MARC Affirms AA Ratings On LBS Bina RM750 Million IMTN
MARC Affirms AA Ratings On LBS Bina RM750 Million IMTN
MARC Ratings notes that LBS Bina's landbank of about 2,500 acres, largely located in Kuala Langat and Cyberjaya in the Klang Valley, and Batu Pahat and Kota Tinggi in Johor, provides long-term development opportunities. Operating profit margins have remained at a comfortable 16%-20% over the last five years, aided by the group's modular construction system that has minimised material wastages and improved productivity.
MARC Ratings has affirmed its AA-IS rating on LBS Bina Group Berhad's Islamic Medium-Term Notes Programme of up to RM750.0 million with a stable outlook.
MARC評級確認了關於LBS Bina集團Berhad的伊斯蘭中期票據計劃高達75000萬令吉的AA-IS評級，並展望穩定。
The ratings agency said the affirmed rating is underpinned by LBS Bina's strong developmental track record, healthy operating margins and large unbilled sales. Moderating the rating are the group's exposure to demand risk for its sizeable planned projects and potential increase in borrowings.
評級機構表示，LBS Bina的股票得到確認的評級主要基於其強大的發展記錄、健康的營業利潤率和大額未開票銷售額。該集團對其龐大計劃中的項目的需求風險暴露以及可能增加的借款抑制了評級的發展。
It also opines that LBS Bina has established a solid record in the affordable and mid-market residential property segment, which accounts for about 82% of its ongoing developments worth RM4.8 billion. As at end-June 2024, the group recorded a healthy overall take-up rate of 79%, excluding projects launched in 2Q2024. Over the next two years, the group is expected to launch developments with an estimated gross development value (GDV) of RM4.8 billion, most of which are located in its existing Klang Valley projects. While the group is exposed to demand risk, this is partly mitigated by LBS Bina's continued focus on affordable development — about 64% of planned GDV consists of units priced around or below RM500,000 — where demand is more resilient.
MARC評級指出，LBS Bina擁有約2500英畝的土地儲備，主要位於吉隆坡谷地的瓜拉冷嶽和賽城，以及柔佛的峇株巴轄和哥打丁宜，爲長期發展提供機遇。過去五年，營業利潤率保持在舒適的16%-20%，得益於該集團的模塊化施工系統，減少了材料浪費，提高了生產效率。
MARC Ratings notes that LBS Bina's landbank of about 2,500 acres, largely located in Kuala Langat and Cyberjaya in the Klang Valley, and Batu Pahat and Kota Tinggi in Johor, provides long-term development opportunities. Operating profit margins have remained at a comfortable 16%-20% over the last five years, aided by the group's modular construction system that has minimised material wastages and improved productivity.
LBS Bina還認爲，該公司在經濟適用房和中檔住宅物業領域建立了可靠的記錄，佔其價值48億令吉的正在進行中發展項目的約82%。截至2024年6月底，該集團錄得79%的健康總認購率，不包括在2024年第二季度推出的項目。在未來兩年，該集團預計將推出總髮展價值爲48億令吉的項目，其中大多數位於其現有吉隆坡谷地項目內。儘管該集團面臨需求風險，但LBS Bina繼續專注於經濟發展，部分緩解了這一問題——其計劃的總髮展價值中約64%的單位定價爲約或低於50萬令吉，需求更具韌性。
In 1H2024, LBS Bina recorded 2.4% and 6.0% y-o-y increases in revenue and pre-tax profit to RM770.1 million and RM122.2 million. The improvements were driven by progress billings on the well taken-up KITA@Cybersouth, LBS Alam Perdana, Prestige Residence and Idaman projects. Borrowings increased to RM1.2 billion as at end-June 2024 from RM961.3 million as at end-2023, to fund the group's ongoing developments as well as its planned launches in 2H2024 and 2025. Gross debt-to-equity ratio stood at 0.72x as at end-1H2024. The group's unencumbered cash and bank balances stood at RM322.2 million as at end-1H2024, and will be bolstered by sizeable unbilled sales of RM1.7 billion, as well as proceeds of RM272.6 million from the disposal of its racing circuit business in China in June 2024.
2024年上半年，LBS Bina的營業收入和稅前利潤分別同比增長2.4%和6.0%，達到77010萬令吉和12220萬令吉。這一增長來源於KITA@Cybersouth、LBS Alam Perdana、Prestige Residence和Idaman項目的工程賬單進展。截至2024年6月底，借款從2023年底的96130萬令吉增加到12億令吉，用於資助集團正在進行的開發項目以及其在2024年下半年和2025年計劃推出的項目。截至2024年上半年，總債務與股東權益比率爲0.72倍。該集團的無擔保現金和銀行結存截至2024年上半年底爲32220萬令吉，並且將從約17億令吉的大額未開票銷售額和2024年6月在中國出售賽車賽道業務的27260萬令吉的收益中獲得支持。
譯文內容由第三人軟體翻譯。