Wheelock Properties

Re: Wheelock Properties

Postby winston » Tue Aug 15, 2017 9:05 am

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Wheelock Properties (S) Ltd: Respectable sales across launched projects

2Q17 PATMI increased 3.4% YoY to S$36.5m mainly due to higher sales from Scotts Square and the Fuyang City project in China, and lower selling and marketing expenses, partially offset by lower sales at Ardmore Three and The Panorama and lower interest income from the group’s investment in quoted securities.

All considered, we deem this quarter’s results to be fairly healthy and in line with expectations.

Despite primary sales activity in the high-end segment being relatively muted over 1H17, Wheelock has achieved a respectable level of sales across its launched projects. 85% (71 out of 84 total units) of Ardmore Three has been sold after it was re-launched in April 2016 and we understand that the Panorama is now fully sold.

The group’s balance sheet remains solid with S$447.7m in cash and equivalents and is in a net cash position.

Currently at 0.71x price-to-book, we believe the stock remains attractively priced.

Source: OCBC
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Re: Wheelock Properties

Postby winston » Wed Sep 06, 2017 12:50 pm

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Ready To Pounce

We see good value in Wheelock that is trading at a deep 33% discount to its RNAV of S$2.74, despite its net cash position with S$448m in the coffers and no outstanding debt.

It is a key beneficiary of the property sector turnaround and rotational interest, deriving over 80% of its value from Singapore.

It offers a stable dividend yield of 3.3% supported by a strong recurring income stream from its investment properties.

Resume coverage with a BUY and a target price of S$2.33.

Deployment of S$2b in acquisition headroom will be a key re-rating catalyst.

Source: UOBKH

https://research.uobkayhian.com/content ... 7335e1d101
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Re: Wheelock Properties

Postby winston » Fri Nov 24, 2017 9:07 am

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Wheelock Properties (S) Ltd: Sitting on a strong balance sheet

Boosted by the turnaround in the domestic residential market, Wheelock’s projects are now mostly sold.

We understand that 98% (78 units) of Ardmore Three have been sold.

At Scotts Square, 88% of the units (299 units out of 338 units) have been sold and, of the 28 unsold units earmarked for lease, 71% has been tenanted.

Since Jun 2017, all 698 units at the Panorama have also been sold and the project subsequently attained TOP in Sep 2017.

To recap, the group recently reported quarterly results with 3Q17 PATMI increasing 72.1% YoY to S$48.8m. This was broadly in line with expectations.

The group’s balance sheet further strengthened with S$607.0m in cash and equivalents and is in a net cash position.

Currently at 0.74x price-to-book, we believe the stock remains attractively priced.

Source: OCBC
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Re: Wheelock Properties

Postby behappyalways » Wed Dec 06, 2017 9:35 pm

Wheelock Properties posts 72% rise in 3Q earnings to $49 mil

By Samantha Chiew

SINGAPORE (Nov 14): Wheelock Properties reported 3Q17 earnings increased by 72.1% to $48.8 million compared to 28.3 million in 3Q16.

Revenue for the three months ended September rose 19.7% to $182.7 million from $152.6 million a year ago.

As at Sept 30, 78 of the 84 units at Ardmore Three have been sold.

Meanwhile, 299 of the 338 units at Scotts Square have been sold. Of the 28 unsold units earmarked for lease, 71% have been tenanted.

All 698 units at The Panorama have been sold since June.

In China, about 98% or 765 of the 784 units launched in Phase 1 and 2A of 雍景山 have been sold.

Wheelock also says occupancy in its investment properties remains high. Overall occupancy for Wheelock Place was 94%, of which another 3% has been pre-committed, while that for Scotts Square Retail was 99%.


Source: The Edge

https://www.theedgesingapore.com/wheelo ... ngs-49-mil
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Re: Wheelock Properties

Postby winston » Wed Feb 28, 2018 9:51 am

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Wheelock Properties (S) Ltd: Results within expectation

Wheelock Properties' (Singapore) (“WPS”) FY17 revenue was down 30.7% YoY to S$533.7m or 99% of our forecast, mainly due to lower sales at The Panorama and Ardmore Three – both developments have been completed sold since June and Nov 2017 respectively.

FY17 gross profit was nonetheless up 12.6% at S$127.7m due to better margins.

Net profit almost doubled from FY16 to S$115.2m in FY17 or 95% of our forecast, mainly due to a S$55.7m fair value loss on WPS’s investment properties in FY16.

Stripping out fair value changes on investment properties, FY17 net profit would have increased 2% YoY to S$116.1m.

A first and final dividend of 6 S cents was declared, which translates to an FY17 dividend yield of 3.2% against yesterday’s closing price of S$1.88.

As at 31 Dec 2017, Scotts Square is 89% sold (301 out of 338 units), with marketing on-going.

In China, about 99% (781 of the 784 units) launched in Phase 1 and 2A of Yong Jing Shan (雍景山) have been sold, with handover of duplexes and townhouses of Phase 2A in progress.

The construction of the remaining highrise apartments for Yong Jing Shan is expected to complete this year.

Overall occupancy for Wheelock Place and Scotts Square Retail was 95% and 98% respectively.

Source: OCBC
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Re: Wheelock Properties

Postby winston » Thu Mar 01, 2018 12:16 pm

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Wheelock Properties (S) Ltd: Fret not! Opportunities still await

Wheelock Properties' (Singapore) (“WPS”) posted an in-line set of results.

Going forward, we look forward to stable contributions from the group’s investment properties.

While future contributions from the development property segment will be affected by the rapidly dwindling pipeline of projects, WPS’s cash rich balance sheet offers it the opportunity to pursue other development projects locally and abroad.

In addition, we believe the group’s track record in high-end/luxury development projects will allow it to take advantage of the cyclical environment in both Singapore and China.

With a change in covering analyst, our fair value increases slightly from S$2.27 to S$2.34. Against yesterday’s closing price of S$1.87, Wheelock is trading at a 36% discount to our fair value.

Source: OCBC
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Re: Wheelock Properties

Postby behappyalways » Sun Jun 17, 2018 3:50 pm

Wheelock Properties' 1Q earnings jump more than threefold to $30.8 mil on profits from associates
https://www.theedgesingapore.com/wheelo ... associates
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Re: Wheelock Properties

Postby winston » Mon Jul 02, 2018 8:30 pm

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SI RESEARCH: WHEELOCK PROPERTIES (SINGAPORE) – DEVELOPER WITH DEEP POCKET

by Don Low

June 27, 2017 S

About Wheelock

Wheelock is a primarily a property investor and developer with focus on luxury residences. Amongst its ongoing residential development projects in Singapore are Scotts Square Residences, Ardmore Three and The Panorama.

In addition, the company has one residential development project in China’s Fuyang district comprising villas, townhouses and duplexes on a site area of 3.2 million square feet.

Apart from residential development, the company also owns two commercial properties, Wheelock Place and Scotts Square in the bustling district of Orchard Road, under its investment portfolio.

Deep Pocket

In its latest financial 1Q17 result, Wheelock has a cash balance of $530.6 million and zero debt. This gives Wheelock a net cash position of $0.443 per share or 23.6 percent of the current share price of $1.88.

Meanwhile, investment properties and development properties amounted to a value of $1.9 billion or about $1.57 per share. In other words, after accounting for the cash portion, investors are effectively getting an 8.5 percent discount for Wheelock’s properties alone!

Conversely, Wheelock’s total liabilities only amounted to $203.6 million while current assets itself amounts to $1.3 billion. Reasonably, barring that the company seeks out acquisitions or land-banking opportunities, we can expect that Wheelock’s cash assets would increase to over $1 billion in next few quarters as it continues to book in sale proceeds.

In addition, Wheelock already recorded a fair value loss on both Wheelock Place and Scotts Square by a total of $54.3 million in 4Q16. Given that, we can assume that a turnaround in the property market may help lift Wheelock’s investment properties value for FY17 and hence give investors deeper value at the current share price.

Privatisation Candidate

As a whole, Wheelock has a massive net asset value of $3 billion ($2.52 per share). Against the current share price of $1.88, Wheelock is thus changing hands at 0.75 times price-to-book (P/B) or at a 25 percent discount.

With the steep discount of its shares, getting economically viable funding options from the equity market might be a challenge for Wheelock. This is in addition to the fact that the company has to incur costs for listing on the Singapore Exchange. Given that the company’s land-banking activities also have been somewhat muted, there may be possibility that there is intention for Wheelock to be privatised.

Wheelock and Company, the parent of Wheelock, owns about 76 percent of the company. Assuming the parent offers a 15 percent premium to the current share price, it would only require slightly over $620 million to take Wheelock private. In doing so, the parent will be able to gain excess to its ballooning cash pile that potentially could be over $1 billion.

Valuation

Even if a privatisation of Wheelock does not materialise to unlock shareholder value for investors, Wheelock’s consistent yearly dividend per share of $0.06 still offers an attractive 3.2 percent yield on the current discounted share price.

Source: Shares Investment

http://aspire.sharesinv.com/48478/si-re ... ep-pocket/
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Re: Wheelock Properties

Postby winston » Mon Jul 16, 2018 11:57 am

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Wheelock Properties Singapore – Prime privatisation candidate
June 2, 2017

Source: Phillips

https://www.stocksbnb.com/reports/wheel ... candidate/
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Re: Wheelock Properties

Postby winston » Thu Jul 19, 2018 7:48 am

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VOLUNTARY UNCONDITIONAL GENERAL OFFER @ Sin$2.10

Compulsory Acquisition

Pursuant to Section 215(1) of the Companies Act, in the event that the Offeror receives valid
acceptances pursuant to the Offer and/or acquires Shares otherwise than through valid
acceptances of the Offer in respect of not less than 90% of the total number of issued Shares
(other than those already held by the Offeror, its related corporations or their respective
nominees as at the date of the Offer and excluding any Shares held in treasury), the Offeror
would be entitled to exercise the right to compulsorily acquire all the Shares from Shareholders
who have not accepted the Offer at a price equal to the Offer Price

http://infopub.sgx.com/FileOpen/Offer%2 ... eID=516810

http://infopub.sgx.com/FileOpen/Press%2 ... eID=516811
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