Thursday, July 5, 2012

SPSetia ... Jul12


Its president and CEO Tan Sri Liew has for the first time exercised the put option granted to him by PNB, a move that sees him reduce his stake in the company. Liew had on 25 June 2012 transferred 45.19 million SP Setia shares or 2.35% stake to PNB in exercising the put option extended to him under the management agreement dated Jan 2012 based on a transacted price of rm3.95 a piece.

The management agreement between Liew and PNB came about after the latter’s aborted takeover of SP Setia that started in Nov 2011.

Following Liew’s exercising the option, he now holds a 5.88% stake in SP Setia while PNB and its unit trust funds under management collectively hold about 73.06% stake.

When PNB unexpectedly launched its takeover of SP Setia in 2011, questions abound as to whether Liew would remain with the property developer. After the resistance from the management, the offer was upped to rm3.95 in Jan 2012. Liew and PNB also entered into a management agreement where he would remain at the helm of the company for a three year period and there be no changes to the board during that time. As part of the agreement, Liew was also granted the put option to sell its shares in SP Setia to PNB at rm3.95 each during the period.

Meanwhile the Battersea project could be a major re-rating catalyst for SP Setia. As the land acquisition will be partly funded by debt and equity, the group's net gearing is expected to rise from 0.33 times as at April 30 to 0.45 times (assuming 70:30 debt-to-equity ratio). There is the possibility of an equity issue if net gearing goes well above 0.5 times.

While the company's profitability could enjoy a big boost, contributions to the bottomline are likely to only start coming through in financial years 2016 to 2017 if it applies the completion policy of profit recognition.

The Battersea Power Station site in London is expected to cost SP Setia and SIme Darby over rm3 billion taking into account the additional costs to extend the London tube line to the site and the restoration of a power generation system.

SP Setia’s gearing is expected to rise from 0.33 times to 0.45 times due to fund raising activities for the project.. The possibility of an equity issue if net gearing goes well above 0.5 times. Contributions to the bottom line are likely to only start coming in through financial year 2016 ending October and financial year 2017. As at April 2012, SP Setia’s cash bank balances and deposits amounted to rm1.22 billion while borrowings stood at rm2.4 billion.

It also wants to expand its landbank across the Penang channel to leverage on the Second Penang Bridge. SP Setia's presence in the northern region is currently (June 2012) on Penang island.

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