Tuesday, July 19, 2011

CHHB ... Jul11

Taiwanese-controlled Chunghwa Picture Tubes (M) Sdn Bhd is divesting its property investment here — a deal that will see the family of Tan Sri Lee Kim Yew consolidating their stake in Country Heights Holdings Bhd (CHHB).

Sources say the sale of the remaining 13.93% stake in CHHB to the Lee family has been sealed. The transaction will further strengthen Lee’s family shareholdings in CHHB, which shall benefit from new development plans in the Mines Resort area.

The Lee family had on April 20 2011 bought 9.6 million shares or a 3.48% stake in CHHB from Chunghwa, lifting their interest to 53.52%. Acquiring the rest of Chunghwa’s stake would boost the family’s holdings to 67.45%.

Its net asset stood at RM2.58 per share and at is at a great discount to its revised net asset value which should be much higher given the low book cost of the group’s properties, especially in the Mines Resort area.

This is despite the fact that the NTA stated in its books are not a true reflection of the value of the company. Many of its properties have not been revalued since the early 1990s and, as a result, the values stated in its books are grossly undervalued. A case in point is the value of its 19.59 acre freehold land in Kajang. The land carries a net book value of rm5.65 million which works out to rm6.62 psf when the land is acquired. Current market price is rm130 psf that is a whopping 20 times more.

Another example is the 9.07 acre lease hold land for residential use in Mines Resort City, which is valued ay rm9.93 million or rm25.15 psf. Current market price is between rm250 and rm300 psf.

However, the true value of its properties are not as much of a priority to the company as repositioning itself as wellness focused master developer. Over the next two years, Country Heights is embarking on a transformation of its flagship into an integrated one stop wellness resort.

Country Heights and its strategic partners have committed to invest rm3.2 billion over the next 10 years.

Basically, Country Heights has run out of land. Almost all its landbank has been developed, save for some land in Borneo and about 40 acres in Cyberjaya.

Still, there’s no urgency on Lee’s part to take the company private. Among other reasons, the Lee family through their private vehicle own a sizeable tract of land in the Mines Resort area, larger than that held by the listed CHHB, which they already control. For instance, 40 acres of land which is presently the Mines Wonderland Theme Park and over 200 acres of developable area at the South Lake opposite the Serdang KTM commuter station are owned privately by the family.

It is learnt that the family’s priority now is to get funding for the development of the land, which inevitably shall add more value and spur the redevelopment of the existing properties under listed vehicle CHHB such as the Mines Waterfront Business Park, the Palace of the Golden Horses, the Mines Exhibition and most importantly, the North Lake.

The family acquiring more shares in CHHB at this stage, while retaining its listing status, would allow them to realise value when the valuation of the listed company improves, thus in turn raising more funds for the development of the family’s South Lake properties. At the same time, minority shareholders of CHHB will also stand to benefit from the upside. It is a win-win situation.

The development and redevelopment of the larger area at the Mines, involving CHHB’s North Lake properties and the Lee family’s South Lake, fall under the banner of the Mines Wellness City, an Entry Point Project which has an estimated development value of RM5.5 billion by 2020.

Given the choice location, easy access to major highways and public transport system as well as the massive lake frontage, CHHB’s North Lake and the Lee family’s South Lake are considered hidden jewels in the Klang Valley property sphere. While both the listed company and the family have been trailing other players in the local property scene for the past 10 years, since the Asian financial crisis, the planned new activities at the North and South Lake will catapult them back into the race.

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