Sing Holdings

[behappyalways]

(RNAV 84 cents ^^)

Sing Holdings reported record net profit of S$41m for FY12,
representing a 87% increase from FY11 (S$22m). The key driver came from the
progressive recognition of its Cairnhill project The Laurels, which is currently 96%
sold by units, with contracted sales value of S$682m. As of end 2012, Sing
Holding has recognised 70% of the sales from Laurels, with the balance $205m to
be recognised in 2013 and T.O.P. expected in 3Q2013. In line with its higher
earnings, Sing Holdings raised its dividend by 60% to 1.6cts/share, comprising of
a regular 1ct and a special 0.6ct. This translates to a yield of 3.7% based on the
last traded price. Looking ahead, Sing Holdings continues to have a good pipeline
and visibility, underpinned by the launch of its Punggol Field Walk EC site in mid-
2013 and its high-end project at Robin Road in 2014. Notwithstanding the recent
round of cooling measures, demand for EC units is expected to remain firm on
upgraders’ demand, while the Robin Road site enjoys the proximity to the
upcoming Stevens MRT station and good schools in the vicinity. We expect
healthy take-up for these 2 projects, driving NAV/share growth. NAV/share rose
22% to 50.7cts/share during the year. At current levels, the stock trades at a deep
discount of 49% to our RNAV of 84cts/share. (Goh Han Peng)

http://www.remisiers.org/cms_images/res ... Feb_13.pdf

[ichew]

hmm quite disappointed with the 0.6c special dividend
their eps is 10.26c
surely they can at least declare a 2c special dividends ...

[behappyalways]

cashflow kinda tight......they got to pay for the land in punggol, payment for Laurels' loan and possible other acquistions.....got to wait till 2Q/3Q 2013 when they launch the robin project and punggol site and TOP of The Laurels before the cashflow will improved significantly......after then my guess is that they would be on the prowl for the next plot of land since no landbank then......

hmm quite disappointed with the 0.6c special dividend
their eps is 10.26c
surely they can at least declare a 2c special dividends ...

[behappyalways]

Sing Holdings FY2012 results show net profit higher by 96% to S$56.7mn - pays 1.6 cents dividend up from 1 cent in 2011
http://www.nracapital.com/Research/KevinBlog/714

[behappyalways]

Annual Report 2012

FY 2012 Cash and Cash Equivalents - $57,867m (Project Account - $44,992m)

FY2011 Cash And Cash Equivalents - $77,569m (Project Account - $45,910m)

...........................................................................................................

Robin Road Site - Freehold - Proposed 5 blocks of 5-storey condominium housing development with full condominium facilities

Punggol Field Site - 99 year leasehold - Proposed 6 blocks of 17-storey executive condominium with full condominium facilities

..............................................................................................................................................................................

As of 1 March 2013 - 2,572 shareholders

As of 9 March 2012 - 3,020 shareholders

...........................................................

[Chinaman]

This counter engine going to start liao...today closed at 44 cts...good sign bro....waiting for her to fly to 50 cts..hope soon.

[Chinaman]

Swee! wonderful today this ticker touches 49.5 cts...5 cts short of my TP.

Congratulation...to those vested, in particular behappy bro...
this chicken been keeping for the last 2.5 yrs, now then gg to lay eggs.

Vested.

[behappyalways]

wait for the masterplan. should add a few cents to its share price

[ichew]

finally ...
to 50c and beyond

[behappyalways]

One deep lesson I learnt from buying property counters is that even though they might sell their projects very well, the revenues from the sales will take some time to come on stream. Take Sing Holdings for example. The Laurels was 70% sold (if I remember correctly) when it was launched in Feb/Mar 2010....The tender for construction was awarded in Apr 2010 to Lian Beng and the contribution to earning was not really visible till 2012...A project sells well but unless you really intend to hold till its TOP which might be 2-3 years time I do not advise investing in it because during this mean time(from launch to TOP), the stock market might turn negative while the initial contribution to bottom line is negligible. (Sing Holdings fell to as low as 24 cents in 2011 when the stock market tanked even though The Laurels was selling pretty well)

Although I admit that the buzz(from the good sales during launch) might improve the share price.

My own personal view is that it is safer to invest near its TOP OR when bulk of revenue comes on stream hence improving the bottom line while cashflow improves significantly. I believed some of the guys holding Sing Holdings as long as me might agree with what I said.

not vested and not a call to buy or sell Tuan Sing.....

fool me once, shame on you, fool me twice, shame on me


http://www.ura.gov.sg/lad/HBG/progressPayments.htm