,4441,4441,4441,444

4 ,4334,4334,4334,433 43,52543,52543,52543,525

Company Focus


Property projects in the pipeline


Geographical breakdown of land bank

Geographical breakdown of GDV

Eco Central32%

Eco South66%

Eco North2%

Eco

Central,

46%Eco South,

50%

Eco North,

3%

Source: AllianceDBS, Company Source: AllianceDBS, Company

Exi s ting l a ndExi s ting l a ndExi s ting l a ndExi s ting l a nd Loca tionLoca tionLoca tionLoca tion typetypetypetype Te nureTe nureTe nureTe nure RMpsfRMpsfRMpsfRMpsf

Eco Sanctuary Kota Kemuning Mixed dev. LH 308.7 8,000

Saujana Glenmarie Glenmarie, Shah Alam residential township FH 25.9 90

Eco Tropics Pasir Gudang, Johor Mixed dev. FH 743.6 3,400

Eco Business Park 3 Pasir Gudang, Johor business park FH 248 2,000

1326132613261326 13,49013,49013,49013,490

To a cqu i reTo a cqu i reTo a cqu i reTo a cqu i re

Eco Terraces Paya Terubong, Penang niche dev. FH 12.8 338 61 109.4

Eco Meadows Batu Kawan, Penang integrated commercial FH 75.7 916 116 35.2

Eco Macalister George Town, Penang Serviced apartments FH 1.1 190 48 1,001.8

Eco Sky Taman Wahyu, KL integrated commercial FH 9.6 974 118 282.2

Eco Majestic Semenyih, Selangor mixed dev FH 1073.1 11,144 950 20.3

Eco Botanic Nusajaya, Johor mixed dev FH 325.1 3,794 726 51.3

Eco Spring Tebrau, Johor mixed dev FH 613.8 5,871 670 25.1

Eco Business Park 1 Tebrau, Johor business park FH 612 3,799 598 22.4

Eco Business Park 2 Senai, Johor business park FH 383.6 3,009 546 32.7

3107310731073107 30,03530,03530,03530,035 3,8333,8333,8333,833

ma rke t ma rke t ma rke t ma rke t

va lua tion va lua tion va lua tion va lua tion


s iz e s iz e s iz e s iz e

(a c re )(a c re )(a c re )(a c re )

GDV GDV GDV GDV


Company Focus


Location of Eco Central in Klang Valley

Source: Company Location of Eco North in Penang

Source: Company

Company Focus


Location of Eco South in Iskandar Malaysia, Johor

Source: Company

Company Focus


Management

Highly experienced teamHighly experienced teamHighly experienced teamHighly experienced team. ECW is helmed by Dato’ Chang

Khim Wah – Group President and CEO. Dato’ Chang has 26

years of experience in the property development industry and

he was the Executive Vice President in charge of Southern

and Northern Property divisions of SP Setia where he served

for c.20 years. Also, Mr. Heah Kok Boon, Executive Director

and CFO, was the Head of Corporate Affairs in SP Setia and

has more than 24 years of experience in audit, corporate

finance and corporate investments.

Credible shareholdersCredible shareholdersCredible shareholdersCredible shareholders. The board of directors comprises the

likes of Tan Sri Abdul Rashid bin Abdul Manaf and Dato’

Leong Kok Wah who were also formerly non-executive

directors in SP Setia. Meanwhile, Mr. Liew Tian Xiong,

Executive Director, is likely to have honed his skills under the

guidance of his father, Tan Sri Liew Kee Sin, who himself has

achieved tremendous success as the founder of SP Setia. Tan

Sri Liew has also been appointed as a non-independent and

non-executive director of ECW recently.

Board of Directors

NameNameNameName PositionPositionPositionPosition BackgroundBackgroundBackgroundBackground Tan Sri Abdul Rashid bin Abdul Manaf

Non-Independent Non-Executive Chairman

- Barrister at Law (Middle Temple London)

- Former President of Session Courts in Klang

- Former Senior Federal Counsel for Income Tax Department

Dato' Leong Kok Wah Non-Independent Non-Executive Deputy Chairman

- MBA from University of Hull, UK

- Extensive experience in construction as well as stockbroking industry

- Executive Director of Salcon Berhad

Dato' Chang Khim Wah

President and CEO - Bachelor of Engineering, University of New South Wales

- 26 years of experience in property development

- Former director of SP Setia, EVP in charge of Southern and Northern property divisions

Heah Kok Boon Executive Director - Bachelor in Commerce (Accounting and Commercial Law), University of Melbourne

- 24 years of experience in audit, corporate finance and corporate investment

- Former head of corporate affairs in SP Setia

Liew Tian Xiong Executive Director - Bachelor's degree in Commerce, University of Melbourne

- Working experience from attachments with Pheim Asset Management and AmBank

Tan Sri Liew Kee Sin Non-Independent Non-Executive Director

- Bachelor of Economics Degree, University of Malaya

- Former President and CEO of SP Setia

- Property Man of the Year by FIABCI Malaysia in 2007

Tan Sri Lee Lam Thye Independent Non-Executive Director

- Former Assemblyman and Member of Parliament

- Chairman of National Institute of Occupational Safety and Health

Tang Kin Kheong Independent Non-Executive Director

- Certified Public Accountant, Malaysia

- 23 years of experience as a practicing accountant

Dato' Idrose bin Mohamed

Independent Non-Executive Director

- Bachelor Degree in Civil Engineering, UiTM

- 30 years of experience in construction, project and infrastructure implementation

Company Focus


Replicating a highly successful SP Setia? Another ‘SP Setia’ in the makingAnother ‘SP Setia’ in the makingAnother ‘SP Setia’ in the makingAnother ‘SP Setia’ in the making???? Given that most of the

management and employees come from SP Setia, there is

little doubt in terms of the execution track record of ECW.

The more pertinent concern would be the extent of ECW in

emulating the success in SP Setia as we believe that the ‘SP

Setia DNA’ within the senior management team would lend

credence to what lies ahead for this new developer which has

been dominating the news headlines of late.

SP Setia’s record-breaking property sales

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13

(RMb)

Source: AllianceDBS, SP Setia

SP Setia’s revenue growing rapidly

(15)

(10)

(5)

0

5

10

15

20

25

30

0

500

1,000

1,500

2,000

2,500

3,000

3,500

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

%%%%RMmRMmRMmRMm

Revenue revenue growth


Visionary leadershipVisionary leadershipVisionary leadershipVisionary leadership. Under the stewardship of Tan Sri Liew

Kee Sin, SP Setia has been charting new highs year after year

when it comes to financial as well as operational

performance. SP Setia was the first property developer to

introduce the innovative 5/95 scheme during the financial

crisis where property buyers only had to fork out 5% of the

purchase price upon signing the sales & purchase agreement.

It turned out that other developers also followed suit on the

scheme which has proven to be critical to avert the severe

downturn back then.

Undisputed property bellwetherUndisputed property bellwetherUndisputed property bellwetherUndisputed property bellwether. The ECW’s existing

management team was instrumental in growing SP Setia to

where it is today. SP Setia’s market cap was less than RM2bn

back in 2006 and today the company is worth more than

RM8bn, implying substantial returns to its shareholders. This

is largely attributable to the entrepreneurial drive of the

management which had been relentlessly expanding the

company’s property development activities.

SP Setia’s rising market cap

-

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

Jan-00

Jan-01

Jan-02

Jan-03

Jan-04

Jan-05

Jan-06

Jan-07

Jan-08

Jan-09

Jan-10

Jan-11

Jan-12

Jan-13

Jan-14

RMmRMmRMmRMm

Source: AllianceDBS, Bloomberg L.P.

Relentless expansion driveRelentless expansion driveRelentless expansion driveRelentless expansion drive. SP Setia has established a solid

brand name within Malaysian households, thanks to its

outstanding delivery throughout the years. Value-adding

projects with lifestyle-enhancing features for their township

developments have been sought after by buyers in

anticipation of future appreciation. Tan Sri Liew and his key

executives had also brought SP Setia to expand beyond

Malaysia, penetrating into Melbourne, London, Vietnam and

Singapore. The tremendous success of the company led to

numerous The Edge Malaysia and FIABCI awards.

Poised for successPoised for successPoised for successPoised for success. Therefore, ECW stands to leverage on the

vast experience of its management team to add value to the

4,400 acres of land bank that it will own upon completion of

the proposed corporate exercise.

Company Focus


Competitive Strengths Strong brand nameStrong brand nameStrong brand nameStrong brand name. While the “Eco World” brand name was

only introduced to the market last year, the management and

key shareholders behind ECW have long been widely

acclaimed for their strong delivery and execution track record.

The sell-outs of EWSB’s first launch at Eco Botanic@Nusajaya

and Eco Sky@Taman Wahyu (both to be injected into ECW)

underline the overwhelming confidence bestowed by the

public. As at Mar14, EWH had already achieved RM1.1bn

sales from the two projects. We expect subsequent phases of

the projects to continue garnering keen interest from

property buyers.

ECW showcased its EcoMajestic@Semenyih, Eco

Spring@Tebrau, EcoTropics@Pasir Gudang and Eco Business

Park 1 in May14, collectively accounting for RM20.8bn GDV.

The first phase of EcoMajestic@Semenyih attracted

overwhelming response from buyers where 95% of the 612

units of terraced homes with varying sizes priced from

RM586k onwards were sold over a weekend. Meanwhile,

both EcoSpring and EcoTropics managed to achieve 85%

take-up for the total 197 cluster (>RM1m/unit) and semi-

detached units (>RM1.5m/unit), as well as 497 terraced

homes (>RM650k/unit).

ComprehComprehComprehComprehensive product rangeensive product rangeensive product rangeensive product range. ECW will boast a wide range

of products including affordable, upgrader and luxury homes,

as well as integrated high-rise developments and green

business parks, catering to all walks of life. ECW has targeted

RM5bn sales within two years as the proposed corporate

exercise will increase its project pipeline to 11 projects from

just three at the moment.

Top developer in the makingTop developer in the makingTop developer in the makingTop developer in the making. Upon completion of the

corporate exercise, ECW’s land bank will consist of 1,417

acres in Klang Valley, 2,926 acres in Iskandar Malaysia and 90

acres in Penang. The land bank will be enough to sustain

ECW’s growth over the next 10 years.

Execution team in placeExecution team in placeExecution team in placeExecution team in place. ECW will also have the project

management team that is overseeing and executing EWSB’s

property projects. There will also be a heritage building at its

Eco Macalister site which will be refurbished into a sales and

marketing office to showcase ECW’s portfolio of investment-

grade properties.

Growth Strategies Rein in rising land pricesRein in rising land pricesRein in rising land pricesRein in rising land prices. Upon completion of the corporate

exercise, ECW will have a ready launch pipeline for its

property projects, thanks to the massive land bank which is

strategically situated within Malaysia’s property hotspots of

Klang Valley, Penang and Iskandar Malaysia. Development

land typically account for 10-20% of a project GDV while

construction costs (labour, building materials, etc) will

account for 50-60%. Given the scale of ECW projects, we

believe its initial cost will be higher, as the Group strives to

add value by providing world-class eco living through

innovative designs.

Right productRight productRight productRight productssss at right locationsat right locationsat right locationsat right locations. Most of ECW’s projects will

be gated and guarded landed properties which are expected

receive stronger demand than high-rise projects, particularly

in Iskandar Malaysia where there will be massive supply of

condos flooding the market when the launched projects over

the past few years are completed in the near term.

Aggressive launch pipelineAggressive launch pipelineAggressive launch pipelineAggressive launch pipeline. Despite the ambitious sales target

amid weaker sentiments after the cooling measures

announced by the government in Oct13, ECW’s

management’s previous track record suggests that achieving

the feat may not be far-fetched. The overwhelming response

for some of the launches in recent months further reinforces

our view that ECW’s unrivalled brand name is likely to attract

buyers at an unprecedented pace.

Explosive earnings trajectoryExplosive earnings trajectoryExplosive earnings trajectoryExplosive earnings trajectory. We expect ECW’s earnings to

grow exponentially to RM77m in FY15 from RM24m in FY13,

implying an impressive 2-year earnings CAGR of 78%.

StrengthStrengthStrengthStrengthening balance sheetening balance sheetening balance sheetening balance sheet. As part of the proposed

development rights acquisition, ECW will also undertake a

share subscription by EWSB to partly finance its proposed

acquisition of development rights, as well as a proposed

rights issue with warrants to raise RM788m gross proceeds.

The larger balance sheet will enable ECW to pursue its land

banking activity and scale up its business operations to

support its expansion plans.

Company Focus


More catalyst in the pipeline Track record speaks for itselfTrack record speaks for itselfTrack record speaks for itselfTrack record speaks for itself. ECW has been roped in to

participate in the former Pudu Jail redevelopment project,

known as Bukit Bintang City Centre (BBCC) via a 40% equity

stake in the consortium with EPF (20%) and UDA Holdings

Bhd (40%; landowner). It has been reported that the

execution track record of the management team has been

the winning factor for the partnership.

BBCC will be developed on the 20-acre prime land in Bukit

Bintang with a potential GDV of RM7bn. The mixed

development will comprise three residential towers housing

2,000 units, a 40-storey block, a 1m-sf shopping mall, a

Malaysian grand bazaar, mosque, al fresco dining terraces

and a food court to complete this 5m NLA project.

At this juncture, ECW is still working closely in consultation

with UDA Holdings to come up with a conceptual master

plan. Assuming the project is developed over a 10-year period

with a pretax margin of 20%, we estimate that BBCC will

enhance our ex-all RNAV by 8 sen (3%).

Venture into AustraliaVenture into AustraliaVenture into AustraliaVenture into Australia. ECW has also received an offer from

EWSB to sell 1.18 acres of land in Church Street, Parramatta,

NSW 2150, Australia at the same price and on the same

terms as that secured by EWSB from the vendor. The

purchase price of AUD28m implies a land cost of AUD545psf.

The land is located on the southern fringe of the Parramatta

CBD retail precinct, close to the Westfield Shopping Precinct,

railway station and bus interchange. ECW’s board has yet to

make a decision on the offer, and an EGM will be convened

should the board accept the offer.

Batu KawanBatu KawanBatu KawanBatu Kawan landlandlandland. Pursuant to the request of proposal (RFP)

by the Penang Development Corporation in Aug13 for the

development of an international theme park and an 18-hole

golf resort development at Bandar Cassia in Batu Kawan,

ECW has participated in the RFP for golf course development,

where the winning bidder will have to develop a golf course

on 60 ha of the total 190 ha land. While there is no official

confirmation on the status of the successful bidders, we

understand that ECW is the only company that has expressed

interest to bid where the opening bid started at RM45psf.

These potential land bank acquisitions clearly illustrate the

management’s unbridled desire to grow ECW into one of the

top property developers in Malaysia. As it is, ECW already has

ready launch pipeline which could keep the company busy

over the next decade, by virtue of its massive 4,400-acre land

bank.

Key Risks Relatively weaker property sentimentRelatively weaker property sentimentRelatively weaker property sentimentRelatively weaker property sentiment. The strong property

price surge over the last few years, coupled with recent

tightening measures, could hamper property sales as property

buyers are getting more cautious with their property

purchase decisions.

Tighter bank lendingTighter bank lendingTighter bank lendingTighter bank lending. Stricter lending guidelines by banks due

to rising housing debt may lead to softer sales as certain

property buyers have been facing difficulty in obtaining

mortgage loans.

Rising costRising costRising costRising costssss. In tandem with rising property prices,

construction and building material costs have been on the

uptrend and may erode developers’ profitability.

Company Focus


Key Assumptions

FY FY FY FY OctOctOctOct 2011201120112011AAAA 2012201220122012AAAA 2013201320132013AAAA 2014201420142014FFFF 2015201520152015FFFF 2016201620162016FFFF

Property sales (RMm) 1,769.8 1,945.1 3,092.5

Sensitivity Analysis 2012012012015555

Sales +/- 1% Net Profit +/-

0.5%

Income Statement (RM m)


Revenue 56 65 156 84 942 2,318

Cost of Goods Sold (44) (43) (108) (59) (559) (1,524)

Gross ProfitGross ProfitGross ProfitGross Profit 12121212 22222222 48484848 26262626 383383383383 793793793793

Other Opng (Exp)/Inc (11) (11) (15) (13) (141) (348)

Operating ProfitOperating ProfitOperating ProfitOperating Profit 0000 11111111 34343434 13131313 241241241241 446446446446

Other Non Opg (Exp)/Inc 0 0 0 0 0 0

Associates & JV Inc 0 0 0 0 0 0

Net Interest (Exp)/Inc (2) (3) (4) (3) (138) (179)

Exceptional Gain/(Loss) 0 0 0 0 0 0

PrePrePrePre----tax Profittax Profittax Profittax Profit (2)(2)(2)(2) 8888 30303030 10101010 103103103103 267267267267

Tax 0 (1) (5) (2) (26) (67)

Minority Interest 0 0 0 0 0 0

Preference Dividend 0 0 0 0 0 0

Net ProfitNet ProfitNet ProfitNet Profit (2)(2)(2)(2) 7777 24242424 8888 77777777 200200200200

Net Profit before Except. (2) 7 24 8 77 200

EBITDA 0 11 34 13 241 446

Growth

Revenue Gth (%) nm 17.2 139.4 (46.0) 1,015.6 146.2

EBITDA Gth (%) nm 13,233.3 201.3 (61.2) 1,743.0 84.5

Opg Profit Gth (%) nm 12,881.0 207.2 (60.9) 1,743.0 84.5

Net Profit Gth (%) nm nm 237.0 (67.6) 882.3 158.6

Margins & Ratio

Gross Margins (%) 20.6 33.7 30.9 30.5 40.6 34.2

Opg Profit Margin (%) 0.2 16.7 21.4 15.5 25.6 19.2

Net Profit Margin (%) (3.7) 11.0 15.5 9.3 8.2 8.6

ROAE (%) (1.4) 2.5 7.9 0.6 3.1 7.5

ROA (%) (0.9) 1.5 5.0 0.3 1.5 3.2

ROCE (%) 0.0 2.2 6.2 0.4 3.7 6.3

Div Payout Ratio (%) N/A 0.0 0.0 0.0 0.0 0.0

Net Interest Cover (x) 0.0 3.9 8.6 3.7 1.7 2.5


Margins Trend

7.0%

9.0%

11.0%

13.0%

15.0%

17.0%

19.0%

21.0%

23.0%

25.0%

27.0%

2012A 2013A 2014F 2015F 2016F

Operating Margin % Net Income Margin %

Underpinned by strong unbilled sales of RM1.1bn as at Mar14

Company Focus


Balance Sheet (RM m) FY FY FY FY OctOctOctOct 2011201120112011AAAA 2012201220122012AAAA 2013201320132013AAAA 2014201420142014FFFF 2015201520152015FFFF 2016201620162016FFFF

Net Fixed Assets 2 1 1 1 101 201

Invts in Associates & JVs 0 0 0 0 0 0

Other LT Assets 319 303 302 4,110 4,230 4,146

Cash & ST Invts 4 7 25 413 412 208

Inventory 29 29 40 21 157 386

Debtors 14 45 40 21 238 586

Other Current Assets 81 106 82 79 553 1,094

Total AssetsTotal AssetsTotal AssetsTotal Assets 447447447447 491491491491 489489489489 4,6464,6464,6464,646 5,6925,6925,6925,692 6,6216,6216,6216,621

ST Debt

26 30 47 2,057 2,057 2,057

Creditor 17 54 40 22 471 1,159

Other Current Liab 0 0 4 2 26 67

LT Debt 38 34 5 5 500 500

Other LT Liabilities 74 74 72 72 72 72

Shareholder’s Equity 289 296 319 2,486 2,564 2,763

Minority Interests 3 3 3 3 3 3

Total Cap. & Liab.Total Cap. & Liab.Total Cap. & Liab.Total Cap. & Liab. 447447447447 491491491491 489489489489 4,6464,6464,6464,646 5,6925,6925,6925,692 6,6216,6216,6216,621

Non-Cash Wkg. Capital 107 126 118 98 451 840

Net Cash/(Debt) (61) (57) (27) (1,648) (2,145) (2,349)

Debtors Turn (avg days) 46.3 165.5 98.7 131.5 50.3 64.9

Creditors Turn (avg days) 69.7 299.9 158.7 191.4 160.8 195.1

Inventory Turn (avg days) 118.0 245.4 116.5 189.6 58.2 65.0

Asset Turnover (x) 0.2 0.1 0.3 0.0 0.2 0.4

Current Ratio (x) 3.0 2.2 2.0 0.3 0.5 0.7

Quick Ratio (x) 0.4 0.6 0.7 0.2 0.3 0.2

Net Debt/Equity (X) 0.2 0.2 0.1 0.7 0.8 0.8

Net Debt/Equity ex MI (X) 0.2 0.2 0.1 0.7 0.8 0.9

Capex to Debt (%) 0.5 0.1 0.1 0.0 3.9 3.9


Asset Breakdown Net Fixed Assets -0.3%

Assocs'/JVs -0.0%

Bank, Cash and Liquid Assets -90.4%

Inventory -4.7%

Debtors -4.7%

Debt assumed from proposed corporate exercise

Company Focus


Cash Flow Statement (RM m)


Pre-Tax Profit (2) 8 30 10 103 267

Dep. & Amort. 0 0 0 0 0 0

Tax Paid 0 0 0 (4) (2) (26)

Assoc. & JV Inc/(loss) 0 0 0 0 0 0

Chg in Wkg.Cap. 28 (1) 6 21 (295) (345)

Other Operating CF (8) (3) (6) 0 0 0

Net Operating CFNet Operating CFNet Operating CFNet Operating CF 17171717 4444 30303030 27272727 (194)(194)(194)(194) (105)(105)(105)(105)

Capital Exp.(net) 0 0 0 0 (100) (100)

Other Invts.(net) 0 0 0 (427) (203) 0

Invts in Assoc. & JV 0 0 0 0 0 0

Div from Assoc & JV 0 0 0 0 0 0

Other Investing CF 0 0 0 0 0 0

Net Investing CFNet Investing CFNet Investing CFNet Investing CF 0000 0000 0000 (427)(427)(427)(427) (303)(303)(303)(303) (100)(100)(100)(100)

Div Paid 0 0 0 0 0 0

Chg in Gross Debt (19) (5) (11) 0 495 0

Capital Issues 0 0 0 788 0 0

Other Financing CF 0 0 0 0 0 0

Net Financing CFNet Financing CFNet Financing CFNet Financing CF (19)(19)(19)(19) (5)(5)(5)(5) (11)(11)(11)(11) 788788788788 495495495495 0000

Currency Adjustments 0 5 (1) 0 0 0

Chg in Cash (2) 3 18 388 (1) (205)

Opg CFPS (sen) (4.1) 2.1 9.5 0.9 15.4 36.7

Free CFPS (sen) 6.7 1.5 11.9 4.2 (44.7) (31.2)


Capital Expenditure

0

20

40

60

80

100

120

2014F 2015F 2016F

Capital Expenditure (-)

Cash consideration for the proposed acquisitions

Proceeds from rights issue

90% balance payment for Semenyih land acquisition

Company Focus


Quarterly / Interim Income Statement (RM m)

FY FY FY FY OctOctOctOct 1Q1Q1Q1Q2013201320132013 2Q2Q2Q2Q2013201320132013 3Q3Q3Q3Q2013201320132013 4Q4Q4Q4Q2013201320132013 1Q1Q1Q1Q2014201420142014 2Q2Q2Q2Q2014201420142014

Revenue 35 34 44 44 23 27

Cost of Goods Sold (25) (23) (28) (32) (18) (20)

Gross ProfitGross ProfitGross ProfitGross Profit 10101010 11111111 16161616 12121212 5555 7777

Other Oper. (Exp)/Inc (3) (4) (3) (5) (3) (3)

Operating ProfitOperating ProfitOperating ProfitOperating Profit 7777 7777 13131313 7777 2222 3333

Other Non Opg (Exp)/Inc 0 0 0 0 0 0

Associates & JV Inc 0 0 0 0 0 0

Net Interest (Exp)/Inc (1) 0 0 (3) 0 0

Exceptional Gain/(Loss) 0 0 0 0 0 0

PrePrePrePre----tax Profittax Profittax Profittax Profit 6666 7777 13131313 4444 2222 3333

Tax 0 0 (2) (4) (1) 0

Minority Interest 0 0 0 0 0 0

Net ProfitNet ProfitNet ProfitNet Profit 7777 7777 11111111 0000 1111 3333

Net profit bef Except. 7 7 11 0 1 3

EBITDA 7 7 13 7 2 3

Growth

Revenue Gth (%) 42.4 (3.7) 31.1 0.0 (48.6) 18.7

EBITDA Gth (%) 40.7 (1.8) 85.4 (48.9) (64.0) 45.1

Opg Profit Gth (%) 40.7 (1.8) 85.4 (48.9) (64.0) 45.1

Net Profit Gth (%) 98.8 0.6 63.8 (99.8) 2,814.8 226.8

Margins

Gross Margins (%) 28.9 32.1 35.9 26.6 21.9 24.6

Opg Profit Margins (%) 20.3 20.7 29.3 15.0 10.5 12.8

Net Profit Margins (%) 19.0 19.9 24.9 0.1 3.5 9.6

Margins Trend

-5%

0%

5%

10%

15%

20%

25%

30%

35%

2Q2012

3Q2012

4Q2012

1Q2013

2Q2013

3Q2013

4Q2013

1Q2014

2Q2014

Operating Margin % Net Income Margin %


Company Focus


Valuation Premium valuationPremium valuationPremium valuationPremium valuation. ECW is currently trading at 53x FY13 PE.

While the valuation appears excessive at this juncture, we

expect it to moderate to a more palatable level by FY16,

when the full impact of its aggressive property sales will be

reflected. Based on its current share price, we estimate fully-

diluted (before warrant dilution) FY15F PE of 43x and FY16F

PE of 17x, after taking into consideration the RM788m rights

issue with warrants.

We derive our implied TP of RM6.00 after applying a 20%

discount to our ex-all RNAV of RM2.00 (based on

benchmark price of RM5.35). Our property sales

assumptions of RM1.7bn and RM2bn for FY14 and FY15 are

below management’s total target of RM5bn for the coming

two years. This is mainly to account for the weaker property

sentiment amid more cautious spending by potential

property buyers.

Expect strong earnings growthExpect strong earnings growthExpect strong earnings growthExpect strong earnings growth. Given that EWSB has

already achieved RM1.1bn sales as at Mar14, we believe

ECW will continue to ride on the strong sales momentum for

the other pipeline projects. Nevertheless, ECW’s net gearing

level may remain elevated at 0.7x by FY14, as ECW will

assume RM2bn debt from the proposed corporate exercise,

as well as the requirement for more working capital to roll

out its projects.

Solid backing from substantial shareholdersSolid backing from substantial shareholdersSolid backing from substantial shareholdersSolid backing from substantial shareholders. Upon

completion of the proposed corporate exercise (share split,

share subscription, rights issue with warrants, placement),

EWH will be the largest shareholder with a 32% stake, while

Sinarmas Harta and Liew Tian Xiong will own 26% and 11%

respectively. We believe the substantial shareholders will be

committed to drive ECW to greater heights, given its

ambitious plan to catapult ECW into one of the top property

developers in Malaysia.

RNAV

Pro je c tPro je c tPro je c tPro je c t GDV (RMm)GDV (RMm)GDV (RMm)GDV (RMm) Pro je c t NPV@10%Pro je c t NPV@10%Pro je c t NPV@10%Pro je c t NPV@10%

Eco Centra lEco Centra lEco Centra lEco Centra l Saujana Glenmarie 90 18

Eco Sky 974 102

Eco Majestic 11,144 820

Eco Sanctuary 8,000 544

Eco Majestic 2 3,500 199

23 ,70823,70823,70823,708 1,6831,6831,6831,683

Eco SouthEco SouthEco SouthEco South Eco Botanic 3,794 301

Eco Spring 5,871 280

Eco Tropics 3,400 195

Eco Business Park 1 3,799 416



21 ,87321,87321,87321,873 1,7721,7721,7721,772

Eco NorthEco NorthEco NorthEco North Eco Terraces 338 46

Eco Meadows 916 109

Eco Macalister 190 29

1 ,4441,4441,4441,444 184184184184

Tota lTota lTota lTota l 47,02547,02547,02547,025 3,6403,6403,6403,640

RNAVRNAVRNAVRNAV

After tax 2,730

proforma shareholders fund 3,113

5,843

RNAV/sha reRNAV/sha reRNAV/sha reRNAV/sha re 2.47 Excluding 7-year warrants

e x-rights TPe x-rights TPe x-rights TPe x-rights TP 2.002.002.002.00 20% discount

Impl ie d TP (cum)Impl ie d TP (cum)Impl ie d TP (cum)Impl ie d TP (cum) 6.006.006.006.00

Source: AllianceDBS

Company Focus


DISCLOSURE

Stock rating definitions STRONG BUY - > 20% total return over the next 3 months, with identifiable share price catalysts within this time frame BUY - > 15% total return over the next 12 months for small caps, >10% for large caps HOLD - -10% to +15% total return over the next 12 months for small caps, -10% to +10% for large caps FULLY VALUED - negative total return > -10% over the next 12 months SELL - negative total return of > -20% over the next 3 months, with identifiable catalysts within this time frame Commonly used abbreviations Adex = advertising expenditure EPS = earnings per share PBT = profit before tax bn = billion EV = enterprise value P/B = price / book ratio BV = book value FCF = free cash flow P/E = price / earnings ratio CF = cash flow FV = fair value PEG = P/E ratio to growth ratio CAGR = compounded annual growth rate FY = financial year q-o-q = quarter-on-quarter Capex = capital expenditure m = million RM = Ringgit CY = calendar year M-o-m = month-on-month ROA = return on assets Div yld = dividend yield NAV = net assets value ROE = return on equity DCF = discounted cash flow NM = not meaningful TP = target price DDM = dividend discount model NTA = net tangible assets trn = trillion DPS = dividend per share NR = not rated WACC = weighted average cost of capital EBIT = earnings before interest & tax p.a. = per annum y-o-y = year-on-year EBITDA = EBIT before depreciation and amortisation PAT = profit after tax YTD = year-to-date

Company Focus


DISCLAIMER

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