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Setia Eco Cascadia
- Thread starter rosnyus
- Start date
Indeed present SEC buyers are praying hard that their houses are in good shape when they get their keys. When a company is run without a head, there will be many hanky panky.
Well, you may not really know him yet. He is just showing some for his colours. Is just the tips of an iceberg. To me i wont feel offended bcos i already used to his hyp style.
Aiya, current owners can sell now if can make profit. Than they dont need to worry anymore. If i can make RM100K even before the house completed, why not?
To: Smallfry / Malpaso,
"Indeed" Empty vessel catch no ball…
LOLOL
Well, obviously all of us are sentimental or protective of our investment. They say, SP Setia is going downhill (really? with all the cash it has? not anytime soon, maybe in 10 years, by then PNB would have finally sorted out succession issues) and saying that it's now a lousy quality house developer and so on (SP setia quality will be roughly the same, ie not fantastic, but better than many other taman, for sure). The contractors are after all still building the house, right? A lot of people from SP Setia going to EW, so what lah. With the remuneration system in place at SP Setia, you think there won't be plenty of new applicants coming in to fill up the positions? So far I see SP Setia business as usual . Also am looking to EW now to push prices up in the north tebrau area. Give it another 5 years the whole north tebrau area will blossom.
Anyway, latest updated photos on the house for both precincts are up. aurora houses painted already. must do some site visit soon. Jupiter color scheme different from the original rendering, wonder if that's because of feedback from customers or what?
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What's wrong with SEC..? Seemed fine mah when i was there last week.
Btw, im a senibong cove buyer..
senibong cove == high class place
don't forget jio me see see when u get ur key... is it block B? one of my good friend is ur future neighbour..
Wow..so hot here. What's wrong with SEC..? Seemed fine mah when i was there last week.
Btw, im a senibong cove buyer..
SP Setia is in big problem now.... leadership crisis. So you think SEC is fine now? PNB seems to screw up the company bad....really bad. Will update more news on this soon.
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If late in delivery, lagi better right? :p
Im engrossed with tis kind of lobang nowadays...
But definitely not from chinese developers.. oops again.
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Another unfavourable report on SP Setia. This is the news that came out before Mr.Voon quit from SP Setia. The news clearly mention that SP Setia Johor is hard hit by the staff departure. Lacking of calibre staff in Johor might lead to so many implication such as bad service and quality of houses build from now on. It seems inevitable.....
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The Star Online (2014) :
FOR a company that is in a pink of health, the lacklustre share price of S P Setia Bhd is perplexing but is being attributed to the departure of its president and CEO, Tan Sri Liew Kee Sin.
With Liew, who has been credited with building S P Setia into the most profitable property company in Malaysia, leaving at the end of the month, the one glaring gap in the company perceived by the market is the vacuum in leadership.
“I rarely get asked about S P Setia by fund managers these days, and – on the other hand – there are a lot of queries about Eco World Development Group Bhd and Mah Sing Group Bhd,” says one analyst who tracks the stock and the property sector.
“The market is worried about execution within the company once Liew leaves.”
Liew’s departure from S P Setia has long been priced into the stock and it had showed in the share price performance against the both the FTSE Bursa Malaysia KLCI and the property index over the past couple of years.
The under performance of S P Setia’s stock against the property index began in October 2012, some months after the takeover attempt by Permodalan Nasional Bhd (PNB).
In May last year, it started to lag behind the FBM KLCI. S P Setia’s share price performance was in step with the FBM KLCI and the property index for much of the time prior to that.
To date, the stock is 26% below the performance of the property index and about 24% below that of the FBM KLCI.
Realistically, that should not even be the case.
S P Setia has projects worth RM70bil in gross development value and RM2.6bil in cash. Coupled with unbilled sales of about RM10bil, the company’s cash generation and margins appear to be in a leadership position in comparison with the general property sector.
“The company is in the peak of strength and it can forecast what its profit is going to be for the next four years,” says a source close to the company.
“S P Setia has never been stronger.”
Liew’s departure from S P Setia has long been foretold and the group has appointed Datuk Voon Tin Yow in his place. As acting president and CEO, Voon has the tools to drive S P Setia forward as he was part of the team together with Liew that built S P Setia to where it is today.
Those who know Voon say he is as capable as Liew in running the show, albeit both of them have their different strengths.
Liew always credited his team when asked how he did the job at S P Setia.
For much of the part, SP Setia still has the people in the company that are more than capable of delivering the results expected by shareholders.
Although some 250 people have left the company for Eco World, S P Setia has not allowed itself to be hallowed. In fact, recruitment has been as furious as it has ever been to plug the gaps left by departures. Staff count still remains at 1,800 despite staff leaving for other companies, in particular Eco World.
As key personnel hopped over to Eco World, S P Setia has recruited people who have the calibre required by the company.
Although S P Setia has trouble filling in for people who have left in Johor, it has managed to replace people who have left in the Klang Valley and Penang.
That is important as it sits on large swathes of land and lucrative projects to deliver and build, and the company has key projects in those areas.
Voon will have the luxury of experienced layers of able lieutenants – from senior to mid-management – to help him run the company.
“There is no unit that is depleted. Voon and Datuk Khow Chap Jen are still there,” says a source.
“But there will be a period of adjustment that will take place after Liew leaves.”
The key thing, though, is whether Voon and his team will be allowed to do the job they see fit.
“Voon has been meeting with the top people at PNB and that will probably be to see how the transition takes off. Furthermore, I do expect him to be briefed on what they expect him to do,” says the source.
The question now is what will PNB do with S P Setia once Liew leaves? It’s common knowledge that both parties never saw eye to eye after PNB had to relinquish managerial control after taking over the majority of equity in S P Setia.
But after waiting for three years, and now seeing the value of their investment in S P Setia drop through the decline of its share price from the offer price of RM3.95 a share compared with its closing price of RM3.05 yesterday, it’s PNB’s turn to dictate things.
Turning S P Setia into a government-linked company (GLC) might not gel with the way things have been done at S P Setia. Pressure to conform with all things a GLC is will surely come but for those who have chosen to stick with S P Setia, the clash of corporate cultures will be discomforting.
“The best thing for PNB to do is actually allow Voon and his team the freedom to thrive in. The question is will they?” asks the source.
The best scenario will be for PNB to leave Voon to run the company but set out the key performance indicators that it wants achieved.
“They don’t have to run a company directly. This is a specialised industry and they should reward people for getting the job done,” says the source.
----------------------------------------
The Star Online (2014) :
FOR a company that is in a pink of health, the lacklustre share price of S P Setia Bhd is perplexing but is being attributed to the departure of its president and CEO, Tan Sri Liew Kee Sin.
With Liew, who has been credited with building S P Setia into the most profitable property company in Malaysia, leaving at the end of the month, the one glaring gap in the company perceived by the market is the vacuum in leadership.
“I rarely get asked about S P Setia by fund managers these days, and – on the other hand – there are a lot of queries about Eco World Development Group Bhd and Mah Sing Group Bhd,” says one analyst who tracks the stock and the property sector.
“The market is worried about execution within the company once Liew leaves.”
Liew’s departure from S P Setia has long been priced into the stock and it had showed in the share price performance against the both the FTSE Bursa Malaysia KLCI and the property index over the past couple of years.
The under performance of S P Setia’s stock against the property index began in October 2012, some months after the takeover attempt by Permodalan Nasional Bhd (PNB).
In May last year, it started to lag behind the FBM KLCI. S P Setia’s share price performance was in step with the FBM KLCI and the property index for much of the time prior to that.
To date, the stock is 26% below the performance of the property index and about 24% below that of the FBM KLCI.
Realistically, that should not even be the case.
S P Setia has projects worth RM70bil in gross development value and RM2.6bil in cash. Coupled with unbilled sales of about RM10bil, the company’s cash generation and margins appear to be in a leadership position in comparison with the general property sector.
“The company is in the peak of strength and it can forecast what its profit is going to be for the next four years,” says a source close to the company.
“S P Setia has never been stronger.”
Liew’s departure from S P Setia has long been foretold and the group has appointed Datuk Voon Tin Yow in his place. As acting president and CEO, Voon has the tools to drive S P Setia forward as he was part of the team together with Liew that built S P Setia to where it is today.
Those who know Voon say he is as capable as Liew in running the show, albeit both of them have their different strengths.
Liew always credited his team when asked how he did the job at S P Setia.
For much of the part, SP Setia still has the people in the company that are more than capable of delivering the results expected by shareholders.
Although some 250 people have left the company for Eco World, S P Setia has not allowed itself to be hallowed. In fact, recruitment has been as furious as it has ever been to plug the gaps left by departures. Staff count still remains at 1,800 despite staff leaving for other companies, in particular Eco World.
As key personnel hopped over to Eco World, S P Setia has recruited people who have the calibre required by the company.
Although S P Setia has trouble filling in for people who have left in Johor, it has managed to replace people who have left in the Klang Valley and Penang.
That is important as it sits on large swathes of land and lucrative projects to deliver and build, and the company has key projects in those areas.
Voon will have the luxury of experienced layers of able lieutenants – from senior to mid-management – to help him run the company.
“There is no unit that is depleted. Voon and Datuk Khow Chap Jen are still there,” says a source.
“But there will be a period of adjustment that will take place after Liew leaves.”
The key thing, though, is whether Voon and his team will be allowed to do the job they see fit.
“Voon has been meeting with the top people at PNB and that will probably be to see how the transition takes off. Furthermore, I do expect him to be briefed on what they expect him to do,” says the source.
The question now is what will PNB do with S P Setia once Liew leaves? It’s common knowledge that both parties never saw eye to eye after PNB had to relinquish managerial control after taking over the majority of equity in S P Setia.
But after waiting for three years, and now seeing the value of their investment in S P Setia drop through the decline of its share price from the offer price of RM3.95 a share compared with its closing price of RM3.05 yesterday, it’s PNB’s turn to dictate things.
Turning S P Setia into a government-linked company (GLC) might not gel with the way things have been done at S P Setia. Pressure to conform with all things a GLC is will surely come but for those who have chosen to stick with S P Setia, the clash of corporate cultures will be discomforting.
“The best thing for PNB to do is actually allow Voon and his team the freedom to thrive in. The question is will they?” asks the source.
The best scenario will be for PNB to leave Voon to run the company but set out the key performance indicators that it wants achieved.
“They don’t have to run a company directly. This is a specialised industry and they should reward people for getting the job done,” says the source.
senibong cove == high class place
don't forget jio me see see when u get ur key... is it block B? one of my good friend is ur future neighbour..
Oh..yes. B not for boy. B for bestest.
Yr peng yu bo jio buy/tikam...
This is another unfavourable report on SP Setia from CIMB in 2014.
-------------------------------------------
Downgrade to Neutral
Potential future corporate activity remains an unknown factor but what is clear
is that there are succession and execution risks over the next 1-2 years. We,
therefore, downgrade SP Setia from trading buy to Neutral. We are also cutting
FY13-15 EPS forecasts by 1-11% to factor in the cost of the long-term incentive
programme which could amount to RM80m-90m as well as the company's
conscious shift to lower-margin more affordable properties in Bandar Setia
Alam. FY15 EPS is still projected to increase significantly, benefiting from a
lumpy contribution from Melbourne. No changes to our target basis which
remains at parity to RNAV. But there is downside risk to our target basis given
uncertainties facing SP Setia. For exposure to the property sector, we
recommend that investors switch to the next best alternative to SP Setia, i.e.
Mah Sing as well as UEM Land for its huge exposure to Iskandar Malaysia.
-------------------------------------------
Downgrade to Neutral
Potential future corporate activity remains an unknown factor but what is clear
is that there are succession and execution risks over the next 1-2 years. We,
therefore, downgrade SP Setia from trading buy to Neutral. We are also cutting
FY13-15 EPS forecasts by 1-11% to factor in the cost of the long-term incentive
programme which could amount to RM80m-90m as well as the company's
conscious shift to lower-margin more affordable properties in Bandar Setia
Alam. FY15 EPS is still projected to increase significantly, benefiting from a
lumpy contribution from Melbourne. No changes to our target basis which
remains at parity to RNAV. But there is downside risk to our target basis given
uncertainties facing SP Setia. For exposure to the property sector, we
recommend that investors switch to the next best alternative to SP Setia, i.e.
Mah Sing as well as UEM Land for its huge exposure to Iskandar Malaysia.
I also notice Jupiter color tone machiam "tone" down abit.
Maybe still got final coat come 2016.
Most likely using inferior paint. Is common when there are no quality check on site by Setia on the contractors.
