Posted by UncleFollower > 2 weeks ago | Report Abuse

Given that IOI is heavily vested in SG props meant to be held for long and REITed, it is holding up fairly well now that the rate outlook has moved dramatically betting on Trump's victory. Yet, why does the market think Trump himself is so inflationary and whacking commercial properties...he's a property man!

Posted by dragon328 > 2 weeks ago | Report Abuse

Correct, @UncleFollower. The market is betting on a Trump's win and hence lower interest rate cuts after that, but I won't bet on that. Kamala Harris may still have chance to run ahead in the last few days, especially if a ceasefire talk can achieve the desired result in Gaza.

Even with a Trump win, market scenario simulation points to a total 100 bps rate cut by Dec 2025, compared to a 150 bps rate cut with a Kamala win, so it will be just a 50 bps difference between the two scenarios. The big picture of Fed pivot will never change.

Posted by UncleFollower > 2 weeks ago | Report Abuse

Hmm. Could have sold a few hundred lots at 2.30+ knowing the CW expiry will push the stock down. Alas I didn't move. This isn't right for a trader...getting a bit too attached and too emotional becauuse it is so good 😯

Posted by dragon328 > 1 week ago | Report Abuse

https://www.thestar.com.my/business/business-news/2024/10/29/ioi-properties-to-develop-rm12-bil-ioi-rio-city-over-12-years

First of a few positive surprises came out yesterday, but it was not widely reported yet. Not even in The Star hardcopy papers today, and no analyst has picked up this news.

Even EPF has turned buyer of IOIPG with a net purchase of 500k shares last Thursday, foreign funds net bought RM4m of IOIPG on Monday, after a net buy of RM6m last Friday and net buy of RM22m last Thursday.

But all these were not enough to counter the selling by call warrant issuers.

Posted by UncleFollower > 1 week ago | Report Abuse

Interesting development. IOI Rio Mall 1M sf is only 15 mins away from IOI Puchong hmm. Both are REITable.

Posted by UncleFollower > 1 week ago | Report Abuse

IOIPG holding at this price despite CW and the market is actually very encouraging. Hopefully post CW expiry i.e. this Friday, no further big dump. Otherwise the wait will be much longer

Posted by dragon328 > 1 week ago | Report Abuse

See EPF again net bought 671,700 shares of IOIPG last Friday. Foreign funds also buying in.

Who would sell the shares of this great company with strong earnings growth and many good news coming its way?

That was one seller queuing 1.0 million shares to sell at RM2.28 at 4.48pm just now, and press the share price from RM2.30 to close at RM2.28. Who the heck would do this thing?

Only call warrant issuers.

Posted by skyjet > 1 week ago | Report Abuse

Ioipg is time to big up

Posted by UncleFollower > 6 days ago | Report Abuse

It's always frustrating when your stock sleeps when the entire market is running away

Posted by dragon328 > 6 days ago | Report Abuse

It could be EPF selling again. Bursa announcements show the latest sale by EPF on 29 Oct.

EPF always sells when the share price is up by 3%-5%, no matter how good the prospects are.

BTW, anyone attending the AGM/EGM of IOIPG tomorrow?

Please give us updates on any news or message from the CEO tomorrow.

Posted by Kikilala3188 > 5 days ago | Report Abuse

The management expect ICBT to contribute RM 200 mil lease income for FY25, vs RM 40 mil in just few months of FY24

Posted by Kikilala3188 > 5 days ago | Report Abuse

Data centre sales still very much premature in KL

REIT listing framework still in progress, not so soon

Posted by Kikilala3188 > 5 days ago | Report Abuse

Optimal gearing from management is 0.4x, now at 0.7x it is


All 3 acquisitions done will bring gearing to 0.75x

Posted by Kikilala3188 > 5 days ago | Report Abuse

Seascape and cape royale unsold stock SGD 1.34 billion, now out for rental, FY 24 only got 2.5% rental yield

Posted by Kikilala3188 > 5 days ago | Report Abuse

Chris Chong as property investment head, his statement is not well thought

Posted by UncleFollower > 5 days ago | Report Abuse

Thanks so much Kikilala. Please elaborate further on Chris. Are you referring to IOI Rio's Mall? Chris was responsible for MV Gardens leasing. Then moved over to IOI City Mall with his team - its success solidified his status in IOI Prop Group

Posted by Kikilala3188 > 5 days ago | Report Abuse

100 acre land size deal for data centre to announce soon

Say NDA signed

Posted by Kikilala3188 > 5 days ago | Report Abuse

Both: TGM and IOIRIO

he replied TGM to rebrand in Feb/March 25; IOIRIO Capex 700 mil

Posted by Kikilala3188 > 5 days ago | Report Abuse

His strategy on the division unclear: avoid few questions during AGM

TGM side floor asked the target occupancy rate to be breakeven but he avoided

He started off with cost trimming initiative

Posted by Kikilala3188 > 5 days ago | Report Abuse

Sunway reit better than IOIPG
Gamuda tie Senior management with KPI on share performance, but IOIPG just stay conventional

Posted by UncleFollower > 5 days ago | Report Abuse

Ok clearly unprepared, or not keen on reviving TGM. I think even internally the staff couldn't find the same passion for the likes of TGM vs their crown jewels.

Pavillion I am familiar with the people. Big boss Desmond is actually very hands on on Damen Mall. Surprisingly he does spend time and money on it. The result we can see, nothing can be done to save it lol

Sunway also bundles their 2nd 3rd tier malls together with their crown jewel for scale.

IOIPG-REIT is taking this path. I think Chris Chong is possibly feeling the same way on TGM - which isn't good la.

Posted by Kikilala3188 > 5 days ago | Report Abuse

Quite a few biz unit still running underperformed

Floor been asking few rounds on breakeven occupancy and no further updates given on how to fetch

Posted by UncleFollower > 5 days ago | Report Abuse

Agree, Sunway has by far the best management. It has been undervalued for so many years. Even after announcing GIC's investment and a firm listing plan for healthcare, the share price didn't run. So when it did I totally absolutely missed one of the best companies ever 😂 Now hoping I don't miss IOIPG

Posted by Kikilala3188 > 5 days ago | Report Abuse

Yes he’s under the spotlight given recent series of acquisitions are placed under his helm

Not convincing: 5.5/10

Posted by Kikilala3188 > 5 days ago | Report Abuse

LYS showed poker face & don’t look interested with today AGM; even starring at phone for few minutes

Posted by dragon328 > 5 days ago | Report Abuse

Thanks Kikilala3188 for the updates.

My feeling is that there is limitation on how much Chris can do to revive Tropicana Gardens Mall as this mall has not been performing for years. Yet IOIPG still acquired it but only at a discount to book value. I do not expect TGM to contribute handsome earnings to IOIPG in near term, but just hope the gross rental income can improve at least by 20% so that IOIPG can break even on this acquisition. I think we have to look longer term for this asset to perform.

A quicker way will be of course to package it together with other crown jewels of IOIPG, i.e. IOI City Mall and IOI Mall Puchong to list them in a commercial REIT.

Posted by UncleFollower > 5 days ago | Report Abuse

Hahahaha. LYF's face hard to tell. Is he very calm or uninterested, is he slow thinking and not smart, or very smart and thoughtful. Do he feel some questions are beneath him or is he thinking deeply about it before he answers. I never know 🤣

Posted by dragon328 > 5 days ago | Report Abuse

That's not good to hear. The CEO has left it to the COO and the team to manage the company assets in Malaysia, it looks like that way. He may be only interested in the Singapore business.


Posted by Kikilala3188 > 2 minutes ago | Report Abuse

LYS showed poker face & don’t look interested with today AGM; even starring at phone for few minutes

Posted by Kikilala3188 > 5 days ago | Report Abuse

CFO answered 85%, Chris answered 5-7%, SG Lorraine answered some

LYS doesn’t even look to his colleagues, just staring front for over 3 hours

Posted by Kikilala3188 > 5 days ago | Report Abuse

GENB latest AGM showed higher level of professionalism and commitment with solid plans to bring the group storm through the current market conditions

What IOIPG is doing? Looks like low morale within the Board, no excitement no pulse

Posted by Kikilala3188 > 5 days ago | Report Abuse

EGM update: Shenton voting even as project manager officially withdrawn

Posted by Kikilala3188 > 5 days ago | Report Abuse

EPF issued statement to object Shenton voting and proposal

Posted by Kikilala3188 > 5 days ago | Report Abuse

No positive development over 3.5 hours session, this conclude the day

Posted by UncleFollower > 5 days ago | Report Abuse

Perhaps this explains LYS's attitude - forced to withdraw proposal due to EPF's objection even before meeting convened

Posted by UncleFollower > 5 days ago | Report Abuse

If I read it correct, the Lee's have a different shareholding structure. Genting and YTL use their holding co to hold the subsidiaries. IOI Corp doesnt own IOIPG, the Lees hold them separately.

So actually, if LYS bengang, please go ahead privatise it at RM5

Posted by dragon328 > 5 days ago | Report Abuse

This is in stark contrast to IOI Corp AGM 2 days ago. Based on media reports after the AGM, senior Lee and his IOI management team have given much more proactive responses to shareholders' queries.

Posted by dragon328 > 5 days ago | Report Abuse

Ya I agree with UncleFollower observation that the whole IOIPG management team was like in very low morale, which is reflected in the languishing share prices.

I also reckon that CEO Lee should take the company private if he is not willing to response to shareholders' queries and does not react well to even EPF's objection and shareholders' different opinions.

Posted by dragon328 > 5 days ago | Report Abuse

That shows that EPF was unhappy with IOIPG management in issues related to its business operations in Singapore. Otherwise I cannot think of a reason why one would object to the proposal for IOIPG to participate in the Shenton House redevelopment as the project manager and marketing agent. It would have been a sure win deal for IOIPG, in my view.

It shows that generally shareholders and investors are not happy with the financial performance of IOIPG and its share price performance in general, and in particular the company's business direction in heavy bets in the Singapore commercial property sector.

With IOI Central Boulevard still struggling to achieve tenancy of 80%, and Marina View Residences not able to be launched on time, and so much Singapore dollar debts at the subsidiaries, it was untimely for LYS to propose to inject Shenton House into IOIPG in the first place. That actually killed off investors' optimism towards taking on another commercial project in Singapore. The initial proposal by LYS might have pissed off substantial shareholders like EPF, and they just object to any subsequent proposal in relation to Shenton House.

Recall that EPF had been aggressive in accumulating IOIPG shares in the months of July - Sept 2024 after big purchases by foreign funds in Mar-May 2024. These funds were buying IOIPG in anticipation of the completion of IOI Central Boulevard by Q3 CY2024, and massive earnings contribution from IOICB from Q4 CY2024 onwards.

But to the contrary, IOICB completion has been delayed to Dec 2024, and IOIPG management had indicated to analysts and funds that the company would start expense off the interest costs at IOICB which might dampen earnings.

Then came the Shenton House proposal that basically killed off all optimism towards the company's near term financial performance and loss of confidence towards IOIPG management itself.

Kikilala3188

EPF issued statement to object Shenton voting and proposal

2 hours ago

Posted by dragon328 > 5 days ago | Report Abuse

But I will stay invested in this company as I see deep values in its vast assets in Malaysia and Singapore. It takes time for IOIPG to monetise them.

Now IOIPG management and LYS himself are being looked down by institutional funds who have always proactive management and CEO like Sunway and Eco World or Mah Sing. That's why these funds ascribe higher premium to these counters, as the fund managers get better assess and engagement with the management.

IOIPG management will need to beef up engagement with the investment public and funds, if they want to see the share price move higher. Communication needs to be made better and any plan by the company should be made transparent enough to get investors and institutional funds buy in, then only company proposals can move ahead.

Sadly this has not been the case, hence we can only see other property counters like Sunway shooting skyhigh (with over 100% valuation premium to IOIPG) but having our IOIPG shares stuck at low levels.

Next things IOIPG management needs to do is to try to ramp up occupancy rate at IOICB to 80% or higher as soon as possible, and make it profitable after paying off interest expenses. Then only we see a chance for this prime asset to be injected into a REIT in Singapore, which will turn around the entire group.

Again, patience is the key. But equally important is a proactive and capable management.

Posted by Kikilala3188 > 5 days ago | Report Abuse

Yes proactive and engaging: clearly we don’t see this

And now we know why IOIPG PR exercise is weak in many aspects, own ground AGM also can’t bring in fire and passion on what they’re doing

This casts doubt on IOIPG marketing and branding strategy too; they’re just relying on land bank and sit there do nothing or play safe

Posted by Kikilala3188 > 5 days ago | Report Abuse

Recent acquisitions require 13-21 years of payback as specified by the cfo, my god

The Board seems just accepted it

Posted by dragon328 > 5 days ago | Report Abuse

As you say, IOIPG management may be too contented with steady business here and there, and the board is just sleeping. I am not sure whether they tried to be proactive to monetise some assets, or were just not sensitive enough to market trends and forces, when they sold off a large piece of land in Kulai at cheap price to Eco World last November only for Eco World to flip part of it to Microsoft at RM75 psf. Can't say they were not proactive enough, right??

Posted by dragon328 > 5 days ago | Report Abuse

But I think the top management has learned the mistake, so they are talking directly to data centre players for potential sale of land, hence the potential 100 acres of land sale as mentioned above. I hope it will be concluded soon.

Posted by dragon328 > 5 days ago | Report Abuse

They have not been resting lately, though some still say they are not active enough.

See they have acquired 3 to 4 commercial assets from Tropicana group - Tropicana Gardens Mall, W Hotel KL, a piece of land in Langkawi for potential development into a new hotel etc. There are good and bad to such acquisitions. Bad is realised immediately as it has increased the group gearing, but the good may only be felt few years later, if any.

They have been busy trying to complete the construction of IOICB and get new tenants, but the effort has not yielded much outcome as desired.

The heavy bet on Marina View Residences (as IOIPG has revised up the development plan and target selling price to SGD5,000 psf) also has not seen any favourable outcome yet, as they are keeping mum on the planned official launching. Perhaps the initial response is not as good as they had expected it to be, so postponing it or bringing it back to the drawing table for possible revision?

That's the issue - lack of communication to the shareholders and investors on their key projects and the progress.

Posted by UncleFollower > 5 days ago | Report Abuse

If the management is really bad...then we can speculate that Tropicana old fox coerced IOIPG to takeover the less desirable assets hehe. That's not my view. W KL is ok. TGM is not ok, but good value, sort of. Langkawi is land, it's ok. One cannot deny there's an element of coersion and convenience here la.

Posted by Kikilala3188 > 5 days ago | Report Abuse

The entire AGM is merely script reading, no strong emphasis on which growth pillar and 12 months plans

Nothing exciting, things are just too predictable

Posted by dragon328 > 5 days ago | Report Abuse

Normally big bosses don't bother much about AGM, just sitting through the motion.

But a bigger concern is that the top management staffs like COO and CFO are just doing a job, taking fat pays without the need to set any KPIs for delivery in the current financial year. That arises when the major shareholder LYS is not paying much attention to the projects in Malaysia and/or Singapore, though hanging the title of CEO. That is no incentive for top management staffs to work hard and perform.

Occasionally the management delivers some brilliant move such as launching new industrial parks in Selangor and Melaka, and expanding IOI Industrial Park at Iskandar. From the experience from Trump 1.0, Malaysia managed to attract lots of foreign investments and the demand for industrial parks was very strong.

But overall, the group lacks a direction and total management approach for a comprehensive goal for the entire group.

Posted by SS13 > 4 days ago | Report Abuse

Thanks Kilalala3188 for the updates. Investors will stay clear of the stock if future plans are not clear. Hopefully this will change.

Posted by UncleFollower > 10 hours ago | Report Abuse

Going to be a long wait. Short-term catalyst, a bit far-fetched but possible...is a surprise hefty dividend since the Lees hold so much they may want to bring forward a dividend payout...

Posted by dragon328 > 7 hours ago | Report Abuse

DIvidend is a long short for now, as IOIPG just declared the final dividend for FY2024. Next dividend may come only in Q4 FY25 towards June 2025, I think.

The AGM/EGM last week failed to spark any interest in the stock as negative headlines over-cloud the positive news.

The headline of CEO Lee withdrawing the proposal for IOIPG to participate in Shenton House redevelopment was not seen as positive, as EPF rejected the proposal. But I think that may be a blessing in disguise. I would recommend IOIPG to directly take over the project from CEO Lee at cost price as originally proposed in FY2026 when IOICB achieves occupancy rate of 95% or above.

Recent good news includes:
1) IOI Central Boulevard occupancy rate has improved from 50% in June 24 to now 68%

2) Recent prime office sales in Singapore CBD achieved record high valuation of SGD5,000 psf, which is considerably higher than the current valuation of SGD3,200 psf for IOICB. If IOICB is revalued to SGD5,000 psf, it will be revalued to SGD6.45 billion and IOIPG would be able to book in a revaluation gain of SGD2.3 billion or RM7.6 billion or NTA improved by RM1.38 per share.

3) US Fed just cut interest rates by 25 bps last Thursday, coupled with the 50bps cut in September, this will help lower interest expenses at IOICB by SGD22 million a year

4) The recently launched IOI Rio City in Bandar Puteri Puchong has a total GDV of RM12 billion, which is way higher than expected

5) REIT framework is under work in progress though details are scarce and timing not so soon, but at least the management is moving in the right direction

6) A land sale deal for 100 acre will be announced soon, this is larger than expected (the management indicated a size of 50 acres previously)

Anyway, the timing coincides with a Trump win that has sparked fund withdrawal by foreign funds from Bursa in general, just unfortunate. Hopefully the relatively low foreign funds holding in IOIPG will not cause too much selling pressure on this stock.