Bukit Sembawang

Bukit Sembawang

Postby winston » Mon May 26, 2008 12:50 pm

Not vested.

From CIMB:-
Bukit Sembawang Estates (S$9.30) - 4QFY08 results - Delayed launches

BukitSemb’s FY08 core EPS of 26.1cts came in below expectations, forming 87% of our full-year and consensus forecasts. The miss was due to further delays in project launches. A final dividend of 7cts/share was proposed for the year.

There was positive news on the Airview Tower en bloc sale, with the Court of Appeal overturning a dismissal of the sale by the High Court and Strata Titles Board. We cut our FY09-10 EPS estimates by 12-55% in anticipation of further delays in launches and introduce FY11 numbers.

Our target stays at S$13.04, still pegged at a 20% to RNAV estimates.

Exposure to low-cost land remains its main positive. The stock is also trading at a 43% discount to our RNAV estimate. Maintain Outperform.
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Re: Bukit Sembawang

Postby winston » Sat Sep 12, 2009 8:29 pm

Not vested. From DBS:-

Among the residential property stocks, Bukit Sembwawang (Buy, TP: $6.02) is one such overlooked stock. DBS Research initiates coverage. The target price of $6.02 is based on a 30% discount to the RNAV of $8.60.

Bukit Sembawang is the purest Singapore residential property play boasting a 4mil sqft land bank that is the second largest among listed developers. The stock is deeply undervalued at 0.5x P/RNAV, which is way below the current sector market-weighted average of 0.9x P/RNAV. This is an attractive pick for value investors.

Technically, a multi-month bullish ‘head & shoulders’ bottom reversal also points to a minimum upside objective of $6.02.
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Re: Bukit Sembawang

Postby winston » Tue Sep 15, 2009 4:32 pm

From CIMB:-

Bukit Sembawang Estates (S$4.97) - Downgrade on valuations

Downgrade from Outperform to Neutral on valuations. BS has done very well of late, up over 40% since our last upgrade of the stock in June. While inherent value remains considerable from its low-cost land bank, a lack of corporate access and low trading volume are concerns, especially in this period of rising uncertainties in the sector.

We recommend taking some money off the table until further evidence of improvements in the sector. Low-cost land bank positive but lack of corporate access could cap further rerating.

BS has 5m sf of low-cost land bank, suggesting substantial value yet to be monetised. The successful launches of The Verdure and Luxus Hills Phase 1 have given us optimism that management is finally taken steps to realise the value of its inventory.

However, as uncertainties in the sector heighten on the back of cooling measures introduced by the government, we fear that BS will retreat into its shell as the launch window for the year starts to close. The lack of corporate access is also certainly not helping.

Valuation and recommendation
Minor earnings adjustments. We raise our FY10-12 core EPS estimates by 1.1% on minor adjustments to our launch schedules

Maintain target price of S$5.02, still based on a 25% discount to our end-CY10 RNAV estimate. We believe the valuation discount is warranted given the shares’ low trading liquidity and lack of corporate access. The stock typically trades at 20-30% discounts to its RNAV with an average P/BV ratio of 1.6x (vs. 1.7x currently).

http://www.remisiers.org/research//BukitSemb-150909[1].pdf
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Re: Bukit Sembawang

Postby millionairemind » Fri Nov 13, 2009 6:27 pm

November 13, 2009, 1.23 pm (Singapore time)

Bukit Sembawang gets up to S$700m credit facilities

By ANGELA TAN

Bukit Sembawang Estates Limited on Friday said the company and its units, Bukit Sembawang View Pte Ltd and Singapore United Estates (Pte) Ltd, have obtained 3-year syndicated credit facilities of up to S$700 million.

The facilities will be used to refund the group's borrowings and general corporate and working capital needs.

OCBC and DBS Bank are the mandated lead arrangers and book runners.

The company added that Bukit Sembawang View has signed an 18-month bilateral facility for up to S$150 million with OCBC. This is to fund an ongoing development project.
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Re: Bukit Sembawang

Postby winston » Tue Nov 17, 2009 1:59 pm

Not vested. From Lim & Tan:-

Starting Afresh S$4.75-BSEM.SI

The property company has secured $850 mln credit facilities:
- 3-year syndicated credit facilities of up to $700 mln from DBS and OCBC to refinance existing short-term borrowings;
- 18-month facility from OCBC to finance an ongoing development project.
(At end Sept ’09, borrowings totaled $769.84 mln, down from the peak of $918.74 mln at end Sept ’08 following the acquisition of the Fairways condoin an enbloc transaction)

In addition, the company released an update of the independent valuation of its properties (4 landed and 6 apartment sites), showing an increase to $2,143.97 mln now from $1,856.32 mln at end Mar ’09 and $1,950.1 mln at end ’08.


COMMENTS

1. Bukit Sembawang’s share price had come under much pressure last year because of its heavy borrowings, and short term at that, which is generally seen as a serious
mis-match.

2. The 1-for-1 rights issue in February this year, at $2.30 per share, with warrants exercisable at $2.30 per share on a 2 warrants-for-5 rights shares basis, has helped
eased the financial burden on Bk Sembawang. (The rights raised $245.7 mln, while the exercise of 22.5 mln warrants so far at $2.30 would have raised a further $51.7 mln, and another $47.2 mln when the remaining 20.54 mln warrants are exercised by April 2011.)

3. Having “learned” its lesson (straying from its traditional stronghold), and having been able to sell the 2 recently launched projects (Verdure at Holland Road and Luxus Hills in Ang Mo Kio), the financing news is expected to lead to a re-look of Bukit Sembawang.

4. And with the stock still just over a third of the 2007 peak ($13.13 adjusted for the rights), a BUY seems justified. Price to book of $3.01 is 1.6x.
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Re: Bukit Sembawang

Postby millionairemind » Fri May 21, 2010 6:34 pm

May 21, 2010, 6.16 pm (Singapore time)

Bukit Sembawang returns to the black, proposes higher dividend


By ANGELA TAN

Bukit Sembawang Estates Limited reporte don Friday that it has returned to the black in the fourth quarter and the full year ended March 31, 2010.

During the quarter, net profit was at S$41.90 million compared to a net loss of S$61.44 million a year ago.

As a result, full year profit was at S$52.97 million, compared to a net loss of S$48.41 million a year ago.

Its full year pre-tax profit included a write-back of allowance for foreseeable loss amounting to $40 million arising from an increase in the valuation of the Fairways development project.

Revenue for the three months was up sharply from S$4.86 million to about S$21 million. full year was boosted to 65.96 million, up 5.4 per cent.

It has recommended a final dividend of 4 cents pershare, up from 2 cents a share a year ago.
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Re: Bukit Sembawang

Postby winston » Fri Feb 11, 2011 8:45 am

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BUKIT SEMBAWANG ESTATES - Property developer Bukit Sembawang said its October-December net profit jumped by more than 33 times to S$99.6 million, compared to a year ago, as it recognized higher profits from its residential properties.


Source: Reuters
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Re: Bukit Sembawang

Postby winston » Thu May 24, 2012 8:17 am

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Bukit Sembawang Estates said its fourth quarter net profit fell 18 percent to S$21.5 million from a year ago, hurt by a slide in revenue.

Source: Reuters
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Re: Bukit Sembawang

Postby winston » Mon Sep 03, 2012 9:25 am

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Bukit Sembawang Estates, the thinly-traded developer 41% owned by OCBC’s Lee family, is also another likely company to be taken private for a price tag of around $811 million.

CIMB notes that the company is now trading at a large discount of 47% to its RNAV, and its net cash position is growing stronger.


Source: The Edge
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Re: Bukit Sembawang

Postby winston » Fri Feb 15, 2013 9:32 am

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Tapping on landed landbank

OUTPERFORM - Maintained
S$6.75 - Tgt. S$7.28

--------------------------------------------------------------------------------

3Q13 saw full repayment of bank loans, but otherwise it was a quiet quarter.

We expect demand for high-end non-landed projects to remain slow after recent measures, but long-dated landed landbank could mitigate near-term weaknesses.

3Q/9M13 earnings were below expectations at 11%/42% of our full-year on back-loaded recognitions.

We alter FY13-15 EPS on recognition timing and raise target price after lowering discount to RNAV to 30% from 35%, as management resumes monetisation of landed landbank.

Management plans to launch Luxus Hills Phase 6 in 1H2013.

Maintain Outperform, with strong landed take-up as the key catalyst.


Source: CIMB
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