Business Analysis

Westminster International College

Table of Contents

1.0 Introduction31.1 Company31.2 Background of UOA Development31.2.1 Business Nature and Overview of UOA Development41.2.2 Management Team of UOA41.2.3 Mission statement and Awards of UOA Development51.3 Background of IJM Land61.3.1 Overview of IJM Land61.3.2 Board of Directors, IJM Land71.3.3 Vision, Mission & Value82.0 Construction Industry82.1 Current trends in Malaysian Construction Industry92.2 Construction Industry Players92.3 Nature of Competition103.0 Risks103.1 Business Risk and Financial risk: Late Payment103.2 Political risk113.3 Project Risk114.0 Mitigating the Risk115.0 Ratio Analysis125.1 Profitability125.2 Liquidity135.3 Efficiency145.4 Capital Structure155.5 Investors Ratio166.0 Recommendations and Conclusion177.0 Appendix: Financial Ratios are worked on198.0 Bibliography24

1.0 IntroductionBusiness analysis is the business procedure of evaluating a structure, processes, technology and experiences of the organization to find out and explain clarifications for roadblocks which delay the accomplishment of organizational objectives. It helps for adaptation in an ever changing business and controlling environment to let the organizations rising in the manner well-defined by the management of the organization.1.1 CompanyThere are two major companies that focused on property development, construction and property investment in Malaysia and also internationally. Those two major companies are IJM Corporation and UOA development and they are listed in the middle rate of Bursa Malaysia. Both companies have a very close personalities but it is not enough to say same.

1.2 Background of UOA DevelopmentUOA group is one of the largest property groups in Malaysia. In 1987 It has been founded on the ASX /Australian Stock Exchange/. Property, construction and property management have been target for the UOA that it has focused on. Over 24 years, business operations and headquarters of the group centered on the capital of the country, Kuala Lumpur. There are lots of subsidiaries of the group: Ceylon Hills, Dynasty Portfolio, Everise Tiara, Lencana Harapan, Magna Kelana Development, and Nasib Unggul. And also UOA has expanded portfolio that varieties from enlargement of residential till industrial properties for middle to high income consumers. (UOA Group, 2013)

1.2.1 Business Nature and Overview of UOA DevelopmentCompanies main goal is to improve and spending money in excellence properties. In the recent years company has been one of the capitals respectable investments; in the dominant economic conditions it has effectively improved lots of major commercial and domestic properties. Most of the properties have been completed before the schedule. Two years ago in 2011 UOA registered its development division and in the Malaysian Stock Exchange (Bursa Malaysia) UOA Development Bhd was listed.The UOA has a well-qualified construction team which recorded with CIDB (Construction & Industry Board), great positions for civil engineering works. Management team and staff of the company have been contributed by the groups directors. As it keeps on delivering unique, respected trade and also residential projects with ultimate quality, UOA will measure for superior altitudes.1.2.2 Management Team of UOAOnly the strong leader, influential management team can improve the organization, company. UOA has an ultimate management team with own way.

Tan Sri Dato bin JantanChairman/Independent Non-Executive DirectorMalaysian aged 77 Joined: UOA group on January, 2011. Career: Director General of the National Archives and Library from 1966 till 1971. Ministry of Health from 1977-1981. Prime Ministers Department 1981-1984. (UOA, 2013) Qualification: Bachelors of Arts University Malaya, 1958. Diploma from International Archives, Paris. In 1980, the Advanced Management Programme at the Harvard school of Business. (Bloomberg Businessweek, 2013)

Kong Chong Soon Chi SuimManaging Director / Non Independent directorMalaysian aged 71 Joined: UOA group since 27 May, 2004. Responsible for overall group management and strategy development. Career: Raleigh Bhd, City properties Ltd and Tuan Sing Holdings, Malaysia/Singapore. Qualification: He holds a diploma from the university Curtin. (UOA Group, 2013)

1.2.3 Mission statement and Awards of UOA DevelopmentMission statement of the company is: capitalizing in the best quality properties, goods to improve the company, working thru public, government and environmental requests; adding value for the things that is being done by the company. (UOA Group, 2013)Awards: In the recent years, company has achieved lots of success and growth in the industry and also it has been recognized by the public Asias 200 best Under a Billion 2012Company has been placed in the Best under a Billion lists that has made by the Forbes. (Forbes, 7/31/2013) Malaysia Landscape Architecture Award 2012In 2012 ILAM (Institute of Landscape Architects Malaysia) organized the ceremony and has given award, MLAA (Malaysia Landscape Architecture Award) to the company. (UOA, 2013) The Edge Malaysia Top Property Developers Awards 2013

1.3 Background of IJM LandOne of the leading property development companies in Malaysia is IJM Land that registered on the Bursa Malaysia Securities Berhad. IJM core business actives are construction, property development, manufacturing, plantations and quarrying. In 1983, It has been formed purpose on compete against to the foreign competitors. IJM is headquartered in Selangor; it has been operating business in ten countries such as India, United Arab Emirates, China and main focus in Malaysia. IJM finally has gone to public in 1986, it has had a market capitalization that is 66 million RM and total assets were nearly 173 Million RM. Previous year market capitalization has been 7, 8 billion RM when total assets were 13, 9 billion RM. (JobStreet.com, 2013)

1.3.1 Overview of IJM LandIJM land has attained the significant benefits, sizeable balance sheet to proposal for bigger jobs and facilitates companys extension for foreign marketplaces. Its mission as property creator started like normal progression from experience related to the construction industry. Company successfully undertaken ventures abroad such as USA, Singapore, and Australia in the previous years.IJM also holds, runs an infrastructure concession for establishing long term periodic revenue flows, leveraging on companys building capability. In the country, IJM holds and drives three highways, port enterprises from RHB union. In the recent years, many infrastructures has been sold and invested in China by the IJM.

1.3.2 Board of Directors, IJM LandDato Soam Heng ChoonChief Executive Officer & Managing DirectorMalaysian aged 54 Joined: Since 2004, 25 May as an Executive Director, after two years on October 2006 as a Managing Director. He has been designated Chief Executive Officer & Managing Director, 2010. (Keong, 2012) Qualification: Degree from the University of Strathclyde, UK, and Bachelors of Science. Career: The Ministry of Works nearly 10 years. Specialized Engineer, member of the Institute of Engineers. (Bloomberg Businessweek, 2013)

Tan Sri Dato' Tan Boon SengNon-Executive ChairmanMalaysian aged 61 Joined: As a Chairman five years before, 2007. Career: Worked for the Securities & Options Committee. Qualification: Qualified as an accountant in University of Malaya with a Bachelor of Economics. (IJM Land Berhad, 22 Apr 2013)

1.3.3 Vision, Mission & Value Vision Becoming a leader Malaysian conglomerate in the markets IJM Land serves MissionDelivering sustainable value to companys stakeholders and enrich lives with the IJM Mark of Excellence Value company values are from an basic part of its business culture that is geared to long term success:Business Analysis2013

Mavlonbek SolievPage 2

Integrity Passion Efficiency Teamwork Customer focus Innovation Quality

2.0 Construction IndustryIn Malaysia, significance of construction industry is moving fast and cannot be underestimated. Last year, 90 RM billion it valued to rise. (Top 10 of Malaysia, 2012)Generally Construction industry in Malaysia is separated in two areas. Those are general construction that is residential construction, next one is non-residential construction. (Sambasivan, 2006)Due to the amount of industry linked to country like those for basic metal goods and electric machinery, construction industry stands as a significant part of countrys economy. However, this industry can be defined such as substantial economic driver for Country. (Brandt, 2012)2.1 Current trends in Malaysian Construction IndustryLast year 2012 Malaysian construction industry has been registered with almost 26 % per year growth. Expanding economy in country and also government spending for public infrastructure supported the industry growth. Growth has been expected to stay remain in last year as a result of quite well focusing in infrastructure by government and residential construction, infrastructure counted together nearly 63, 9 % of the overall construction industry. In the Malaysian economy Property market is still maintain strong by supporting of investor sentiments, small borrowing cost and also attractive credit sets by banks. Property market Expectations for the following years is to retain its growth momentum such as tough performance in 2012. In 2013 government gave MYR 1, 9 Billion (610 million $) for making affordable housing continuously and to build 123,000 new housing units. (Timetric, 2013)

2.2 Construction Industry PlayersIJM Corporation Berhad since 1985, IJM considerably served over decision to combine three companies, those are IGB Sdn Bhd, Jurutama Sdn Bhd and Mudajaya Sdn Bhd. Companys core business activities are: property development, encompass construction, manufacturing, quarrying and plantations.in the recent years one of the its ambitious global effort is IJMs involvement in United Arab Emirates the project called Al Reem Island Development. Company growth shows 6.6 % on projects today. (Husna, 2013)UOA Development Company listed its development division only 2 years before to main market of Bursa Malaysia. Its investment portfolio grew to nearly 1, 5 billion in last year. It has approximately 1,200 employees those who are moving ahead to reach companies aim.Gamuda Berhad Gamuda is the company that has long way in construction among others. It was established in 1976. Engineering, Construction and Infrastructure Concessions are the areas that company focus on. Dukhan Highway located in Qatar is the example for the success of the company in internationally which means it is not only doing business locally but also worldwide.

Malaysian Resources Corporation Berhad this is the company that also known Perak Carbide Corporation before and its founded 1n 1969. It focuses on property, infrastructure, and concessions and due to the Bernama MRCB spent almost RM 40 million to make bridges to manage people movement over roads in Kuala Lumpur Sentral.

2.3 Nature of CompetitionMalaysia is rapidly moving from developing country to reach status a developed, industrialized nation as mentioned in Vision 2020, construction industry of the country need to react for the modifications in construction demand. (Hanafi, 2012)In property development and construction industry there are two companies can be differentiate those are IJM Land Berhad and UOA Development. IJM Land Berhad is the most effective and bigger company that contains three merges companies among other competitors such as Gamuda Berhad, Malaysian Resources Corporation Berhad, WECT Berhad and another small competitors.

3.0 RisksIt should be mentioned here that construction is high risk business and it is facing following risks: Business risk, Financial Risk, Technology Risk, Project Risk, Political Risk. For Malaysia construction industry Business, Political and Project Risk is counted as a most effective. (CIDC, 2013)3.1 Business Risk and Financial risk: Late PaymentPrices for the projects are not same every time and Construction Company is under risk when making decisions. In order to avoid the risk companies are focusing on more quality and design of the project such as they are making sure for client expectations.Delayed of the expenditures from the clients can be classified as a financial risk that will be impact for too much of uncertainty. And also it can impact the duration and cost of project. As a result project cost rise strangely and afterward postpone the progress of project. (Ye, 2010)

3.2 Political riskElections in the country are the most effective risk for the industry. Now Malaysian government are providing huge amount of money for infrastructure and for affordable housing. Any changes in government may affect to the industry. New government may reduce the amount of money that spending for infrastructure or might pay less attention.3.3 Project RiskMalaysian construction companies not only in country but also they are performing well in outside. It can be said UOA development made some projects in Qatar and United Arab Emirates. IJM Land is finding its place in UK. As it known in Malaysia they are following for modernity, but in UK wants to build property and housing in cultural, historical way. In order to avoid project risk, companies should more attend for overseas expectations that they are doing projects for them.

4.0 Mitigating the RiskLack of the responsibility and attention in some organizations pushes risk managements to fall down and it happens. Organizations should not only focus only one specific area aspect of risk, however, other effects of risk may occur. There some strategies to reduce risk and its effect in organization.1. Determining the Risk: the first thing should be done by organization is Identifying the risk and area that is affecting.2. Avoiding: responsible people for determining the risk should be complicated first. Projects required, less effective methods should be used by the organization.3. Controlling: Appliance actions to reduce the risk or probability of the risk presence.4. Transferring: Administrative authority and responsiveness of shareholders those want to concede the risk should be transferred by organization.5. Monitoring: The Company should governor the effect of the environment to variations that affecting the nature and the effect of the risk. (Dennis, 2009)5.0 Ratio AnalysisRatio analysis is being used to appraise affiliations objects of the financial statements. The ratios have been used to find out trends thru the time for single company or its two years trends. (Wood, 2013)

5.1 ProfitabilityIJM Land1. TrendsThe Gross Profit Margin of the IJM Land is 33 % in 2011 and it declined to 31, 5 % in 2012. In the same period NP Margin also declined from 26, 5 % to 21 % in 2012. Expenses Margin rose from 6, 5 % to 10, 5 %.2. CausesSeveral reasons for declining in profitability and they are: the main reason for incensement in expenses margin is growth in selling and distribution cost. 3. Further InvestigationThe overall profitability of the firm dropped considerably, even though this is a strong performance primarily recognized by robust sales from new launches at 1, 35 billion. According to the investigation in 2011, IJM Land recognized extra ordinary profit RM 63 million as a result of disposal of subsidiary Delta Awana Sdn Bhd.In the 2012, the company had better margins and lower finance cost that further improve the bottom line.UOA Development1. TrendThe Gross Profit Margin of the UOA Development is 51, 4% in 2011 and it declined to 48 % in 2012. In the same period NP Margin also rose from 79% to 52 % in 2012. Expenses Margin declined from 27% to 3,8 %.2. ReasonGross Profit Margin of the firm decreased reason why is growth in Expenses. But differences is not much, GP Margin can rise soon.In order to improve GP Margin firm can increase selling cost thru quality of the product. Because, one of the thing can effect to the GP is selling cost.3. InvestigationFrom the Profitability analysis significant recommendation will be reducing cost of the expenses for the UOA Development Berhad. 5.2 LiquidityIJM Land1. TrendsThe Current Ratio of the firm is 3, 1: 1 in 2011 and 3, 7: 1 in 2012. Meanwhile Quick ratio is 2, 8: 1 and 3, 4: 1 in the respected years.2. CausesThe main reason for improvement the in Current and Quick Ratio will be due to the using of the Long Term Finance especially increase in share capital and share premium in 2012.3. Further InvestigationThe Quick and Current Ratio for the IJM Land shows the industry norm with high level of property development cost such as no further action undertaken to lose down the capital tied up in Current Assets.UOA Development1. TrendFrom the year 2011 to 2012 Current ratio of the company increased from 15:1 to 18:1. During the same time Quick Ratio also rose from 11.1:1 to 14.1:1.2. ReasonUOA Development is using long term finance and current ratio rose due to it. And liquidity ratios are illustrating the industry that high level of income.

5.3 EfficiencyIJM Land 1. Trend The Fixed Assets Turnover FAT of the fir is 0, 84 times in 2011 declined to 0, 7 times in 2012. Meanwhile stock Turnover increased from 3, 4 years to 4, 6 years during the same period.2. CausesThe main reason for under-utilized fixed Asset will be according to gaining of mutually controlled entity that yet to generate sales. Stock Turnover improved due to construction of high end property with higher margin such as no direct need for controls in stock turnover in there.3. Further InvestigationThe FAT dropped cause of acquisition of jointly controlled company. This entitys requisite time to rise and detention market share such as temporary drop in FAT is not a major concern.Conclude Based on the analyzing the firm that was done it can be said company is focusing in developing high end properties. Moreover, there is no a major concern with global economic slowdown and pre empties measures undertaken by central bank with maximum Loan to value ratio of 70 %. Those factors might be significant cause for risk or threat in the environment and increase business risk of the firm.UOA Development1. TrendStock Turnover of the company has grown with a high difference that 326.8 days in 2011 and 402 days in 2012.FAT of the UOA has also rose from 0, 77 in 2011 to 1, and 11 in 2012.2. ReasonReason why in growth of efficiency ratios firm is effectively and also efficiently using fixed assets to make profit. Growth of Stock Turnover ratio is according to the industry. And it usually requires raw materials to use till 3 years. 3. InvestigationJust In Time, JIT can help the firm to improve inventory turnover and its recommendable for the firm. And also they have to focus on improvement of warehouse management.

5.4 Capital StructureIJM Land1. TrendThe Gearing Ratio of the firm is 2011 43, 9 % and decline to 32, 7 % in 2012. During the same period interest cover escalated from 4, 1 times to 7, 7 times.2. ReasonSignificant reason for growth in gearing ratio contributed to lower financial risk: Issues of share capital & share premium. Retained earnings are as a result of profit being ploughed back. Increase in asset revaluation reserve.3. Further investigationCompany dividend policies/ earning retention should be investigated. The dividend policy might be effected stakeholders preference or approach to the firm. As a result share price of the firm also can be affected by it. Moreover, further information is compulsory before final conclusion. UOA Development1. TrendGearing Ratio of the company has declined from 32 % in 2011 to 25 % in 2012. And also during same period Interest cover decreased from 119, 3 times to 97, 9 times.2. ReasonGearing of the UOA declined that means the complex the requirement on equity financing and Company has concentrated the borrowings. Declining of Interest cover is not moral that show firm barely accomplishes its interest cost and the lower the ratio company can writhe from obligation outlay.3. InvestigationThere is a way to improve interest cover and it is selling off firms assets and increasing equity for repay debt.

5.5 Investors RatioIJM Land1. TrendsThe firms EPS is 20 Sen in 2011 and dropped to 14 Sen in 2012. Temporarily dividend per share is sustained 4 Sen share for both years. Net Asset per share is RM 3, 80 in 2011 decline to RM 3, 22 in 2012. The share price is RM 3, 25 & RM 2, 92 during both periods. Return on equity is 11, 85 % in 2011 dropped to 7, 9 % in 2012.2. CausesIn 2011, disposal of subsidiary was the result for recognition of windfall gain of 63 million, in spite of having the highest sales in history. That was the significant EPS in 2012. That has had a spillover effect on ROE.UOA Development1. Trend In the 2011 and 2012 ROCE ratio also declined from 17,9 to 14,4 2. ReasonThe reason of declining ROCE is huge interest rates from borrowings that firm took and also reductions in income.3. InvestigationThe further investigation for firm is that it has to use fresh equity and need to decrease long term debt finance. And also company has to revise its pricing strategies.6.0 Recommendations and ConclusionAfter deeply analyzing financial analysis of the both firms, it can be seen that their performance has decreased for the two years. But due to Ratio analysis it is clearly showed UOA Development is a bit advance in performing. Both firms are being affected by the internal factors and also external: financial crisis, government policy and huge effect of the competition in construction industry. In order to reach better performance Changing pricing strategy, inventory management development, moving to long term finance are recommended. Even some declining in financial analysis, overall we can conclude IJM Land, UOA developments are performing enough to say well. Ratio analysis showed IJM Land has more decreasing numbers than UOA Development but its due to the improving competition and external factors. IJM Land still one of the leader in industry, it is continuous to find a strong position in abroad. Concerning the enormous volume of investments for projects companies can be described that they have a significant role in Malaysian Construction Industry and Economy.

7.0 Appendix: Financial Ratios are worked on

ProfitabilityGross profit margin shows how much profit has been earned on companies goods without in view of indirect costs. (Demonstrating Value, 2010)Net Profit Margin is the ratio of net income for sales and it indicates how much of per amount of company sales has already left thru afterwards expenses. (Drake, 2005)Gross profit = x 100%Net profit margin =x 100%Expenses margin = GP Margin- NP Margin

LiquidityCurrent Ratio provides notion for the organization whether it is able to coming back organizations near term liabilities with near term assets. (Drake, 2005)Quick Ratio shows the capability to meet near term bills with organizations liquefied money.

Current Ratio = Quick Ratio =

EfficiencyRatio of turnover for fixing resources is Fixed Asset Turnover. FAT specifies the firms capability to attain net sales from the main assets investment (Pamela, 2013) For specify efficiency of productivity and buying Stock Turnover Ratio is used. This ratio shows time of holding inventory before its going to be sold. (Frank Wood, 2002)In order to determine the days that debtors to pay firms loans, Debtors Collection Ratio is used. And also helps to know how organization is collecting debts. (Leo, 2008)Creditors Payment Ratio provides information about how many days firms spend to return the money for its creditors. (Bujaki, 2012)

Fixed Asset turnover Ratio = = ____ x

Stock Turnover = = ____days

Debtor Collection =

Creditors Payment = =____days

Capital StructureGearing Ratio: helps to find out business operation relies on loans. (Drake, 2005)Interest Cover: Number of times casing interest changers. IC Ratio also determines the long term requirement risk. (Krishna, 2007)

Gearing =

a= Fixed interest capitalb= EquityInterest cover = = ____x

Investors RatioROCE: (Return on Capital Employed) used to know differentiate of investments. It determines how company measures profitability of the investments.ROE: (Return on Equity) specifies effectiveness of shareholders investment.Earning per Share: ratio that calculates prices of share ROCE =x 100%

EPS =x100%

ROE = x100%

The Financial Analysis of IJM Land BerhadPROFITABILITY

Expenses Margin GP-NP 2012

31-21=10%2011

33-25=8%

LIQUIDITY

= 3.4 :1

= 3.11 :1

=3.1 :1

:1

EFFICIENCY

= 1694 days

= 0.7 times

=1247 days

= 0.84 times

CAPITAL STRUCTURE

=32.7%

= 7.7 times

= 44%

= 4.1 times

= times

INVESTORS RATIO

Return on capital employed = (ROCE)

The financial Analysis of UOA Development BerhadEFFICIENCY

= 402 days

= 1.11 times

=326.8 days

= 0.77 times

CAPITAL STRUCTURE

=25%

= (97.9) times

= 31.4%

= (119.3) times

= times

INVESTORS RATIO

Return on capital employed = (ROCE)

PROFITABILITY

Expenses Margin GP-NP2012

51.8-48=3.8%2011

78.5-51.4=27.1%

LIQUIDITY

= 14.1 :1

= 15 :1

=11.1 :1

:1

8.0 Bibliography

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