Long Term Outlook On Suria's Jesselton Project
Long Term Outlook On Suria's Jesselton Project
While this project is part of Suria's strategy to diversify beyond port operations, the lengthy development timeline limits near-term benefits. A potential catalyst for Suria's stock performance could come from a resolution on the long-pending tariff revision for its port operations, though no timeline has been set.Suria Capital Holdings Berhad has formalised the development of the Jesselton Docklands 2 project in Kota Kinabalu through a joint development agreement (JDA) with Jesselton Docklands 2 Sdn Bhd, a venture between Suria and BEDI Development Sdn Bhd. The project spans 11.54 hectares and is expected to generate a net development value (NDV) of RM3.32 billion, making it a significant undertaking in the region. This follows a similar agreement signed for Jesselton Docklands 1. The development will focus on tourism, including the construction of an international cruise terminal, ferry terminal, luxury hotels, and high-end commercial spaces.
蘇里亞資本控股有限公司已通過與蘇里亞和BEDI開發私人有限公司合資的Jesselton Docklands 2 Sdn Bhd簽訂聯合開發協議（JDA），正式確定了位於亞庇的傑塞爾頓碼頭區2號項目的開發。該項目佔地11.54公頃，預計將產生33.2令吉的淨開發價值（NDV），使其成爲該地區的一項重大任務。在此之前，傑塞爾頓碼頭區1號簽署了類似的協議。該開發項目將側重於旅遊業，包括建造國際郵輪碼頭、渡輪碼頭、豪華酒店和高端商業空間。
MIDF Stock Broking House maintain a SELL recommendation on Suria Capital Holdings, with an unchanged target price of RM1.60. The stock is expected to see a share price return of -20.4%, with a dividend yield of 2.3%, resulting in a total expected return of -18.1%. Despite the promising development, the long gestation period for Jesselton Docklands 2, projected to take 15 years, tempers any immediate optimism. The stock is currently trading at 12.9 times its forecasted FY25 earnings, which is higher than its five-year historical average, leading analysts to advise caution.
MIDF股票經紀公司維持對蘇里亞資本控股的賣出建議，目標價保持不變，爲1.60令吉。該股的股價回報率預計爲-20.4％，股息收益率爲2.3％，總預期回報率爲-18.1％。儘管取得了令人鼓舞的進展，但Jesselton Docklands 2的漫長醞釀期預計將持續15年，這緩解了任何眼前的樂觀情緒。該股目前的交易價格是其25財年預期收益的12.9倍，高於其五年曆史平均水平，因此分析師建議謹慎行事。
Suria's share of the Jesselton Docklands 2 project is estimated at RM431 million, which constitutes 13% of the minimum NDV. The project aims to tap into Sabah's tourism potential, featuring commercial suites, waterfront apartments, fine dining establishments, and a yacht club, among other attractions. Suria will receive its entitlement through cash and in-kind contributions, including the internal cruise terminal. If the NDV exceeds the minimum RM3.32 billion, Suria will be entitled to 13% of the excess value.
據估計，蘇里亞在傑塞爾頓碼頭區2號項目中的份額爲43100萬令吉，佔最低NDV的13％。該項目旨在挖掘沙巴的旅遊潛力，包括商業套房、海濱公寓、高級餐飲場所和遊艇俱樂部等景點。蘇里亞將通過現金和實物捐款獲得應享待遇，包括內部郵輪碼頭。如果NDV超過最低RM33.2，Suria將有權獲得超額價值的13％。
While this project is part of Suria's strategy to diversify beyond port operations, the lengthy development timeline limits near-term benefits. A potential catalyst for Suria's stock performance could come from a resolution on the long-pending tariff revision for its port operations, though no timeline has been set.
儘管該項目是蘇里亞在港口運營之外實現多元化戰略的一部分，但漫長的開發時間表限制了近期的收益。儘管尚未設定時間表，但蘇里亞股票表現的潛在催化劑可能來自一項關於長期懸而未決的港口業務費率修訂的決議。
譯文內容由第三人軟體翻譯。