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any master shifu vested?
john_ric ( Date: 11-Apr-2013 15:06) Posted:
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next privatization target after guthrie .
load some when reach 40 cents or below.
CHINHWEE ( Date: 26-May-2013 16:40) Posted:
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Strongly undervalued Maintain BUY with FV of S$0.56. We maintain that Sing Holdings presents deep value as a niche developer, and investors stand to gain exposure into a growing NAV story Sing Holdings presents. Trading at only 0.65x P/B and at a steep discount of more than 55% to our RNAV es mate of S$0.93, we believe there is minimal downside risks to Sing Holdings. Sing Holdings remains our choice pick for a value play—maintain BUY with an unchanged fair value of S$0.56 based on 40% discount to RNAV. BUY.
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Maybank KE reports: (SING HOLDING)
CEO may increase his stake. Given the visibility of earnings flow through from these projects over the course of next four years, we
believe CEO, Lee Sze Hao, who holds a 36.5% stake, may continue to
raise his stake, and strengthen his stake in the company. Mr. Lee has been building up from 35.1% in 2011, to 36.2% in 2012 at an average
cost of SGD0.32/sh. < < 2013 15-Feb , F.H.Lee Holdings, 1,021,000 shares, $0.4448 > >
We do not rule out the possibility of a partial cash offer as a short-cut to increase his stake, as Wing Tai’s CEO did in 2012.
Trading at a sizable discount to book. The stock is currently trading at 0.7x P/B value, with booked-in profit already worth around half its
current share price. In our RNAV analysis, we estimate the counter to be worth SGD0.83/share, which is almost double the current share
price.
This stock caught my attention..
Will KIV and research more b4 i make my investment decision
gd luck dyodd
From AmFraser 6th March.
We initiate coverage on Sing Holdings with a BUY rating and a fair value of S$0.56, based on a 40% discount to our RNAV estimates of S$0.94. Sing Holdings, a niche luxury developer that has recently moved into the EC segment which has strong supply-demand dynamics, currently trades at a massive 56% discount to its RNAV. With earnings visibility and huge cash inflows from pre-sold units of The Laurels and two other launches, Sing Holdings will boast of a stronger financial position and a stable dividend over FY13-15.
We expect its pipeline of projects to add S$0.33 to its current NAV. We expect PATMI to grow at 9.5% CAGR from 2013‐ 15, and a sustainable dividend per share of 1.6c in 2013‐ 15. This translates into a forward yield of 3.9%. We also expect massive cash infl ows from progress payments to strengthen Sing Holdings’ fi nancial position and pave way for more landbank acquisitions ahead. At current price levels, Sing Holdings off ers a strong value proposition, on top of rewarding shareholders with a decent and sustainable yield of 3.9%.
From Kevin Scully, NRA Capital on 22nd Feb.
SING HOLDINGS reported its full year FY2012 results on 13 February 2013. I am only now writing a commentary as I wanted to have a word with management about the plans for their two projects in Robin and Punggol.
Key highlights in the results are:
a) revenue in 2012 rose 94% to S$290.4mn
b) net profit in 2012 rose 96% to $56.7mn
c) EPS for 2012 is 10.2 cents while its NAV per share as at Dec 31, 2012 was 50.7 cents
d) company has declared a final dividend of 1 cent and a bonus dividend of 0.6 cents
e) gearing ratio is 1.1 times
f) the 2012 performance can be largely attributed to a 41% recognition of the Laurels
g) Sing Holdings expects to recognise the balance of the Laurels in 2013.
Commentary
I added Sing Holdings to my Stock Picks in February 2010 and had estimated then that its NAV per share would be $0.66. Its taken almost three years for the market to recognise this value as Sing progressively recognises the profits from Laurels. The balance 30% of Laurels will be recognised in 2013. Beyond that Sing Holdings will have to rely on its two landbanks in Robin and its recently announced EC project in Punggol to drive earnings and NAV. I am happy about the increase in total dividend for 2012 to 1.6 cents but informed management that they could and should have paid more - say 2 cents to give shareholders a yield of above 5%. Investors should also note that the major shareholder has been buying its own shares since the FY2012 results release. I still like Sing Holdings and it remains a Stock Pick. I have however raised my price target even higher because of its two new landbanks. Look up my Stock Picks section for my new and higher price target.
From OSK-DMG
Sing Holdings, a niche developer focused on the mid-to-high end residential market, does not have an official dividend policy but management intends to pay dividends that are in line with earnings. On all indications, FY12 is likely to be a record year for the company as it progressively recognized earnings from its highly successful Laurels project. As of 9M2012, net profit came in at $27.3m, exceeding the S$22m for the whole of FY11. On our estimates of S$38m net profit for FY12, and assuming a payout similar to last year (18%), the company could raise its payout to 1.5-2.0 cents/share for FY12, representing a 50-100% hike in dividends.
38.5-39 cents.
