Wheelock Properties

Wheelock Properties

Postby helios » Wed Jul 02, 2008 5:32 pm

this's for qxing.

In e trend of continual fall ... e next support is held @ 1.68.

Will events like e Formula One Race, n Marina Bay IR helps to uplift anything?
(NB: e Press announcement is Tmr).

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Chart was reviewed on 02-July'08
[Finance disclaimer: The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought regarding investing of any stocks/ funds and/or whatsoever. The author has no vested interest in the mentioned stock at the time of writing.
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Wheelock Properties

Postby ishak » Mon Aug 11, 2008 3:50 pm

On my radar now @ 1.51.
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Wheelock Properties

Postby ishak » Thu Aug 14, 2008 8:21 pm

Wheelock Properties profit falls 50 %
Business Times - 14 Aug 2008, By ARTHUR SIM

Wheelock Properties reported on Thursday a net profit of $15 million for Q2 2008, a fall of 50 per cent compared to $30 million in Q2 2007.

Revenue for the quarter was $88 million, a fall of 10 per cent for the same comparative period in 2007.

Wheelock said that revenue decreased as most units in The Sea View and The Cosmopolitan were sold in earlier years and dividend income from the investment in Hotel Properties Limited was lower.

The decrease was partially offset by revenue recognition in respect of units sold in Ardmore II in the current period, it added.

Wheelock said that if the effects of the revaluation surplus (net of tax) of $74 million on Wheelock Place and impairment loss of $85 million on its SC Global investment were excluded, the group's profit after tax for Q2'08 would have been $27 million, a decrease of 12 per cent when compared to Q2'07.

Earnings per share for the quarter was 1.27 cents per share , down from 2.55 cents per share in the corresponding quarter in 2007.
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Wheelock Properties - Analyst DBS

Postby ishak » Fri Aug 15, 2008 7:13 pm

HOLD S$1.45 STI : 2,816.66
(Upgrade from Fully Valued)
Price Target: 12-month S$ 1.59 (Prev S$ 1.88)
Reason for Report : 2Q08 Results
Potential Catalyst: Acquisition of more landbank

Limited downside
Story: Wheelock reported 2Q08 revenue of S$87.9m with net profit at S$15.3m. Like the previous quarter, revenue came from recognition of its sold out projects The Sea View (obtained TOP in the quarter), The Cosmopolitan (obtaining TOP in 3Q08) and Ardmore II; as well as rental from Wheelock Place. Wheelock also booked a S$90m revaluation gain for Wheelock Place, but took a S$85.4m impairment loss on investments in its P&L as a result of paper losses for its stake in SC Global. Wheelock changed its financial year end from 31 March to 31 December earlier this year, so no comparable figures are available.

Point: Wheelock will not launch Orchard View (30 units) or Ardmore III (84 units) this year – these are its only remaining landbank. It only has Scotts Square to offer, where only 6 additional units were sold in 2Q08. However, it commanded a healthy ASP of c. S$4,100psf according to URA data, which demonstrates that it is willing to pace out sales while maintaining ASPs, given its healthy balance sheet. Its net cash position rose S$119.9m in 1Q08 to S$255.4m in 2Q08 (or 21 cents per share), while book NAV per share rose q-o-q to S$1.72 from S$1.70.

Relevance: We are not optimistic of any re-rating catalyst for Wheelock, and the stock is likely to trade range-bound. We maintained a Fully Valued call for Wheelock following its 1Q08 results and the share price has since fallen 35%, underperforming both the STI Index (-12%) and the FSTRE Index (-23%). At the current price, however, Wheelock is trading at 16% below its book NAV, and coupled with earnings visibility from units sold at Ardmore II and Scotts Square, we believe downside is now limited. Hence, we upgrade Wheelock to HOLD with a lower target price of S$1.59 (previously S$1.88), based on 30% discount to its RNAV of S$2.27 (previously S$2.68).

Bought some @ 1.29
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Re: Wheelock Properties

Postby millionairemind » Fri Nov 14, 2008 7:50 pm

Singapore
November 14, 2008, 6.23 pm (Singapore time)

Wheelock's Q3 net profit falls 39%

By ANGELA TAN

Wheelock Properties on Friday said net profit for the third quarter of this year fell 39 per cent to S$132.67 million compared to a year ago.

Revenue was up 21 per cent at S$229.53 million. The increase in revenue was mainly due to the commencement of revenue recognition in respect of units sold in Scotts Square.

The Group's investment property, Wheelock Place, was revalued from $700 million to $790 million by a firm of independent professional valuers based on increased rental reversion.

Decrease in investments of S$188 million was mainly due to the decrease in market value of its investments in Hotel Properties Limited and SC Global Developments Ltd. The decrease for HPL was charged to the fair value and revaluation reserve whilst the decrease for SC Global was charged to the income statement as the investment was considered to be impaired.

Decrease in development properties of S$294 million was mainly due to progress billings from the development properties projects and recognition of the remaining 15% of sales consideration to be billed on The Sea View and The Cosmopolitan upon completion. This was partially offset by recognition of profit on development properties projects and construction costs incurred.

It said if the effects of the revaluation surplus (net of tax) of S$74 million (2007: S$164 million) on Wheelock Place and impairment loss of S$85 million on SC Global were excluded, the group's profit after tax for the 3rd quarter would have been $133 million, an increase of 148 per cent.
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Re: Wheelock Properties

Postby qxing78 » Thu Nov 20, 2008 7:04 pm

If I am not wrong, this is the only listed property company with Net cash positions, ie. Cash minus ST and LT borrowings is positive.
Also they have stakes in HPL and SC Global.
My target stock for property sector.
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Re: Wheelock Properties

Postby blid2def » Fri Nov 21, 2008 12:50 am

Cool, thanks. I love free-loading on others' homework. :D :D :D
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Re: Wheelock Properties

Postby LenaHuat » Fri Nov 21, 2008 9:27 am

Wheelock is free-loading on SG Global and HPL too :lol: CMIG commented that Wheelock could be an industry leader that would emerge from the recession. Wonder if that's what was meant :lol:
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Re: Wheelock Properties

Postby blid2def » Fri Nov 21, 2008 11:27 am

So now I need someone to comment on HPL and SG Global to see if Wheelock is on the the love boat or pirate ship... :D
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Re: Wheelock Properties

Postby kennynah » Fri Nov 21, 2008 11:32 am

u mean...love cruise oceanliner or tekong bound sampan....
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