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DBS Vickers - Undemanding valuation
Buy (Upgrade from Hold); S$2.50; Price Target : 12-Month S$ 3.19 (Prev S$2.98)
Story: Revenue grew 4% y-o-y to S$30.0m mainly due to the recognition of revenue from residential developments, The Tomlinson, The Boulevard Residence and The Lincoln Modern. Net profit grew from S$0.9m in 3Q06 to S$4.3m in 3Q07.
Point: SC Global has continued to surprise on the upside for its recent launch of the development, Hilltops which fetched an average selling price
(ASP) of S$3,900psf for the 28 units sold. However, with the recent government measures to dampen the booming residential property market, we expect slower future landbank accumulation and limited upside to our valuation.
Relevance: We have adjusted our RNAV to S$3.99 due to (i) post adjustments for the sub-division of every ordinary share into two ordinary shares and script dividend scheme and (ii) higher assumed ASP for Hilltops to S$3,900psf. With a target price of S$3.19 (at a discount of 20% to RNAV), an upside of 28% still remains. Hence, we are upgrading our recommendation from Hold to Buy.
Thanks tiandi, appreciate your help
OCBC - Where's a likely bottom?
- SC Global (SCG) broke out of its wedge pattern some weeks back. This was followed by a break below the 200-day moving average on 1 Nov.
- A likely bottom could be found close to the support at S$4.20, which was a consolidation level between Jan and Feb 07. This is also in proximity to the long-term uptrend line.
- Given the extent of the sell off experienced by SCG over the last few months, we view the downside being fairly limited at this juncture, evident from the stochastic indicator which have been trading within the oversold regions for some time now and is exhibiting a positive divergence.
- Yesterday's reversal candlestick formation, if it is confirmed by a bullish signal today, suggests that we should witness a rebound unfold over the next few days. Our immediate resistance is at S$5.50.
UOB KH - 9MFY07: PATMI up 100% to S$20.6m excluding revaluation gains.
Below expectation.
The Group reported 9MFY07 PATMI of S$20.6m, up 100% over 9MFY06, while revenue rose 4% yoy to S$117.9m. The sales units in The Ladyhill, The Lilncoln Modern, The Boulevard Residence and The Tomlinson mainly contributed to the increase in revenue. The 9MFY07 PATMI is below our expectation representing 40.3% of our full year forecast and 54.6% of consensus full year estimates. The differences arise mainly from the assumptions on the earnings recognition from the Hilltops project. The Hilltops project is 12% sold at an ASP of S$3,900 psf and is expected to contribute to the earnings from FY08 onwards only. We have revised our earnings estimate accordingly.
Withdrawl of deferred payment scheme poses further downside risk to the high end skewed portfolio. We had previously adopted a cautious stance on the high-end segment due to the effect of the sub-prime crisis on investor sentiment, huge upcoming supply, stricter en bloc regulations, tightening of loan approvals by banks, peaking land prices and implied selling prices. The recent demand side measure by the government on the withdrawal of the deferred payment scheme is expected to result in further correction across all sub segments. The correction is expected to be the maximum in the high end where the subsales form 22%-24% of all transactions warranting an even more cautious stance on high end.
Downgrade to HOLD, target price lowered to S$5.55. We expect the Singapore property price increases to slow down over all and believe that the prices in the high end are peaking. We recommend switching to Keppel Land that has more regional exposure. Adopting a cautious stance for SC Global portfolio, which is heavily skewed towards the high end, we peg our target price at 20% discount to the revised FY08 RNAV of S$6.93. Downgrade to HOLD. Entry price is S$4.82.
Phillip Securities Research - BUY
Cheers to the Results
3Q Results. SC Global reported 3Q revenue of S$30.0m (+4% yoy) and net profit of S$4.3m (+366% yoy). The revenue comprised mainly the recognition of sales of the remaining units at the Tomlinson, as well as sales of units at The Boulevard Residence and The Lincoln Modern. Selling prices were also higher and resulted in impressive profits.
Moreover, share of profits from AVJennings Limited, its associated company in Australia, was S$2.5m compared to a loss of S$0.6m in the corresponding quarter last year.
FY 2007 Outlook. Management expects the Group to remain profitable for FY 2007. Its recent projects, The Marq on Paterson Hill and Hilltops, have received approval to offer Deferred Payment Scheme (DPS) and are not affected by the scrapping of the DPS with effect from 26 October 2007.
Furthermore, it has acquired sites at Ardmore Park and Sentosa Cove in 3Q. It now has a prime land bank of over 1.1 million square feet of developable area.
Maintain BUY recommendation and target price at S$4.04. SC Global remains a BUY for investors. It has positioned itself as the developer of high-end residential properties in Singapore. We expect high selling prices for its properties to be maintained despite the recent cooling measures by the government.
So how do those invested in SC Global feeling now after the stock split? Shiok? Knowing that there is room for the stock to go up now? I bet you do.
mike
since you bought on 9 Nov, settlement date is 14 Nov, and you already PAID. per their standard procedure, Book Closure date is tomorrow 15 Nov, 5pm . You should expect the CDP to credit to your account at 15 Nov night time
You may read this information from SGX annoucement, its link is
http://info.sgx.com/webcorannc.nsf/37e9d50ee377b2304825735f00233861/fc73d3b44fbdde05482573840039b6ee?OpenDocument You may like to know also that CDP provide free service on line internet access, if you already have this service, you can logon tomorrow night 15 Nov and you should find your CDP account would have twice the shares after the split.
If you do not have this service and wish to have convenience of internet access, you can go to the links below , read and apply so that you can have convenience of checking your CDP account.
http://www.cdp.com.sg/main/index.shtml http://www.cdp.com.sg/service/internet_access.html
9/11/07 appreciate
mike, when did you BUY? have you check your CDP account?
if my due date is 14 nov, and i have paid up, do i get credited the bonus shares?
Result is out, credible as usual.....can refer SGX website.
Cheers.
Does anyone out there knows what has happen to SC global?
Price is now at $2.51, and only for buying in only.
Thank you
hin all, does anyone know the 3quarter results for this posh babe?
45+% upside to TP plus stock split...
Nothing can stop this bull...Cheong ah!!!
1) BT : Merrill gives SC Global $9.50 target
SINGAPORE - Merrill Lynch has initiated coverage of property firm SC
Global Developments with a 'buy' rating and a price target of $9.50.
Merrill Lynch said the stock was undervalued but could appreciate
further when SC Global launches two of its residential projects in the
coming six months. -- REUTERS
2) SC Global Board has proposed a share split of 1 to 2 ...
Quotes:
From BT
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Published July 18, 2007 
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SCPL's Sentosa Cove site up for grabs
The reserve price has been set at $688 psf per plot ratio
By KALPANA RASHIWALA
THE few remaining land parcels in the upmarket waterfront housing district coming up on Sentosa island are still being sold by Sentosa Cove Pte Ltd (SCPL).
The developer's latest offering is a 71,589 sq ft site slated for development into 15 to 20 strata landed homes (terrace houses, semi-detached homes or bungalows) with shared facilities like a swimming pool or gymnasium. The reserve price has been set at $49.25 million or $688 psf per plot ratio (ppr), SCPL said.
Credo Real Estate managing director Karamjit Singh reckons the 99-year leasehold site could fetch around $70-80 million, reflecting a land price of about $980 to $1,120 psf ppr.
The plot, being offered by an expression of interest exercise, has a 1.0 plot ratio, hence the maximum gross floor area allowed is the same as the land area.
'To optimise the usage of the site, the successful developer will most likely develop strata bungalows,' Mr Singh reckons.
SCPL said the expression of interest exercise closes on Aug15 and the award will be based solely on price.
'Foreigners will be eligible to purchase these strata landed homes as Sentosa Cove has been granted waivers for foreign ownership on residential land,' SCPL said.
SCPL has sold land for about 80 per cent of the total 2,500 homes planned for Sentosa Cove, and more than 120 families have moved into their new homes in the location.
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Quotes:
From: BT
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Published July 25, 2007
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PROPERTY FOCUS
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SC Global makes top bid for Sentosa site
It offered $268.3m for a 99-year leasehold condo plot near Tanjong Beach
By KALPANA RASHIWALA
LUXURY residential developer SC Global Developments has finally made a catch at Sentosa Cove.
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| Mr Cheong: 'We've been waiting for this ... it's a rare site on Sentosa Cove.' |
It yesterday placed the top bid of $268.3 million - $1,799.78 psf of potential gross floor area - for a 99-year leasehold condo plot next to Tanjong Beach, according to provisional tender results.
This is around 32 per cent higher than the previous record for condo land in the area, of $1,361 psf per plot ratio, set in March this year, by a Ho Bee-IOI joint venture. That was for The Seaview Collection plot, which can be built up to eight storeys high.
The Ho Bee-IOI tie-up is believed to have emerged as the second-highest bidder at yesterday's tender for the The Beachfront Collection. Its bid was around 3 per cent below SC Global's.
SC Global had bid for earlier sites on Sentosa Cove but not aggressively, says it chairman and CEO Simon Cheong.
'We've been waiting for this site. This is a rare site on Sentosa Cove - the only site where you can come out of your condo and walk directly to Tanjong Beach. We'll be able to create on this plot a product which is synonymous with the SC Global branding.
'This is also the only condo plot on Sentosa Cove flanked by the sea and the golf course.'
Mr Cheong could not say just how many apartments he is planning to develop on the site, but the maximum allowed by Sentosa Cove Pte Ltd - the master planner for the upmarket waterfront district - for the plot is 88 units. The 113,797 sq ft plot has a 1.31 plot ratio (ratio of maximum potential gross floor area to land area) and a four-storey height limit.
Analysts reckon SC Global's break-even cost for a new condo on the site could be around $2,300 to $2,400 psf.
The project should be launch-ready in Q3 next year. Based on SC Global's track record of commanding premium prices for its projects, it would not be surprising if it is hoping for an average selling price of $3,000 psf or higher, market watchers reckon. Currently, subsale prices at condos on Sentosa Cove are said to have surpassed the $2,300 psf mark.
Yesterday's tender drew a total of five bids. Besides the bids from SC Global and the Ho Bee-IOI tie-up, the other contenders are said to include Frasers Centrepoint and Hong Leong.
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any target after obtaining the sentosa site?
UOB KayHian on 9Jul issued a Buy call on SC with tgt price $8.14.
More and more are paying attention!
