1MDB may face loss of global investors in Tun Razak Exchange and Bandar Malaysia

Major global investors from Qatar and Abu Dhabi are said to be considering pulling billions of ringgit out of two of 1Malaysia Development Bhd’s (1MDB) mega projects, namely the Tun Razak Exchange (TRX) and Bandar Malaysia here, due to the lack of transparency and slow progress.

“The lack of transparency in sharing their (1MDB) plans with investors and the public, coupled with slow progress, lack of experience and delays can cause a substantial amount of interest costs to accumulate,” a source close to the matter told The Edge Financial Daily.

“(Thus,) investors from both Qatar and Abu Dhabi are reconsidering their positions in the TRX and Bandar Malaysia projects,” the source said.

In April last year, 1MDB and its Abu Dhabi partner – Aabar Investments PJS – had reportedly raised US$3 billion (about RM9.7 billion) capital from a private placement to fund their RM18 billion worth of projects.

TRX in Jalan Tun Razak was said to be potentially the first investment by their 50:50 joint venture, Abu Dhabi Malaysia Investment Co (ADMIC).

Meanwhile, Qatar Investment Authority (QIA), one of the partners for the Bandar Malaysia project, had pledged to invest US$5 billion in it.

In exchange, 1MDB had promised to give QIA first choice of land, before opening the rest to local developers.

Apart from Aabar Investments and QIA, financial services firm Prudential is reconsidering pumping US$500 million into the TRX project, the source added.

The source also noted that another investor from Kuwait that was initially interested in setting up a mega Islamic bank within TRX had recently pulled out.

At press time, 1MDB did not respond to an email query by The Edge Financial Daily.

1MDB is the master developer for TRX, an international financial district, and the 200.3ha Bandar Malaysia urban redevelopment township, located 3km from TRX.

When contacted, Akitek Jururancang (M) Sdn Bhd, one of TRX’s master planners, said the project had yet to start major earthworks.

“There have been several changes to the master plan and this has caused delays to the project,” the spokesman added.

Akitek Jururancang had partnered with international firm Boston-based Machado and Silvetti Associates Inc for the TRX project.

Kuala Lumpur mayor Datuk Seri Ahmad Phesal Talib told The Edge Financial Daily that there should not be any issues preventing the project from moving forward as all the necessary approvals have been issued for the TRX project.

“Earthworks for the basement were approved by the Kuala Lumpur City Hall (DBKL) last year,” he added. 

Ahmad Phesal also confirmed that DBKL had yet to receive any application to start with Bandar Malaysia.

It is understood that Bandar Malaysia is one year behind schedule.

In August 2011, 1MDB Real Estate Sdn Bhd (1MDB RE) chief operating officer Datuk Azmar Talib was reported to have said that the detailed master plan for TRX was scheduled to be completed in the first quarter of 2012, while construction was on track to start in June the same year.

On Monday, 1MDB RE invited prospective contractors to take part in its pre-qualification exercise for TRX. The scope of works for the project involves the proposed construction and completion of the infrastructure and roadway works. – The Edge Financial Daily, September 24, 2014.

Is there a housing bubble that’s about to burst in Australia?

IT’S the question all Aussie homeowners are asking: is there a housing bubble?

It’s no secret that Australia has some of the most unaffordable housing in the world.

The question is, are current prices unsustainable? And if the market is headed for correction, what will that mean for both current and future homeowners?

WHAT IS A HOUSING BUBBLE?

A housing bubble doesn’t just mean high prices — prices can be high in response to basic supply and demand.

Housing bubbles generally occur when speculators enter a market where demand is already high and attempt to profit through short-term buying and selling, further driving demand.

The concern for Australia is if a sudden increase in housing supply — as state governments speed up land release and development approvals, for example — coincides with a drop in demand.

Demand can be reduced by range of interconnected factors such as rising interest rates or more restrictive lending practices.

Whatever the reason, when supply suddenly outstrips demand, prices drop sharply and the bubble pops.

THE EXPENSIVE COUNTRY

A recent study by US consultancy Demographia found Australia had some of the most unaffordable housing in the world, with the highest number of housing markets termed ‘severely unaffordable’ — that is, where the median house price exceeds five times the annual median household income.

According to RP Data, house prices have risen by more than 16 per cent in Sydney over the past year, and almost 11 per cent across all the capital cities combined.

The current median house price in Sydney now sits at $700,000, $532,000 in Melbourne and $469,000 in Brisbane.

Strong, and in some cases double-digit price growth, over the past decade in Australia’s capital cities has raised concerns from some economists.

Figures released from the Australian Bureau of Statistics showed median monthly mortgage repayments increased by 38.5 per cent over the five years to 2011 to $1800, while in the same period, median weekly household income increased by only 20.2 per cent.

According to the ABS, three in every 10 households are now suffering mortgage stress — defined as when a borrower pays more than 30 per cent of their gross income into mortgage repayments.

Australian homeowners have a lot of skin in the game when it comes to the housing market.

But experts are divided on whether we are in the midst of a price bubble.

THE CASE FOR

The housing bubble debate kicked off again this week after minutes from the most recent board meeting of the Reserve Bank of Australia revealed bank officials have become increasingly worried about double-digit percentage increases in house prices in Sydney and Melbourne.

The RBA noted there were “risks” associated with the spike in house prices in the major cities, and that the trend “warranted ongoing close observation”.

“Members further observed that additional speculative demand could amplify the property price cycle and increase the potential for property prices to fall later,” the minutes said.

Westpac chief economist Bill Evans said in a statement it was clear the RBA was “becoming significantly more concerned” about house prices. “This is the first time we have seen the Bank show genuine alarm at the recent lift in house prices,” he said.

Demographia’s housing affordability study also sounded a dire warning, noting that “sooner or later, the inherent instability and unsustainability that characterises bubbles will lead to house price declines in Australia”.

UBS global chief economist Larry Hatheway has also weighed in, telling Fairfax Media that unless the Australian dollar falls below 85 US cents, the Reserve Bank may have to resort to other measures besides changing interest rates to ease some of the “bubbly-like conditions” in the housing market.

THE CASE AGAINST

Treasurer Joe Hockey has dismissed talk of a housing bubble as “lazy analysis”, blaming the rapid price increases on a shortage of supply.

“It is just an easy mantra for international commentators and for analysts based overseas to say there’s a housing bubble emerging in Australia,” he said. “It is a rather lazy analysis because fundamentally we don’t have enough supply to meet demand.”

Economics commentator Alan Kohler has also hosed down bubble talk, describing it as “overblown”. “Is there a bubble in Sydney that we should be worried about? Maybe,” he said.

“But there’s a lot of demand, and the demand’s not going away. There is a lot being built, so yes, maybe apartment prices will come down, but really I think it’s all a bit overblown.”

He added that high house prices were not necessarily a bad thing. “What the Reserve Bank was talking about is the wealth effect of high house prices, which is turning into consumption and therefore employment.

“The real concern for the Reserve Bank in relation to housing is if there was a bubble and a crash, that might have a negative impact on consumption because of the negative wealth effect. The fact that house prices are high is a positive wealth effect, so it’s not necessarily a terrible thing that house prices are overvalued.”

STICKING WITH THE FUNDAMENTALS

David Rees, head of Australasian research at Jones Lang LaSalle, told AAP that although Australian housing was very expensive compared to much of the rest of the world, there was no housing bubble.

A housing bubble is when prices move away from fundamentals, Dr Rees said, but in Australia’s case, prices were responding to fundamentals, like low interest rates, population growth and an undersupply of new housing.

He said restrictive planning laws had created concerning affordability issues in the Sydney market.

“If you make it difficult and expensive to produce houses through a range of policies and if you encourage people to live in a congested area, in other words, increase demand and reduce supply, then the market will do what it’s supposed to do, which is prices going up,” Dr Rees said.

“There’s good reason to be concerned about [affordability] because it’s pretty tough getting into the Sydney housing market, especially if you’re a first-home buyer.”

投资者被“二房”拖累了

两三年前，房地产买家漏夜排队抢购新推出公寓的盛况历历在目，如今他们当中，或许有人正为“二房”带来的房贷压力，感到懊恼。

　　专家经常提醒：投资房地产要量力而为，先摸清口袋里有多少钱，才考虑投资，以免被房贷缠身，沦为房奴。

　　一些中产家庭却一心想靠房地产发达，不理会专家的忠告，而且胃口很大。有了一个公寓单位，再买第二个，甚至第三个。　　他们的如意算盘是：一个自住，一个收租。然而，面对有限的现金，他们只好靠银行贷款来实现当业主的梦。

当年进场的投资者，幸运但不一定幸福。他们逃过严苛的银行贷款限制和印花税，可以靠房贷以拥有“二房”，并用租金偿付每月的分期付款。

　　幸运儿可以找到租户替他支付期款，当个幸福房东。但不是所有投资者都能幸运地找到租户，有些人在两年内都找不到租户，或租户无意续租，导致他们被房贷压得喘不过气来。

　　最近在一个场合，就听说有一个两三年前以百万元买下私人公寓的投资者，本来以“二房”的租金来支付房贷期款，谁知租户在半年前不续租，又找不到新租户，造成他每月面对银行催款。更糟糕的是，他连租户两个月的定金都无法归还。

“还不了定金”越加普遍

几名房地产经纪也告诉我，这种“还不了定金”的情况越来越普遍，据说有人在探讨是否要成立一个委员会，以解决这个问题。

　　政府收紧移民政策，加上注入市场的竣工私宅越来越多，本地私宅出租市场，似乎已出现供过于求的情况，相信“租户的市场”将会持续下去。

　　本地私宅市场从今年起进入完工巅峰期。2014年和2015年完工的新私宅单位，相信会进一步增加至1万9000个单位以上。至于2016年完工的新私宅单位，估计将超过2万6000个。

　　随着新私宅纷纷竣工，私宅出租市场自然出现竞争，租金也持续下滑。那些想要靠“二房”收租的投资者，恐怕要失望了。

　　根据数据，非有地住宅的租金今年来已持续下滑，相比去年8月的租金，目前租金已下跌6.6%。

有名读者大吐苦水，说他最近登广告，要出租位于市区的公寓单位，月租4500元，过了两个月仍无人问津。他说这和两年前的情况大相径庭，当时至少有五六个租户抢夺，现在居然租不出去。

　　由于同座也有好几个单位在招租，竞争激烈，他已做好调降租金的心理准备，誓必要把房子租出去，否则他就得面对银行的催款。

　　另一名读者的情况更糟。他手头上有两个位于北部的公寓单位有待出租，广告刊登了近半年仍无法成功租出。“以前是几个租户争夺一个单位，现在是几个单位争夺一个租户。真是风水轮流转啊！”

　　这名读者表示，无论如何都必须在一两个月内把“两房”租出去，否则手头没有充裕现金，到时他就得拖欠银行贷款。他透露家庭面对巨大的经济压力，整个生活几乎要被房贷拖垮。

为把单位租出去 经纪走法律漏洞

另一方面，有些房地产经纪为了要尽快帮助房东把房子租出去，不惜走法律漏洞，冒险把私宅单位当酒店或服务公寓，出租给租期少过半年的短期租户。

　　最近同事的外地亲戚要到本地动手术，预计出院后须每周复诊一次，因此要在本地住上至少4个月。由于医药费已花上一大笔钱，同事的亲戚只想找个比服务公寓和酒店便宜的公寓住宿。

　　后来一名经纪建议同事的亲戚租下她手上一个两房新公寓单位。公寓位于市区边缘，离医院不远，租金却远比同地点的服务公寓来得低。该地区最便宜的两房服务公寓月租4500元，而这个公寓的租金不到3500元。

　　在同事还没来得及感到雀跃时，经纪却透露内有蹊跷。根据新加坡法律，所有住宅租赁合同的租约期必须是6个月以上。换句话说，若同事的亲戚仅租用这公寓单位4个月，属于违法。

　　该经纪说该单位空置近乎一年，其实整栋公寓有近半单位未租出。她摇头埋怨说，全球经济不是特别好，很多驻本地的跨国公司外籍职员都纷纷回国，加上新公寓单位的供应近年来大增，才造成许多新公寓变成空屋。房东急着把房子租出去，因为一年没有房租收入，还得支付贷款和公寓杂费，负担甚重。

其实，只要在市区边缘兜一圈，不难发现许多新公寓在建成后，外观的玻璃窗户都挂满经纪的招租广告，这个现象相信在接下来几年会更糟，因为目前推出的新公寓项目销售都面对压力，就更别说日后的出租问题了。

　　根据资料，截至去年6月，共有5200个推出市场但未出售的私宅单位，而今年同时期未售出的私宅单位，预计比这个数目高出20%，或达6300单位。

　　这些未售出的单位只会像雪球般越滚越大，到时，就看发展商如何以吸引人的促销方式来“清货”。

　　前个周末，媒体报道，抢购新公寓的人潮又出现了。希望更多人是买来自住的；如果是投资者，最好手头资金够充裕，否则最终如意算盘可能打不响。

Seven highways worth RM20bil expected to start work next year

Work on seven new highways will start next year, offering jobs worth RM20bil for the construction sector.

This will also fill up the order books of construction companies that have been waning following the tail-end of the RM23bil Klang Valley mass rapid transit (MRT) project.

The seven highway projects are the RM1.18bil Duta-Ulu Kelang Expressway (DUKE) extension, the RM5.04bil West Coast Expressway (WCE) from Banting to Taiping, the RM2.5bil Kinrara-Damansara Expressway (Kidex), the RM1.5bil Kuala Lumpur Outer Ring Road (KLORR), the RM4.18bil Damansara-Shah Alam Expressway (DASH), the RM4.3bil Sungai Besi-Ulu Kelang Elevated Expressway (SUKE) and the Serdang-Kinrara-Putrajaya Highway (SKIP).

Works Minister Datuk Fadillah Yusuf said yesterday that work on the seven highways should start next year.

“Currently, most of the projects are in the process of seeking approvals from the state authorities and relevant bodies, as well as public consultation,” he told reporters after the opening ceremony of International Construction Week (ICW) 2014.

He said the impending DASH and Kidex projects were in a process of seeking public approval and the final approval from the state.

“If you look at Kidex, the promoters have received the feedback from the public for realignment … with the information, we now need to sit down and evaluate how to proceed with the project,” he added.

Kidex is a 14.9-km fully elevated expressway stretching between the NKVE Damansara Toll and Lebuhraya Bukit Jalil.

“For the WCE project, the approvals on the Perak side are more or less cleared. On the Selangor side, there could be some adjustment in the alignment following the public consultation,” Fadillah said.

The WCE project is from Banting in Selangor to Taiping, stretching over 233km of tolled highway.

Meanwhile, on the overall construction sector, Fadillah expects the industry to continue its double-digit growth in the second half of the year, on the back of mass ongoing construction activities from the private and public sectors.

“The construction industry will continue to be one of the prime movers of the Malaysian economy. We estimate that there would be more than RM110bil worth of projects this year,” he said.

For the first half of 2014, the Malaysian construction industry charted a strong growth of 14.3% against 12% in the same period last year, he said.

ICW 2014, from Sept 17 to 23, is organised by the Construction Industry Development Board Malaysia.

There are 300 exhibitors from 24 countries involved, including from the United Kingdom, South Korea and China, with 15,000 visitors expected.

While the construction sector’s performance was somewhat muted in the second quarter of this year, research houses remain positive on the sector’s momentum to drive earnings in the next few years.

RHB Research said although almost all construction companies delivered their numbers, there was a “lack of spark” in their latest quarterly results.

The research house remains optimistic on the sector, believing that its strong momentum of activities will be sustained, potentially driving medium-term sector earnings growth.

“We are unconcerned by the construction resources to be disengaged from the RM23bil Line 1 of the Klang Valley MRT project upon completion in mid-2015. We believe they will find their homes in the RM25bil Line 2 of the project, which is scheduled to start work in the first quarter of 2016,” the research house noted.

Among analysts covering the sector, Gamuda Bhd remains a top pick, being a proxy to the Klang Valley MRT project.

The other top themes for the sector, as RHB Research noted, were piling and public housing, to which Pintaras Jaya Bhd and Protasco Bhd are meaningful proxies, respectively.

In its roadshows in Kuala Lumpur, Singapore and Hong Kong, CIMB Research found that most fund managers concurred with its view that Gamuda could play catch-up in the second half of the year.

“Expectations are still high for Muhibbah Engineering Bhd securing packages in the Refinery and Petrochemical Integrated Development project in Pengerang, Johor. While still skeptical, investors were eager for the high-speed rail updates and keen to hear our opinion about YTL Corp Bhd’s advantage,” the analyst said.

CIMB Research opined that local investors were more interested in the timing of tenders and awards for the major domestic projects in the pipeline than Singaporean and Hong Kong investors.

“Some expressed concern over the perceived delay in MRT 2 approvals and project delivery partner, or PDP, appointment, but concurred with our view of a revival in the last quarter,” the research note said.

“We continue to recommend investors to accumulate Gamuda, as sentiment is warming up to a recovery in MRT 2 catalysts, likely in the fourth quarter, and given positive developments in the water takeover deal,” CIMB Research added.

禁5年内脱售 公布可负担屋指南

根据槟州最新的可负担房屋指南，发展商有两个选择，即兴建20%售价20万令吉建筑面积750平方尺的单位、60%售价30万令吉面积850平方尺单位及20%售价40万令吉（900平方尺）的单位。另一项选择则是兴建100%售价30万令吉，建筑面积850平方尺的单位。

RM200,000 / 750 = 267 psf

RM300,000 / 850 = 353 psf

RM400,000 / 900 = 444 psf

掌管槟州房屋委员会的行政议员佳日星今日首次公布槟州的可负担房屋（Affordable Housing Guideline）指南，即售价20万、30万及40万令吉，不过，提出申请的首次购屋者家庭收入分别不可以超过6000、8000及1万令吉。

无论如何，他说，槟州政府给予宽限，即允许购屋者的月薪可以扣除公积金（EPF）、社险（SOCSO）及保险。

他举例，申请售价20万令吉可负担房屋的购屋者，若家庭收入是7000令吉，可以扣除须缴纳的公积金、社险及公司购买的保险费用，即使高过6000令吉仍可以获批申请。

槟政府数周前通过

他是于今日上午为大马世界不动产联盟槟城分会举办主题为“私人界参与可负担房屋计划”的2014年早晨讲座致开幕词中，公布这项由槟州政府刚在数周前通过的可负担房屋指南。

此外，他提醒可负担房屋的购屋者，购屋者在5年内被禁止脱售房屋，即使可以向州政府上诉获得同意信，不过，售价不可以超过当初的20万令吉。

他举例，目前在威南峇都加湾由槟州发展机构兴建的售价16万8000令吉可负担房屋，若购屋者要在5年内脱售，必须脱售予登记在州政府房屋局等候名单中的购屋者，而且售价可以是18万或19万令吉，但是不可以超过当初的20万令吉级别内。

针对槟州房地产发展商会主席拿督陈福星及槟城著名估价师倪川鹏指产业投资每年都会提供增值，以及购屋者在购买房屋后，都会装修及添购壁橱及安装冷气等，为产业增值，没有理由不让根据市值脱售，而且房屋买卖是你情我愿。

他慎重的提醒可负担房屋购屋者槟州政府的可负担房屋政策，是为无壳一族有机会购置本身的可负担房屋，一瓦遮头，并非购买可负担房屋准备在几年后脱售牟取盈利，获得全场出席者搏以热烈的掌声及认同。

仪式上，大马世界不动产联盟槟城分会主席兼汇华产业集团董事经理许祥人赠送纪念品予佳日星，由大马世界不动产联盟卸任会长饶铁生及槟城分会副主席拿督黄继樑陪同。

发展商若参与可负担屋 豁免建廉屋回扣发展金

掌管槟州房屋委员会的行政议员佳日星宣布，参与兴建100%可负担房屋的发展商除了可以获得豁免兴建30%廉价及中廉价屋单位的要求之外，还可以在发展基金上获得每平方尺5令吉的回扣的诱人优惠，鼓励私人发展商积极参与可负担房屋计划。

他说，根据最新的可负担房屋指南，发展商有两个选择，即兴建20%售价20万令吉建筑面积750平方尺的单位、60%售价30万令吉面积850平方尺单位及20%售价40万令吉（900平方尺）的单位。

另一项选择则是兴建100%售价30万令吉，建筑面积850平方尺的单位。

无论如何，他说，为了让槟州的可负担房屋有高品质，槟州政府要求发展商除了每间单位附带一个停车位之外，还必须要附合数项条件，包括客厅、饭厅、卧房、厨房、浴室、露台及洗衣空间铺上地砖、厨房墙壁高至80公分至150公分高的壁砖、浴室壁砖、天花板石膏、以及其他的水管、及电插头等。

他说，发展商可以售卖第二个停车位，不过，售价必须视不同的地区而定。

佳日星抨中央不够诚意 导致槟州一马房屋拖延

掌管槟州房屋委员会的行政议员佳日星抨击中央政府不够诚意及没有协调，是导致在槟州兴建2万间一马房屋（PR1MA）的承诺拖延迄今未被履行。

他说，在5‧05全国大选前后，包括一马房屋公司总执行长拿督慕达立及首相纳吉都先后承诺在槟州兴建2万间的一马可负担房屋，不过，身为城市和谐、房屋及地方政府部长的拿督阿都拉曼达兰却于上周出席吉打州一项活动时，要求槟州政府协助鉴定兴建一马房屋地段。

他说，不论是一马房屋公司或一马发展公司（1MDB）随时可以致函槟州政府协寻求助，不过，州政府在过去两年皆不曾接获对方的任何来信，显示中央政府的不够诚意及欠缺协调。

他说，反而是他在过去2年至少4、5次致函中央政府及一马房屋公司，要求提供兴建一马房屋的鉴定地点、资料及兴建期限，以协助加速批准及落实槟州的一马房屋计划。

他是于今日上午出席大马世界不动产联盟槟城分会举办主题为“私人界参与可负担房屋计划”的2014年早晨讲座致开幕词后，在记者会上受询时如是。

他说，一马房屋公司总执行长拿督慕达立是于2012年12月宣布中央政府已鉴定中央在槟岛牛汝莪地段兴建一马房屋计划，并也将在槟威两地7个地段鉴定地点。

他说，首相纳吉也于2013年4月即505大选前，宣布将在槟城亚依淡兴建9999间的可负担房屋，而一马房屋公司更于同年8月宣布将在巴生谷、柔佛、槟城、沙巴及砂拉越兴建2万519间可负担房屋。

槟州政府或再检讨打房措施

佳日星指出，于今年3月生效的槟州政府打房措施不但未拉低槟州屋价，产业交易放缓也仅0.3%，放话槟州政府有可能再检讨目前的打房措施。

他说，尽管国家产业资料中心刚公布的2014年首季数据，我国4个主要城市的产业市场放缓分别是联邦直辖区13.4%、雪兰莪州10%、柔佛4.5%，及槟州0.3%，不过，根据大马房地产发展商会于2天前公布的数据显示，槟州屋价未见下滑，显示槟州的产业市场充满弹性。

他说，这个数据显示槟州的打房任务将更加艰巨。无论如何，他说，由于槟州的打房措施仅6年月，因此，他相信需要更长的时间来观察打房的成效。

陈福星：保留古迹发展商越来越难做

槟州房地产发展商会主席拿督陈福星指出，槟州地方政府为了符合世遗指南，将非世遗核心区内的古迹建筑物也列入鉴定保留建筑，使到发展商越来越难做。

他说，很多发展商修改图测及符合更多规定。

“等再纳提呈可负担屋售价”

针对槟州联邦行动理事会主席拿督再纳阿比丁于2天前在一项记者会上表示将在一周内重新提呈由联邦2个机构准备在槟州兴建的9500单位可负担房屋的售价予槟州策划委员会（SPC）时，佳日星表示在等再纳的提呈。

同时，他也限定再纳最好在下周四（18日）前向他提呈及针对所谓的可负担房屋作出清楚解释，否则他将在下周四被槟州首席部长林冠英委派表代出席在吉隆坡召开的全国地方政府会议上，向主持会议的副首相丹斯里慕尤丁反映以要求对槟州的一马房屋及可负担房屋计划给予明确交代。

他表示，尽管再纳再次澄清有关9500单位房屋为廉价、中廉价及可负担房屋，不过，他说，根据州政府得悉，这些计划仅符合州政府要求的兴建30%廉价及中廉价屋单位，甚至槟州策划委员会于昨日在审核一项由一个中央机构在威北柏淡进行的别墅计划，售价高达300万令吉，他说如果是征地进行的计划，更应该要履行兴建可负担房屋。

业务表现强劲‧杨忠礼机构有望派高息

杨忠礼机构（YTL,4677,主板贸服组）各业务表现强劲，第四季总共拨13亿令吉派息，联昌研究预料基於低资本开销与20年来累积140亿庞大现金，派息正常化后相信每年可维持派息11亿令吉。

每股派息增至10仙

联昌预测杨忠礼机构2015至2017財政年每股派息由4仙增至10仙，並推荐为首选股，建议“加码”该股；持股50%的大股东杨忠礼父子有限公司，每年大约获派息5亿4千万令吉。

杨忠礼机构第四季中每股总共派9.5仙股息，使2014財政年派息总达12仙或80%派息率，总共拨出13亿令吉供派息。

已私有化的杨忠礼洋灰，基於营运强劲与资本开销减，贡献上述股息达40%；杨忠礼电力（YTLPOWR,6742,主板基建计划组）派息率由2013財政年的7%，恢復至2014年的55%。

能派丰厚股息，主要是营运表现强劲，洋灰业务减资本开销，使洋灰业业务派息是集团中最高者，超越电力业务。

至於这种丰厚派息法是否可以持续，联昌根据管理层晤谈与分析各业务的股息收入流后相信，相信杨忠礼机构有能力每年派11亿令吉股息。

手握140亿现金

联昌指出，过去20年来，管理层保留住派息机会，主要是各业务仍需要现金建立业务和进行併购。目前有140亿令吉累积现金，管理层与小股东可从多年累积的盈利享受庞大股息。

杨忠礼机构股息目前提供6%週息率，高速火车（HSR）竞標与洋灰產能增加，则为股价上涨催化剂。每股盈利则受高派息影响。

联昌维持维持目標价2令吉29仙不变。

联昌认为，杨忠礼电子（YTLE,0009,创业板科技组）4G宽频业务营运盈利转盈；基於马拉科夫的1千兆瓦丹绒宾发电站扩展延宕，杨忠礼电力私人购电协议（PPA）获延长机会高。
杨忠礼机构股价闭市报1令吉64仙，起1仙。