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皇冠体育官网(www.hg8080.vip):Cautious outlook for Tiong Nam’s latest JV

皇冠体育官网(www.hg8080.vip):Cautious outlook for Tiong Nam’s latest JV

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MIDF Research says the proposed project, which is in a joint venture with JLand Group Sdn Bhd, will also be fully funded by Tiong Nam with bank borrowing and advances from shareholders. — Bernama

PETALING JAYA: MIDF Research is cautious on Tiong Nam Logistics Holdings Bhd’s move to buy and develop 300 acres in the Sedenak Tech Valley logistics park with industrial properties, as it anticipates the project has a long gestation period.

The research house said the proposed project, which is in a joint venture (JV) with JLand Group Sdn Bhd, will also be fully funded by Tiong Nam with bank borrowing and advances from shareholders.

This is at a time when the logistics concern is facing thinning profit margins due to mounting cost pressures and its net gearing at 1.4 times as of September 2022 following its large-scale expansion, MIDF Research said in a note to clients yesterday.

Tiong Nam’s management had indicated that the group will hold a 51% stake in the JV to develop the land in Johor and pay RM52.3mil (RM4 per sq ft) for its stake in the 99-year leasehold land.

Development activity is only expected to commence in three years time after getting the necessary approvals and consultations completed.

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“The Sedenak Tech Park will house industrial properties marketed for the expansion and relocation of manufacturers, particularly from Singapore.

“Tiong Nam believes the proposition is attractive, given the relatively lower land price and operating costs as well as the tax incentives,” added MIDF Research.

The research house has also downgraded Tiong Nam to a “sell” from “neutral” but maintained its target price of 68 sen per share for the stock. “We recommend to take profit after the recent price rally.

“A potential upside would be an early possession of its 1.1 million-sq-ft mega warehouse in Senai, which will be leased to a multinational company as well as cross-selling opportunities that could moderate from this,” it said.

Initially targeted for completion in November 2023, the warehouse was already 75% completed as of last month.

MIDF Research also warned of a volatile earnings at Tiong Nam as the group continues to invest in its expansion projects.


转载说明:本文转载自Sunbet。,

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