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Property group Ho Bee Land posted group net profit of S$7.3 million for the third quarter ended Sept 30, down 76.7 per cent from a profit of S$31.5 million for the same period last year.
Ho Bee slow to sell Sentosa projectsNo sale this year yet.
In 2Q13, Ho Bee's revenue from property development dipped 97.7% y-y to S$3.3mn. For the six months ended 30 June 2013, revenue decreased 64.8% from S$174.7mn to S$61.4mn.
Lucas Tan of PhillipCapital said that this was due mainly to lower revenue recognition, as the bulk of One Pemimpin was recognized previously.
" Ho Bee did not record any residential sales for its Sentosa residential units and continues to have majority of their unsold inventory concentrated there," he said while noting that with the cooling measures instilled, demand for new units at Sentosa has dwindled.
As of Dec 31, 2012, Only 47% of Turquoise's 91 units were snapped up while only 28% of Seascape's 158 units were sold.
Ho Bee's Pinnacle Collection is not launched yet.
Backed by its stellar financial position, Tan said that it bodes well for Ho Bee to hold out, pending favorable sales timing for its unsold residential units.
" We expect weak local residential sales for the remaining of FY2013," he said. ...last: $2.07...
2Q13 earnings declined 64% y/y to $26.2m while revenue tumbled 95.8% to $6.1m. The deteoriation was mainly due to lower revenue recognition in property development (-98%) after the group recorded a full recognition of its Orange Grove project, as well as the completion of One Pemimpin in 2Q12. The sale of Hotel Windsor was completed in May 2013, where a net gain of $25.9m was recognized and the revaluation reserve amounting to $94.7m was transferred to unappropriated profit upon completion. Total gain on the sale of the hotel was $120.6m. Revenue from property investment segment was flat at $2.8m, similar to its hotel segment that contributed $2.7m after achieving 86% occupancy for 2Q. In its pipeline, the recent acquisition of Rose Court in London (end-May) was scheduled for completion by end of Jun, which will contribute a full quarter in its next results. In addition, The Metropolis at One North in Singapore is on track for completion in Oct and 82% of the 1.08m sf net lettable commercial space has been pre-committed. Ho Bee has a healthy gearing of 0.24x and currently trades at 0.8x P/B.
Singapolitics
Friday, Apr 19, 2013
SINGAPORE
- Property prices remain high but they are moving in the right
direction, said Deputy Prime Minister Tharman Shanmugaratnam, and the
Government has no plans for another round of cooling measures for now.
The Government is determined to lower the prices of homes relative to
incomes, he said, but does not want to cause a crash in the short term.
" We're not planning another round of measures, but it depends on
market conditions," said Mr Tharman, who is also Finance Minister.
" We're determined to achieve our objective of having prices come down
relative to incomes. And that can be achieved both through income
growth as well as some stabilisation or even cooling of prices."
Mr Tharman was replying to a question on how the Government can
manage inflation in a wide-ranging video interview with The Straits
Times.
The question had picked up the third most number of votes from
readers in an online poll on Singapolitics carried out over seven days.
tonylim ( Date: 19-Apr-2013 10:12) Posted:
Why is it up during this depressed market? Any good news coming?
tonylim ( Date: 19-Dec-2012 11:07) Posted:
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SINGAPORE - CIMB Research raised its target price on property developer Ho Bee Investment Ltd to S$2.21 from S$1.93 and kept its 'outperform' rating, citing a possible upward revaluation of its assets.
Ho Bee shares were up 1.1 per cent at S$1.885, and have jumped 83.9 per cent since the start of the year, compared with a 36.6 per cent rise in the FTSE ST Financial index.
Ho Bee is trading at a 30 per cent discount to its book value, but CIMB noted that " the discount gap is attractive as its book value is set to rise next year," when its commercial property, the Metropolis is revalued.
" Demand for investment assets and quality office properties with large floor plates places Metropolis in good stead for a potential divestment in 2013," said CIMB |
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Why is it up during this depressed market? Any good news coming?
tonylim ( Date: 19-Dec-2012 11:07) Posted:
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SINGAPORE - CIMB Research raised its target price on property developer Ho Bee Investment Ltd to S$2.21 from S$1.93 and kept its 'outperform' rating, citing a possible upward revaluation of its assets.
Ho Bee shares were up 1.1 per cent at S$1.885, and have jumped 83.9 per cent since the start of the year, compared with a 36.6 per cent rise in the FTSE ST Financial index.
Ho Bee is trading at a 30 per cent discount to its book value, but CIMB noted that " the discount gap is attractive as its book value is set to rise next year," when its commercial property, the Metropolis is revalued.
" Demand for investment assets and quality office properties with large floor plates places Metropolis in good stead for a potential divestment in 2013," said CIMB.
tonylim ( Date: 19-Dec-2012 09:25) Posted:
| Wow still moving up ... now at 1.935 ...what/s up ? this seldom happens to ho be |
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SINGAPORE - CIMB Research raised its target price on property developer Ho Bee Investment Ltd to S$2.21 from S$1.93 and kept its 'outperform' rating, citing a possible upward revaluation of its assets.
Ho Bee shares were up 1.1 per cent at S$1.885, and have jumped 83.9 per cent since the start of the year, compared with a 36.6 per cent rise in the FTSE ST Financial index.
Ho Bee is trading at a 30 per cent discount to its book value, but CIMB noted that " the discount gap is attractive as its book value is set to rise next year," when its commercial property, the Metropolis is revalued.
" Demand for investment assets and quality office properties with large floor plates places Metropolis in good stead for a potential divestment in 2013," said CIMB.
tonylim ( Date: 19-Dec-2012 09:25) Posted:
Wow still moving up ... now at 1.935 ...what/s up ? this seldom happens to ho bee
hello123 ( Date: 19-Dec-2012 07:57) Posted:
Ho Bee may hit 2.07 before we see a down reaction .
for more detail illustration , see my ho bee chart
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Wow still moving up ... now at 1.935 ...what/s up ? this seldom happens to ho bee
hello123 ( Date: 19-Dec-2012 07:57) Posted:
Ho Bee may hit 2.07 before we see a down reaction .
for more detail illustration , see my ho bee chart
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Ho Bee may hit 2.07 before we see a down reaction . for more detail illustration , see my ho bee chart
It breaks 1.90 liao
Octavia ( Date: 18-Dec-2012 10:56) Posted:
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share buyback..nice..gonna still hang on then ^_^
yewhuan ( Date: 17-Dec-2012 19:05) Posted:
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Wow .... on the move again 1.89 !
yewhuan ( Date: 17-Dec-2012 19:05) Posted:
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Hope it is moving towards its NAV
ztv5dhu9 ( Date: 17-Dec-2012 16:09) Posted:
hands up! whoever's the one hitting all the offers from 1.795 onwards...and tell me y did u do it pls~~~ =p |
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hands up! whoever's the one hitting all the offers from 1.795 onwards...and tell me y did u do it pls~~~ =p
Seem exhausted at 1.80. Need retracement before moving further up. Question is can you wait????
WallStreet3 ( Date: 10-Dec-2012 00:09) Posted:
NVA = $ 2.67 ? you sure about that ?
Might as follow Simon Cheong to make an offer @ $ 2.50 ?
tonylim ( Date: 08-Dec-2012 11:59) Posted:
| Inching all the way to its TP 1.87 day by day and hepefully to its NVA of $2.6 |
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NVA = $ 2.67 ? you sure about that ?
Might as follow Simon Cheong to make an offer @ $ 2.50 ?
tonylim ( Date: 08-Dec-2012 11:59) Posted:
Inching all the way to its TP 1.87 day by day and hepefully to its NVA of $2.67
bishan22 ( Date: 07-Dec-2012 15:00) Posted:
| Kaching kaching at 1.80. let others earn the top cream. Good luck to those still vested. SC Global is the one that stirred the up trend. Haha. |
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Inching all the way to its TP 1.87 day by day and hepefully to its NVA of $2.67
bishan22 ( Date: 07-Dec-2012 15:00) Posted:
Kaching kaching at 1.80. let others earn the top cream. Good luck to those still vested. SC Global is the one that stirred the up trend. Haha.
bishan22 ( Date: 06-Dec-2012 11:03) Posted:
| Ho Ho Ho. Can see 1.8 coming liao. Me holding my saddle tight tight. Good luck. |
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Kaching kaching at 1.80. let others earn the top cream. Good luck to those still vested. SC Global is the one that stirred the up trend. Haha.
bishan22 ( Date: 06-Dec-2012 11:03) Posted:
Ho Ho Ho. Can see 1.8 coming liao. Me holding my saddle tight tight. Good luck.
bishan22 ( Date: 05-Dec-2012 10:16) Posted:
| Haha. 1.7+ coming soon. Good luck. |
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yeah... we new buyers buy at 1.80 - 2.20 so that those who have bought at 1.20 - 1.60 can make + 30 - 50% more.......
we take RISKS to TRY to earn a few hundred dollars .... and some waiting to make EXTRA $20K -$100K more..............
bishan22 ( Date: 06-Dec-2012 11:03) Posted:
Ho Ho Ho. Can see 1.8 coming liao. Me holding my saddle tight tight. Good luck.
bishan22 ( Date: 05-Dec-2012 10:16) Posted:
| Haha. 1.7+ coming soon. Good luck. |
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