Wednesday, August 24, 2011

Naim ... Aug11


Sarawak-based property developer Naim Holdings Bhd (Naim) is pursuing projects worth more than RM1 billion.

The projects Naim is bidding for include the construction of a road near Balingan, the new Mukah Airport as well as a 200-unit residential project at Samalaju.

The company is finalising the details of an integrated development project on 13ha of prime land within the Kuching city centre with an estimated gross development value (GDV) of RM1.5 billion.

Naim is also in the process of submitting designs for an integrated development within the 15ha old Bintulu Airport site with an estimated GDV of RM1.5 billion.

Naim has a 39% stake in a tripartite joint venture tasked with developing an integrated township near the proposed Samalaju Industrial Park — home to the bulk of the energy intensive industries under Score — set to be completed by 2013.

For its 1QFY11ended March 31, its net profit fell 43.8% quarter-on-quarter (q-o-q) and 12.6% year-on-year (y-o-y) to RM12.2 million while revenue fell 38% q-o-q and 2% y-o-y to RM120.9 million.

The decline has been attributed to slower progress billing in its property segment and the decline in margins, as well as the lack of new orders replenishment in the construction arm.

As at March 31, its net assets per share stood at 2.89 sen.

There are downside risks to Naim’s earnings this year due to low levels of unbilled property sales, reduction in its stake of the Sabah Oil and Gas Terminal (SOGT) from 30% to 10% and potentially disappointing job wins.

Naim is focusing more on properties and less on construction so it is moving its resources to properties as well as oil and gas.

The company’s order book, which amounts to RM3.2 billion, will sustain the company for the next three to four years.

Naim’s 1,025ha landbank, which will be developed into residential projects, as well as the utilisation of 17ha of land set aside for the Bintulu old airport, should not be overlooked. It also has plans to develop commercial and other properties in Kuching, Bintulu and Miri with a GDV of RM8.3 billion.

Naim’s subsidiary Naim Engineering Sdn Bhd has been shortlisted to bid for jobs under the multi-billion ringgit Prasarana MyRapid Transit project in the Klang Valley.
Naim has a 36% stake in oil and gas player Dayang Enterprise Holdings Bhd which it acquired in 2007.

Dayang Enterprise, through its subsidiaries, provides offshore maintenance services, minor fabrication services, offshore hookups as well as the commissioning and chartering of marine vessels to the oil and gas industry.

Dayang is expected to contribute 30% to 40% of Naim’s bottom line over the next three years.

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