Goldis_(Circular) (cover-pg145).pdf
Goldis_(Circular) (pg146-affix).pdf
内容包括Goldis如何评估IGB，与这次的收购案会对Goldis带来什么影响，以寻求在接下来的特别股东大会里通过收购议案！
根据IGB经审计的报告（2013.12.31），audited consolidated NA attributable to equity holder （净资产）是RM4,415.3million，或相等于每股RM3.25。
FY2013.12.31 audited consolidated EBITDA则是RM604.2million, EV(Enterprise Value) /EBITDA = 7.3倍
FY2013.12.31 audited consolidated PATAMI (profit after taxand minority interest) - RM210.1million；等于每股EPS-RM0.1508。PER(price to earnings ratio) = 19.1倍
Goldis还列出大马股市里中IGB的相似企业来做比较。
它们都是在大马上市、拥有市值超过RM20亿、并和IGB拥有相近业务的产业发展公司！
| Comparable companies | Principal Activities |
| KLCC Property Holding Berhad |
KLCC Property Holding Berhad is an investment holding company. The company, through its subsidiaries, operates in property investment, facility management, car park operation management and hotel. |
| UEM Sunrise Berhad | UEM Sunrise Berhad is a real estate investment and development company. The company's activities include property development and land sales. The company develops a range of projects including industrial, commercial, residential, healthcare and mixed used properties, government offices, universities, and others. |
| IOI Properties Group Berhad | IOI Properties Group Berhad operates as an investment holding company, with operations in property development and investment, leisure, and hospitality business. The company develops residential, commercial, and industrial properties and invests in shopping malls, office complexes, and other properties. |
| SP Setia Berhad | SP Setia Berhad is an investment holding company. Through its subsidiaries, the company operates as building contractors and developers. Invests, and leases properties. SP Setia also manufactures precast concrete, and prefabricated, installs and sells wood products. |
| Sunway Berhad | Sunway Berhad is a property development and construction company. The company's other business divisions include quarrying and building materials trading and manufacturing, hospitality, leisure, and healthcare. |
| IJM Land Berhad | IJM Land Berhad is an investment holding company. The company, through its subsidiaries, operates in property development and management, hotel and recreation club. The company also provides landscaping maintenance services. |
| Mah Sing Group Berhad |
Mah Sing Group Berhad is a property developer. The company's principal activity is in property development where the group develops commercial, residential (both high-rise and landed) as well as industrial properties. The group is also involved in plastic manufacturing and trading in Malaysia and Indonesia. |
| UOA Development Berhad | UOA Development Berhad develops properties in Malaysia. The company offers integrated in-house development and construction departments. The company's portfolio ranges from the development of residential and commercial properties to industrial properties for medium to high-income customers. |
| Eastern and Oriental Berhad | Eastern and Oriental berhad is an investment holding company. The company, through its subsidiaries. Operates in property development, investment, and management. The company also provides hotel catering and management. |
| Tropicana Corporation berhad | Tropicana Corporation Berhad is involved in the development of residential and commercial properties including golf courses and resorts. The company is also involved in mechanical engineering, general trading services and credit leasing business. |
下图则是这些公司的比较：
由于有些产业的估值年代久远，所以针对这次的收购案，IGB把手头上的产业进行重估净资产估值（RNAV）！
2013.12.31为止，IGB持有接近RM69.3亿的产业；而净资产则是RM44.1亿！每股价值RM3.25。
而这次的资产重估，大大的释放了这些资产的内在价值！其中尤以旗下两间商场Mid Valley Megamall 和The Gardens被严重低估！
根据IGB的年报，两间商场的最后一次估值分别是：
１）Mid Valley Megamall －1999年；价值RM4.13亿。重估后价值为RM35.6亿！
２）The Gardens － 2004年；价值RM5.62亿。重估后价值为RM12.45亿！
进行重估净资产估值（RNAV）后，IGB的净资产跃升RM27亿！从RM44.1亿变为RM71.1亿！每股价值变为RM5.33！
和金诗的出价RM2.88比起来，等于是以45.96%的折扣来买IGB！
只是IGB现有手头上的净资产已经超过RM70亿！还不包括未来两年的发展计划所带来的收益！
这两年即将完工、并可带来持续性收入的计划有：
2014年年尾 - 槟城与怡保的三间酒店！（我很怀疑，上次回家经过Cititel Express Ipoh，建筑工程还在继续，个人觉得年尾不可能完工！）
2015年 - 澳洲悉尼的酒店The Tank Stream-St Giles Premier Hotel Sydney
2016年 - Mid Valley Southpoint Office Tower和新山Southkey Project商场
来个简单的数学题：
如果你有一间RM100千的房子，年年有RM2,500的租金。你清楚知道在接下来的两年里，你的租金将会逐渐上升，起到RM3千、RM4千！连带房价也还会节节上升！现在有人开价RM55千要跟你买过来，你会卖吗？
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