MCL Land

MCL Land

Postby winston » Thu Jul 31, 2008 7:04 pm

MCL Land's Q2 net profit up 45% to US$3.2 mln

MCL Land said on Thursday that second-quarter net profit rose 45 per cent to US$3.2 million, from US$2.2 million a year ago.

Revenue for the three months ended June 30, 2008 however fell to US$353,000, from US$133.5 million in 2Q 2007.

The group benefited from higher operating income even as sales slipped. In the company's financials, 'other operating income' rose to US$3.1 million in 2Q 2008, from US$515,000 for the same three months in 2007.

Earnings per share for the second-quarter rose 43 per cent to 0.86 US cents, from 0.6 US cents a year ago.

'The current uncertain economic conditions have led to a slowdown in the residential property market in Singapore,' the company said in a filing to the Singapore Exchange. However, medium to longer-term prospects remain positive, it added.

The completion of Mera Springs and The Esta in Singapore in the second half of the year should benefit MCL Land's overall performance in 2008, the company said.

In 2Q 2008, the developer launched no new projects in Singapore. All projects previously launched are fully pre-sold, with the exception of two units at Hillcrest Villa, MCL Land said.

Shares of MCL Land lost two cents to close at $1.26 on Thursday.

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Re: MCL Land

Postby qxing78 » Thu Jul 31, 2008 11:05 pm

This one seems quite illiquid, but its part of the Jardine group.
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Re: MCL Land

Postby millionairemind » Thu Nov 06, 2008 7:28 pm

November 6, 2008, 5.35 pm (Singapore time)

MCL Land's Q3 net profit up on Mera Spring project
By ANGELA TAN

Property developer MCL Land Limited on Thursday reported net profit for the three months ended September 30, 2008 rose to US$13.28 million, from US$2.21 million.
Revenue for the period also grew 210 per cent from a year ago to US$78.07 million compared to US$25.18 million, due mainly to the completion of Mera Spring project.

Chairman YK Pang warns the financial crisis would put a downward pressure on short to medium term prices. He added MCL's performance may be affected by the down ward movements of the carrying values of its development properties.

No dividend was declared.
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Re: MCL Land

Postby millionairemind » Sat Feb 21, 2009 10:26 am

Y the dividend if you are making a loss???

Published February 21, 2009

MCL posts 2008 loss of US$107.3m
Group hit by US$180.2m writedown of development properties for sale


By EMILYN YAP


HIT by property writedowns, real estate developer MCL Land swung into the red for the financial year ended Dec 31, 2008. The firm yesterday posted a net loss of US$107.3 million, in contrast to a net profit of US$61.9 million a year earlier.

Loss per share came to 29 US cents, against earnings per share of 16.73 US cents previously.

While MCL Land recognised development profits from The Grange, Mera Springs and The Esta projects for the year, a US$180.2 million writedown of development properties for sale eroded those takings.

'Property prices have fallen significantly and the outlook for the residential property market in Singapore has become increasingly uncertain,' the developer said. This led the company to revise the carrying value of these properties downwards.


MCL said the US$107.3 million loss attributable to shareholders included a US$0.9 million fair value adjustment to the group's investment properties.

For FY08, group revenue fell 12 per cent year-on-year to US$343.1 million. MCL Land's board is recommending a first and final dividend of 10 Singapore cents per share payable on May 26, 2009.

'Confidence in the residential property markets in Singapore and Malaysia is extremely weak as a consequence of the current economic downturn with few buyers willing to commit to property purchases,' said MCL Land chairman Y K Pang. '2009 is expected to be a challenging year.'

But he expects the completion of three developments here this year - The Fernhill, Tierra Vue and Hillcrest Villa - to provide some lift to the group's results for the year. 'With strong cash flow generated from the sale of development properties and a healthy balance sheet, the group is well-placed to weather the difficult economic and market conditions.'

MCL Land also has the Waterfall Gardens and D'Pavilion scheduled for completion in 2010 and The Peak@Balmeg in 2011. The company has another seven projects at various stages of planning approval and it plans to launch them progressively in the next few years.

Shares of MCL Land fell half a cent yesterday to close at 66 cents.
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Re: MCL Land

Postby millionairemind » Fri Aug 07, 2009 6:58 am

ublished August 7, 2009

MCL Land Q2 profit soars to US$36.7m
H1 results boosted mainly by sales proceeds from The Fernhill, Tierra Vue


By KALPANA RASHIWALA

HONG KONG Land subsidiary MCL Land yesterday posted group net earnings of US$36.7 million for the second quarter ended June 30, 2009, up from a US$3.2 million net profit in the same period last year. Revenue rose from US$353,000 in Q2 2008 to US$135.8 million in Q2 this year.

Q2 earnings per share were 9.92 US cents, against 0.86 US cent a year ago.

Net earnings for the six months ended June 2009 were US$38.1 million, up from US$8.2 million in the same year-ago period. Revenue rose from US$718,000 in H1 last year to US$144.1 million in H1 2009, due mainly to recognition of sales proceeds from The Fernhill and Tierra Vue projects which were completed in Q1 and Q2 this year respectively.

The Fernhill, which comprises a total 25 apartments, obtained Temporary Occupation Permit (TOP) in March this year and MCL Land booked a net profit of US$2.4 million for only five of the apartments in Q1. It did not recognise profit at the time on the other 20 units as a China party that had bought the apartments on the deferred payment scheme failed to make outstanding payment to MCL at TOP.

However, the China party later managed to sell the 20 units in the subsale market, albeit at a loss, and paid up MCL. Hence the developer recognised the balance net profit of US$9.9 million from The Fernhill only in May.

Tierra Vue, at St Patrick's Road in the Marine Parade area, obtained TOP in June and contributed a net profit of US$26.3 million in Q2.

The group had US$97 million net debt and 24 per cent net gearing as at June 30, 2009, an improvement from the US$181 million and 46 per cent respectively as at end-2008. 'The two completions in the first half of the year, together with the completion of Hillcrest Villa in the second half, will produce an overall satisfactory performance for the full year. These projects are also generating good cashflows that will enhance further the group's strong financial position,' MCL chairman YK Pang said in a statement.

Net asset value per share stood at US$1.09 as at June 30, 2009, 3 US cents higher than the figure at Dec 31, 2008.

On the stockmarket yesterday, the counter ended 2 Singapore cents higher at S$1.49. MCL is maintaining its policy of not paying an interim dividend.

The group's Hillcrest Villa cluster housing project near Dunearn Road is slated for completion in the second half of 2009.

D'Pavilion, a 50-unit apartment development at Upper Serangoon Road, and Waterfall Gardens condo at Farrer Road, are scheduled to complete in 2010, followed by The Peak @ Balmeg, a 180-unit condo in the Pasir Panjang area, in 2011. In addition, the group has seven development projects in Singapore at various stages of planning approval.

MCL may launch in the current half a 99-year leasehold condo near Yishun MRT Station and fronting Lower Seletar Reservoir, and a freehold condo it is jointly developing with Ho Bee on the Holland Hill Mansions site.

MCL said Wangsa Walk, a retail mall project in Kuala Lumpur by a group joint venture company, is slated to be ready in the current half. The 25,000 sq metres net lettable area is about 90 per cent pre-leased.
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Re: MCL Land

Postby winston » Mon Nov 09, 2009 4:02 pm

Not vested. From Kim Eng:-

Deep value despite illiquidity. Maintain BUY.

MCL is in a very comfortable position, with continued cashflows from projects under development and an ample landbank to be progressively launched.

We think that mid-end property values are likely to increase by 5-10% per year over the next two years, which augurs well for MCL.

Maintain BUY with a target price of $2.26, pegged at a 30% discount to it FY10 RNAV of $3.23.
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Re: MCL Land

Postby millionairemind » Thu Apr 29, 2010 7:57 pm

April 29, 2010, 5.35 pm (Singapore time)

MCL Land posts US$49 mln net profit for Q1


By KALPANA RASHIWALA

MCL Land has posted net earnings of US$48.7 million for the quarter ended March 31, 2010, up from US$1.4 million net profit in the same quarter last year.

The bottomline improvement was due chiefly to a writeback of an impairment charge of US$51 million on The Estuary condo in Yishun which MCL launched during Q1 2010. The group continues to carry an impairment charge of US$134 million against a number of its other development projects.

Sentiment in Singapore's residential property market remains positive, underpinned by an improving economic outlook. The group's results for 2010 should benefit from the completion of two development projects in Singapore -- Waterfall Gardens and D'Pavilion -- and the writeback of the impairment charge on The Estuary.
"If a speculator is correct half of the time, he is hitting a good average. Even being right 3 or 4 times out of 10 should yield a person a fortune if he has the sense to cut his losses quickly on the ventures where he has been wrong" - Bernard Baruch

Disclaimer - The author may at times own some of the stocks mentioned in this forum. All discussions are NOT to be construed as buy/sell recommendations. Readers are advised to do their own research and analysis.
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Re: MCL Land

Postby millionairemind » Thu May 20, 2010 7:20 pm

May 20, 2010, 6.05 pm (Singapore time)

MCL emerges with top bid of S$207.5 mln for Hougang residential site


By UMA SHANKARI

MCL Land trumped six other developers to put in the top bid of S$207.5 million for a residential site at Hougang Avenue 2 in a state land tender which closed Thursday.

The top bid works out to S$456 per square foot per plot ratio (psf ppr) - higher than analysts' estimates of S$310-350 psf ppr when the site was first triggered more than a month ago.

MCL Land's bid was 10 per cent higher than the second highest bid of S$189.3 million from Frasers Centrepoint. The top bid was also 21 per cent higher than the lowest bid of S$171 million put in by Sim Lian Land.
"If a speculator is correct half of the time, he is hitting a good average. Even being right 3 or 4 times out of 10 should yield a person a fortune if he has the sense to cut his losses quickly on the ventures where he has been wrong" - Bernard Baruch

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Re: MCL Land

Postby winston » Tue Jun 15, 2010 8:08 pm

Not vested. From Kim Eng:-

MCL Land (MCL SP) – Sitting pretty on cash and land

MCL Land recently launched the 65‐unit D'Mira at about $1,000 psf, and we understand that 
to‐date, about 30% of the units have been sold. It has also acquired a 3ha site in Hougang, in 
north‐eastern Singapore,for $207.5m in May, replenishing its landbank back to around 1m sq ft of GFA.
 
With attractive en-bloc acquisitions hard to come by these days, MCL has put its cash to work with its
latest acquisition, while at the same time replenishing its depleting landbank. 

The stock is trading at an attractive 0.8x P/B and an FY10F dividend yield of 7%. 

Maintain BUY with a target price of $2.76, pegged at a 25% discount to its RNAV of $3.68/share.
 
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Re: MCL Land

Postby ngcheeki » Thu Aug 26, 2010 5:56 pm

The reason of the trading halt is finally announced. The majority share owner proposed to delist the MCL Land for S$2.45. See the following for more information.

http://info.sgx.com/webcoranncatth.nsf/ ... penelement

Sad to see another undervalue stock with high net cash per share and dividend yield delisting from SGX :( :(
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