Sing Holdings

[behappyalways]

UE E&C owns 30% stake in Waterwoods EC. Minority interest is $5.919m in 4Q2015. Hence Waterwoods contribution to Sing Holdings (70% stake) for 4Q2015 is $13.811m($5.919m/0.3 * 0.7). The majority of the other earnings came from Robin Residences.

If 43% units in Waterwoods had been served with NVP in 4Q2015, then 57% in 1Q2016 will bring in $18.31m( $13.811/43 * 57) . Just an estimation.

Revenue for the quarter arose mainly from the recognition of sales proceeds from those units in Waterwoods which had been served with Notice of Vacant Possession ("NVP") in 4Q2015. Such units accounted for about 43% of all sold units, the balance of which would be served with NVP when the units become ready for handing over to purchasers. Robin Residences also obtained Temporary Occupation Permit ("TOP") in 4Q2015 and as such, the balance 24% of contracted sales was recognised as revenue in the quarter.

FY2014
http://infopub.sgx.com/FileOpen/SHL_4Q2 ... eID=389654

[behappyalways]

Update: Robin Residences Feb 2016
Cumulative Units Sold to-date: 84
Median Price ($psf) in the Month: 2370
Units sold in the month: 5
Cumulative Units Launched but Unsold: 16
Total Number of Units: 134


Update: Waterwoods EC Feb 2016
Cumulative Units Sold to-date: 361
Median Price ($psf) in the Month: 777
Units sold in the month: 1
Cumulative Units Launched but Unsold: 12
Total Number of Units: 373

As of 28 Feb 2016, 363 units of Waterwoods are sold. Remaining 10 units
Robin Residences project will have to meet the QC rules this year. This meant that in order to avoid paying a penalty, the company has to sell the remaining 50 units by the end of the year. In an artcle, the company would have to fork out $6.6m for the unsold 61 units(as of Dec 2015). Founder Lee passed away last week, I wonder if there will be any impact on FH Lee Holdings which holds a substantial stake in Sing Holdings and Sing Inv.

[behappyalways]

Update: Robin Residences Mar 2016
Cumulative Units Sold to-date: 91
Median Price ($psf) in the Month: 2341
Units sold in the month: 7
Cumulative Units Launched but Unsold: 9
Total Number of Units: 134


Update: Waterwoods EC Mar 2016
Cumulative Units Sold to-date: 360
Median Price ($psf) in the Month: 787
Units sold in the month: 1
Cumulative Units Launched but Unsold: 13
Total Number of Units: 373

As of 2 Apr 2016, 363 units of Waterwoods are sold. Remaining 10 units

[behappyalways]

1q2016
http://infopub.sgx.com/FileOpen/SHL_1Q2 ... eID=403301

[behappyalways]

The balance sheet is pretty so there are many ways the company can play around.
Trade Receivables($110.558m) + Cash($41.877m) = $152m ('cash')

Current Liabilities and Non-Current Liabilities = $36.734m + $11.706m = $48m

'cash' minus Total liabilities = $152m - $48m = $104m or 26 cents per share (404m shares)

The bulk of the development properties are due To Robin Residences. They sold 7 units in March 2016 and 5 units in Apr 2016(Based on the announcement only 3 are sold since 69% of the units issued with option to purchase).

Let's say if they manage to sell 5 units of Robin Residences a mth they get to collect $10m -$15m or $30m - $45m per quarter. That's 7 to 11 cents per share.

QC or no QC I am quite confident that Robin Residences would be fully sold when the time comes based on the rate the project is selling.

If the company adopts the its policy of capital management (Page 80 Annual Report), their next investment should be partially covered with debts. Hence personally I feel that their cash level might be higher than necessary.

I doubt they would privatise the company because that would meant a pool of shareholders' fund might not be avail to them unless they can privatise it at a low price (Take note their trading properties $26.858m are trading at cost). Most probably a special payout if the cash hoard continues to accumulate. Sing Holdings bought some Sing Inv shares recently

[behappyalways]

Correction because I did not include minority stake in the receivables

It should look like this

The balance sheet is pretty so there are many ways the company can play around.
Trade Receivables after deduction minority interest($92.558m) + Cash($41.877m) = $134m ('cash')

Current Liabilities and Non-Current Liabilities = $36.734m + $11.706m = $48m

'cash' minus Total liabilities = $134m - $48m = $86m or 21 cents per share (401m shares)

The balance sheet is pretty so there are many ways the company can play around.
Trade Receivables($110.558m) + Cash($41.877m) = $152m ('cash')

Current Liabilities and Non-Current Liabilities = $36.734m + $11.706m = $48m

'cash' minus Total liabilities = $152m - $48m = $104m or 26 cents per share (404m shares)

The bulk of the development properties are due To Robin Residences. They sold 7 units in March 2016 and 5 units in Apr 2016(Based on the announcement only 3 are sold since 69% of the units issued with option to purchase).

Let's say if they manage to sell 5 units of Robin Residences a mth they get to collect $10m -$15m or $30m - $45m per quarter. That's 7 to 11 cents per share.

QC or no QC I am quite confident that Robin Residences would be fully sold when the time comes based on the rate the project is selling.

If the company adopts the its policy of capital management (Page 80 Annual Report), their next investment should be partially covered with debts. Hence personally I feel that their cash level might be higher than necessary.

I doubt they would privatise the company because that would meant a pool of shareholders' fund might not be avail to them unless they can privatise it at a low price (Take note their trading properties $26.858m are trading at cost). Most probably a special payout if the cash hoard continues to accumulate. Sing Holdings bought some Sing Inv shares recently

[behappyalways]

Update: Robin Residences Apr 2016
Cumulative Units Sold to-date: 93
Median Price ($psf) in the Month: 2341
Units sold in the month: 5
Cumulative Units Launched but Unsold: 7
Total Number of Units: 134


Update: Waterwoods EC Apr 2016
Cumulative Units Sold to-date: 363
Median Price ($psf) in the Month: 803
Units sold in the month: 3
Cumulative Units Launched but Unsold: 10
Total Number of Units: 373

As of 15 May 2016, 364 units of Waterwoods are sold. Remaining 10 units

[behappyalways]

Update: Robin Residences: May 2016
Cumulative Units Sold to-date: 93
Median Price ($psf) in the Month: 2397
Units sold in the month: 1
Cumulative Units Launched but Unsold: 7
Total Number of Units: 134


Update: Waterwoods EC May 2016
Cumulative Units Sold to-date: 364
Median Price ($psf) in the Month: 799
Units sold in the month: 1
Cumulative Units Launched but Unsold: 9
Total Number of Units: 373

As of 23 May 2016, 365 units of Waterwoods are sold. Remaining 8 units

[behappyalways]

Update: Robin Residences: Jun 2016
Cumulative Units Sold to-date: 92
Median Price ($psf) in the Month: -
Units sold in the month: -
Cumulative Units Launched but Unsold: 8
Total Number of Units: 134


Update: Waterwoods EC June 2016
Cumulative Units Sold to-date: 365
Median Price ($psf) in the Month: 772
Units sold in the month: 1
Cumulative Units Launched but Unsold: 8
Total Number of Units: 373

As of 11 Jul 2016, 370 units of Waterwoods are sold. Remaining 3 units

[behappyalways]

Update: Robin Residences: Jul 2016
Cumulative Units Sold to-date: 95
Median Price ($psf) in the Month: 2317
Units sold in the month: 3
Cumulative Units Launched but Unsold: 5
Total Number of Units: 134


Update: Waterwoods EC Jul 2016
Cumulative Units Sold to-date: 366
Median Price ($psf) in the Month: 806
Units sold in the month: 2
Cumulative Units Launched but Unsold: 7
Total Number of Units: 373

As of 1 Aug 2016, 370 units of Waterwoods are sold. Remaining 3 units