InvestIdeas

sharing more notes ... tot i'd post their FY09 results here liao ... apparently i didnt ... anyway good to see heeton price up these 2 days

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let's take a look at koh bros too

from koh bros FY09

NAV = 33.53
num of sh = 479,613,400
equity = 163.054m
devlpt ppty = 124.28m

cash = 41.402m => $0.085
debt = 258.286m => $0.539
d/e = 1.584!

if sold 150m, koh bros = $0.31
lastdone = 0.25 .. 24% diff

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if sold 150m, heeton = $0.67
initial = 0.45 .. 48.8% diff
lastdone = 0.495 .. 35% diff
could this be the reason? to close the gap?

from heeton FY09

NAV = $0.807
num of sh = 223,846,000
equity = 180.637m
devlpt ppty = 259.852m

cash = 11.906m but 10.368m r pledged
debt = 351.48m => $1.57
d/e = 1.945!

AR09 pg 65
fair value of Sun Plaza = 122.5m (valued by CBRE as at dec-09)
current debt= 42.726m

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anyway their AGM is gg to be held at a very exotic Hong Heng Mansions at 60 Sembawang Rd
27apr 10am
anyone gg?

actually their office is at hong heng mansions so nothing exotic

summary from AGM

Q) update on sun plaza?
A) EOI for sun plaza concluded liao. now negotiating and studying. may not have an open tender.
if no good offers, keep for rentals

Q) can shdrs be expecting good div if sold?
A) mgt said they will take care of shdrs.
but cant give all as they need to keep some cash for growth etc.
but pointed out that they had been increasing div in the past 3 yrs

Q) update on lumos?
A) sold enough to cover construction costs so no hurry to launch the rest.
but ceo believe window has open n will look to sell the rest.
TOP 1Q2011.

Q) update on ur thai ppty?
A) 2 WIP.
1 fully sold.
1 50% sold.
1 to be converted to svc apartment

Q) is JP Morgan still involved in iLiv@grange?
A) no.
they sold back to heeton at nominal fee.
and ceo said JPM already helped pay for a substantial part of the upfront costs
[well after chking, i wouldnt say it is substantial but let's say it is enuff to pay off yoo]

others comments
- CEO is studying to divversify into svc apartment/ hospitality.
prob starting with their El Centro devlpt

Thanks ichew for updates. I alr. sold off Heeton and Koh Bros.
Now watching by the sidelines and waiting for World Cup to start.
But I think Heeton got more future catalysts.

http://info.sgx.com/webcoranncatth.nsf/ ... 0Jun10.pdf

The Board of Directors of Heeton Holdings Limited (the “Company”) wishes to announce that the Company has signed a Memorandum of Understanding on Cooperation (“MOU”) with Guangzhou Knowledge City Investment and Development Co., Ltd and Singbridge International Singapore Pte. Ltd. on 30 June 2010 (“the Parties”).

The Parties intend to cooperate in the development of neighbourhood centres in the Sino-Singapore Guangzhou Knowledge City, located in Guangzhou Municipal, Guangdong Province, in the Republic of China. The Parties agree to discuss and agree on the scope and terms and conditions within a period of six months from 30 June 2010.

6 mth MOU.
let's see if anything comes out of this.

wonder if they r able to find any buyers for their sun plaza
shld have some news on this by end july
hopefully is Good News

mou is like promising you that i will built a castle in the air for you without any contactual obligation.

MOU is what you sign to prove that you didn't just spent a few days playing at a resort...but actually had some work done...

MOU is acronym for

Me got wOrk, U know

http://info.sgx.com/webcorannc.nsf/vwpr ... enDocument

and for the good works, heeton is promoting their FC to GFC and hiring 2 GMs

(1) Promotion of Financial Controller to Group Financial Controller
(2) Appointment of General Manager, Property Development
(3) Appointment of General Manager, Marketing & Sales

anyway when r they selling their sun-plaza?!

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

not selling sun plaza

(Their renovation of Sun Plaza should be completed in this quarter. Went to the library a few times and the new look is definitely much better than in the past. Valuation of Sun Plaza should be higher and easier to sell. Worth to monitor and take note)

Not Vested

APPOINTMENT OF CUSHMAN & WAKEFIELD (S) PTE LTD AS MARKETING AGENT FOR
DISPOSAL OF ILIV@GRANGE
http://infopub.sgx.com/FileOpen/Heeton_ ... eID=344167