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Sing Holdings
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focusy
Senior |
22-Jul-2012 18:42
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SING HOLDINGS a value trap? TECHNICS is high-yield play
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Pppandaaa
Member |
23-Apr-2012 22:01
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Even with a 3% yield CD coming, this baby is still not moving up.. Any idea shld Hold or Sell? |
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paul1688
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16-Apr-2012 11:31
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Interesting observation written by an analyst. Written by Leong Chan Teik Monday, 16 April 2012 07:05 At the upcoming annual general meeting (Wed, April 18), shareholders of Sing Holdings may sing the praises of management for more than doubling its net profit in 2011 to $22.1 million. They may also pour out their grievances over the immobile stock price -- and ask the management of the boutique property developer if it will, finally, try to do something about it. Such questions and related comments have been posted by long-suffering shareholders of Sing Holdings (market capitalisation: S$132 million) at an online forum, Valuebuddies.com Sing Holdings has about 3,000 shareholders, with the largest stakeholder being FH Lee Holdings holding a 34% interest. It is the investment vehicle for various Lee family members, including the chairman and CEO of Sing Holdings. (If any reader attends the AGM, please share your observations in the " Your Comments" box below.) The Bloomberg chart below is most telling: The stock price movement has been pretty flat since Sept 2009 -- so, it was not brought down to its knees in the Oct 2011 eurozone crisis nor did it sing a high tune during the market rally at the start of this year. It's understandable why the value investors who are into the stock are wringing their hands. The stock recently closed at 33 cents, a substantial 54% discount to its RNAV of 71 cents a share (as estimated by Kim Eng Research in a June 2011 report). Net profit in $'m'Behappyalways' of Valuebuddies.com is clearly unhappy about it, saying: " The share price of Sing Holdings during the AGM two years ago was $0.37 with dividend of 0.7 cents. Last year it was $0.34 with dividend of 0.75 cents. This year as of yesterday closing it was $0.33 with dividend of 1 cents. " Even though the company is doing well year on year, what did the minority shareholders gain from it? If the management feel that the company does not need join the SGX research scheme to gain more coverage or share buyback, what options do they have in mind? Or no other plans but just continue as usual...... " If mgmt claimed that last year share price was affected by the Euro Crisis, what about Oxley, Hiap Hoe, Roxy, Aspial and etc.....why are the share price up and not Sing Holdings? " If mgmt claimed that as they own a significant chunk of shares, they suffer too......well they have increased in salaries and last year (2011) accrued bonus was $2.378 m vs $1.020 m a year ago (2010)." The higher bonuses are related to the profit jump in 2011, of course. Sing Holdings has enjoyed the fruits of a strong property market of recent years, as the table above depicts. With the government measures to cool the feverish sentiment in the property market, could Sing Holdings be facing a dim outlook? Far from it, as Sing Holdings has a major project, The Laurels at Cairnhill Road, which is substantially (94%) pre-sold and a large chunk of revenue and profit will be recognised this year and next. The Laurels at Carinhill is 94% sold. About $477 million will be recognised as revenue over FY2012 and FY2013.“Approximately S$472.8 million of balance progress billings will be progressively recognised as revenue from FY2012 to FY2013,” said Sing Holdings in its FY2011 results statement. Taking a simple average, the revenue from The Laurels would be $236.4 million in each of the two years -- which is a relatively massive figure. It far exceeds the total Group revenue of $149.6 million and $108.9 million achieved in FY2011 and FY2010, respectively. Better yet, indications are that The Laurels has excellent profit margins for the developer. Sing Holdings derives revenue largely from development properties, with a small contribution from the rental of the 60 units it owns in BizTech Centre, a freehold light industrial building. Perhaps a weak point about Sing Holdings is that it doesn't have a large landbank or a slew of new projects -- in fact, it has just one currently. The project is in Robin Road/Robin Drive, with a total land area of 8,172 sq m and permissible gross floor area of 12,584.9 sq m, including a 10 per cent balcony area. The total purchase price is S$176.33 million. It is expected to be launched this year and targeted for completion by 2015 to coincide with the completion of the Stevens Road MRT station. While shareholders who have held Sing Holdings stock for a long time may be unhappy with the lack of capital gain, the stock could well be a bargain for investors to enter at this time. NRA Capital chairman Kevin Scully has a 'buy' call on Sing Holdings, which he recently mentioned in KEVIN SCULLY: Key takeaways from panel discussion at Invest Fair. Lee Sze Hao, CEO, Sing HoldingsAside from NRA Capital, Sing Holdings appears sporadically - in favourable terms as an undervalued stock - in various other analysts' reports. Trouble is, no analyst consistently covers the stock. This is a constant grouse of some shareholders, in addition to the fact that Sing Holdings has not engaged in corporate share buybacks. Such action does not guarantee a firmer stock price, though, as not a few companies have discovered. Sing Holdings insiders, mainly the CEO, do buy shares for their own accounts from time to time, which itself is a positive signal that the stock is undervalued. The most recent would be CEO Lee Sze Hao's purchase of 1.356 million shares just last month (March) at an average of 33.9683 cents a share. |
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paul1688
Senior |
12-Apr-2012 09:59
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Saw this on Kevin Scully's thoughts from the recent Invest Fair Panel Discussion. Marco View - US economy is chugging along nicely but it will be difficult for the economy to see strong economic growth given the high levels of unemployment. Any further QE will lilely be delayed until we see signs of weakness or a slowdown in the momentum of the economic recovery. EU unlikely to break-up but problems are very serious and likely to last many years. More LTROs will be needed as each country encounters problems. High levels of unemployment and almost non-existent GDP growth will mean little chance of the EU coming out of the recession. US$ favoured over the Euro. Stocks have rallied on the back of the better US economic data, a soft landing in China and no collapse of the EU. Market likely to consolidate and correct from recent gains but should end 2012 higher than current levels barring a major crisis such as war in the ME with Iran. My Views - The early 2012 rally has priced in much of the good news ie US economic recovery, soft landing in China and easing of credit in China, and a reprieve NOT a resolution to the debt problems in the EU through the LTROs but recovery will be difficult. Going forward, I expect the market to give up some of its recent gains on profit taking and as we see the emergence of some “bad news” because expectations were too positive. These include some bumps in the US economic recovery (such as the latest job data), problems in the EU starting with Spain but we could have a resurfacing of Greece or other PIGS members in the coming months. This translates into increased volatility in the months ahead. This excludes war in the Middle East with Iran – that could be a major negative if it materialises. I expect the market to consolidate in the next quarter and am looking at a possible correction to the 2700 level on low volume. The main concern for me has been that the rally started with fund managers who were underweight putting money into blue chips but volume in the blue chips has declined with the bulk of the market volume today in penny stocks. How high can the STI Index go in 2012? - Hard to predict but if I assume that some blue chips (DBS< OCBC, UOB, Genting, Singapore Telecom and SGX) hit their fair value (mean target price of analysts) then the STI is likely to rise by between 150-200 points. This means that we could see the STI Index rise to about 3150 to 3200 in the latter half of 2012. Property – outlook still dependent on Government policy and as we seen more completions coming onstream – we could see further weakness in property prices. The key strategy here is to look for companies which have not been too aggressive in building their land bank at high prices or who are cashed up so that can land bank at better prices if and when prices start to ease. My preferred stocks here are Sing Holdings and I would add Oxley Holdings as well at the S$0.40 or below level. |
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Nokita
Senior |
11-Apr-2012 22:15
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Insider buying: GK GOH, ELEKTROMOTIVE, XMH, SING HOLDINGS |
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paul1688
Senior |
11-Apr-2012 14:25
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On 29th March, Sing Holdings made some news with knee jerk price up when its CEO, Lee Sze Hao, bought 1.356 million shares the day before at an average of 33.9683 cents a share. Previously he made 500,000 shares purchase on 7th Oct 2011 at only 26.5 cents per share. So he he paid a lot more and bought a lot more which caught market interests since shift went into the 2nd liners of property plays. LSH now has a direct and deemed interest of 34.04 % stake in Sing Holdings. If you believe Kim Eng Research on their mid 2011 report, Sing Holdings RNAV is now about 71 cents per share! I am vested in Sing Holdings since a while back. There is a holding opportunity cost since the share price has not exactly really spiked up but if we see what happened at Roxy-Pacific and Hiap Hoe, it can massively go up but it needs a price boosting catalyst. I like Sing Holdings as its progressive recognition of secured earnings from launched projects like The Laurels are very positive, it does not have any expensive leasehold landbank in current times, and it has the prized consolidated Robin Road site for next property launch which I feel will do and hold up very well regardless of state of property market (next to Stevens Road MRT and even more attractive location than CDL's Glyndebourne). Sing Holdings has cleverly target good sites to acquire and has done well as a boutique developer without risk of overvalued landbank or mass of unsold leasehold units. The flip side on Sing Holdings is its poor investor communication and relationship management. Dividend is decent but nothing to gloat about, the company does not believe in share buyback and management does not appear willing to engage investors' patience by rewarding them with growth news or special dividends, etc, So, to invest or not depends on your belief in its market engagement approach and your time horizon to reap the rewards (if it does happen). I just happen to see it as undervalued (relatively). Remarks : Not an enticement to invest, |
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Pppandaaa
Member |
10-Apr-2012 23:34
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this stock has not been moving for a while? anyone still looking at this stock? |
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ace333
Supreme |
28-Mar-2012 22:28
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looks good any px tgt? |
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alexchia01
Elite |
26-Mar-2012 11:27
Yells: "Catch The Stars And Ride With Them" |
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I think can buy SingHldg today. Entry: $0.345 to $0.365 Stop-Loss : $0.305 More on my Blog at Alex Trades. Good luck. |
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propertyinvestor
Member |
20-Feb-2012 10:08
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4 more units has since been sold in the Laurels only 14 units left! |
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propertyinvestor
Member |
04-May-2011 09:27
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Good news! Another 5 more units in The Laures has been sold in the past month! Sing Holdings left only 18units in The Laurels. |
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propertyinvestor
Member |
19-Apr-2011 09:36
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http://www.remisiers.org/cms_images/ssu18042011ke.pdf |
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chinton86
Veteran |
18-Apr-2011 13:26
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Both are equals la |
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propertyinvestor
Member |
18-Apr-2011 12:27
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I dont see a reason why stamford land is better. Sing Holdings has sales that are already locked in to the tune of 110million. Cant say the same for stamford land. And they got their robin road landbank cheap. |
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jamesng
Veteran |
17-Apr-2011 20:52
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Only you in this thread....sing holding no moving at all...I think Stamfordland is a better one....want to debate here??? STX OSV much better.... |
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propertyinvestor
Member |
17-Apr-2011 17:57
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91% of The Laurels has been sold! |
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propertyinvestor
Member |
06-Apr-2011 16:58
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Seems likely to breakout soon? |
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propertyinvestor
Member |
01-Apr-2011 09:23
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Still very undervalued at this price! |
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propertyinvestor
Member |
18-Mar-2011 09:12
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Good news will push this share price up |
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propertyinvestor
Member |
16-Mar-2011 10:46
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Get it cheap! NAV of 36cents with RNAV of 60cents! |
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