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Appoint CK ow's son as assistant COO. I don't think he is that influential to cause the share price up 2 cents today sia
Up 4.7 % today. Not too late to hog into this wagon.
A$ vs S$ has riasen to 1.292 now. Possitive news.
STAMFORD LAND GROUP SECURES A$100M OF FACILITIES
__________________________________________________________________________________
The Board of Directors of Stamford Land Corporation Ltd (the “Company”) is pleased to announce
that the Company and its subsidiaries (the “Group”) have successfully re-financed A$100M of
facilities as follows:-
a. A$80M, 3-year cash advance facility with OCBC Bank; and
b. A$20M, 3-year term loan and guarantee facility with ANZ Bank.
(the “Facilities”)
The Facilities are not expected to result in any material impact on the net tangible assets or earnings
per share of the Company, for the financial year ending 31 March 2010.
BY ORDER OF THE BOARD
TEO LAY ENG
COMPANY SECRETARY
22 DECEMBER 2009
Ow even joked if there was cash flow difficulty , company would not have declared the final dividend, but if he didn't, those who were at the AGM would pinch him.
He reaffirmed no cash flow problem after several shareholders raised this question. Credit line was also readily available beside cash flow from business operations.
serious ( Date: 16-Nov-2009 18:44) Posted:
Chairman CK Ow answered the question of tight cash flow from the floor in recent AGM on 30/7/2009.
He said ; "we do not face cash flow problem, enough cash generated fom the hotel biz and property sales, moreover there is a credit line of 100 millions ( A$ or S$ , he did not specify ) is always there to draw on, so no worry on cash flow ''.
For those who attended the AGM should have taken note of this from him.
I think the project in Auckland could be selling at cost but this gives strong cash flow to SL, at least SL takes back the capital in this project , with very little profit or little loss. Whole project without land cost is about S$100 Millions. |
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Chairman CK Ow answered the question of tight cash flow from the floor in recent AGM on 30/7/2009.
He said ; "we do not face cash flow problem, enough cash generated fom the hotel biz and property sales, moreover there is a credit line of 100 millions ( A$ or S$ , he did not specify ) is always there to draw on, so no worry on cash flow ''.
For those who attended the AGM should have taken note of this from him.
I think the project in Auckland could be selling at cost but this gives strong cash flow to SL, at least SL takes back the capital in this project , with very little profit or little loss. Whole project without land cost is about S$100 Millions.
walao.... Beta so high at 1.57, STI up this one go reverse.....
Whilst gearing is abit high, it is still manageable....but my point is, cashflow.
With the pending maturing of loans, the tight credit market, higher interest on the A$, the refinancing will be costlier. This is not helped by the slower and low margin sales of the Auckland properties.
With the relatively high gearing and low cash position, it will also be a challenge to raise funds to bid for the development/purchase of a Spore hotel to achieve the REIT objective.
So, I think this REIT project is not something that will be happenning anytime soon......unless, perhaps they develop the land on 100 Pasir Panjang Rd......then they can leverage the building cost against the land cost....but the question is, is that a good location for a hotel?
tonylim2 ( Date: 16-Nov-2009 08:31) Posted:
During the last AGM , the CFO advised the shareholders, it is to the advantage of the company to maintain the borrowings at present level due to tax system in Australia, the company can enjoy tax rebate from interest expenses ( or I may miss out something more than this reason ? )
So do not have to worry about the borrowings as the company has the reason not to pare down the debt. |
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During the last AGM , the CFO advised the shareholders, it is to the advantage of the company to maintain the borrowings at present level due to tax system in Australia, the company can enjoy tax rebate from interest expenses ( or I may miss out something more than this reason ? )
So do not have to worry about the borrowings as the company has the reason not to pare down the debt.
With so many banks giving facilities to SLC, i think the best action for CK Ow is not to take any actions. Some time its wise not to take any actions....
tonylim2 ( Date: 14-Nov-2009 16:25) Posted:
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Well said. Reit should be out of the question for the time being.
The ongoing sales of the Auckland apartments will provide cash flow to SL. The office project in Perth will also contribute possitively to cash flow after 1 april 2010.
Selling some property will only make sense to reduce borrowing.
The hotel portfolio ? Perth office ? Believe CK Ow knows what is best action to take.
shplayer ( Date: 14-Nov-2009 13:27) Posted:
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2010 2Q results announcement shows that the market situation for SLC has improved. However, the plan by Chmn Ow....to quote clinton86....to go asset light......read as REIT the hotels.... may have to wait a little.
To REIT the hotels, SLC need to have at least one hotel in Spore.
However, if you look at SLC balance sheet, it looks like their liquidity is pretty tight. CurrAsset of S$166m vs CurrLiab of S$280m. Net Cash is S$15m.
Current term loan due are as follows
Dec 2009 - A$96.5m, Jul 2010 - A$ 67.9m, Apr 2010 - NZ$46.6m. of which todate they have secured only A$133m of loans.
Property sale (S$17m) is not helping....the 6 mth profit was a mere S$495k (albeit some of this was 'eaten' by A&P and sales expenses for ongoing projects).....sold 22 NZ apt and 1 Stamford Marque...approx 3% margin).....=> the NZ project is not profitable...may even be losing $$$.
So, with the tight liquidity situation, I can't see SLC securing a hotel in Spore anytime soon...unless Mr. Ow has other plans up his sleeve to go Asset Light.
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Lets enjoy at least a cent ride up tomorrow
Take note that the quater on quater net profit has increased by more than double from 3,161,000.00 to 7,153,000.00.
This has shown its hotel business has turned around.
Well said. Reit should be out of the question for the time being.
The ongoing sales of the Auckland apartments will provide cash flow to SL. The office project in Perth will also contribute possitively to cash flow after 1 april 2010.
Selling some property will only make sense to reduce borrowing.
The hotel portfolio ? Perth office ? Believe CK Ow knows what is best action to take.
shplayer ( Date: 14-Nov-2009 13:27) Posted:
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2010 2Q results announcement shows that the market situation for SLC has improved. However, the plan by Chmn Ow....to quote clinton86....to go asset light......read as REIT the hotels.... may have to wait a little.
To REIT the hotels, SLC need to have at least one hotel in Spore.
However, if you look at SLC balance sheet, it looks like their liquidity is pretty tight. CurrAsset of S$166m vs CurrLiab of S$280m. Net Cash is S$15m.
Current term loan due are as follows
Dec 2009 - A$96.5m, Jul 2010 - A$ 67.9m, Apr 2010 - NZ$46.6m. of which todate they have secured only A$133m of loans.
Property sale (S$17m) is not helping....the 6 mth profit was a mere S$495k (albeit some of this was 'eaten' by A&P and sales expenses for ongoing projects).....sold 22 NZ apt and 1 Stamford Marque...approx 3% margin).....=> the NZ project is not profitable...may even be losing $$$.
So, with the tight liquidity situation, I can't see SLC securing a hotel in Spore anytime soon...unless Mr. Ow has other plans up his sleeve to go Asset Light.
chinton86 ( Date: 07-Nov-2009 00:45) Posted:
are u the tony studying in.......?
I do see a selling pressure to below 40 cents, thus 40cents support will become a resistance. In addition, from years of records, SLC hovers at 20+ cents most of the time and at the current price, i will not say it's cheap.
However, the stock should be annoucing stable set of result on 2Q10 and better result on 3Q and 4Q2010 due to rental recognition on Dynons Plaza that had being rented to Chevrons.
In addition, with the strong AUD$ and perhaps even stronger going forward since the RBA kept on hinting to increase interest rate from the current 3.5%, SLC should benefit in their book.
Going into 2011/12, recognition on income from it's property would bring SLC profit even higher since expenses had being accounted for last year. WHich in turns, Higher dividend....And what if CK Ow go into asset light with SLC? Shareholder will be so happy at the expense of its employees....HAHA!
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It would be worth looking at some companies who are look at expanding their hotel portfolio within the next 10 yrs.
2010 2Q results announcement shows that the market situation for SLC has improved. However, the plan by Chmn Ow....to quote clinton86....to go asset light......read as REIT the hotels.... may have to wait a little.
To REIT the hotels, SLC need to have at least one hotel in Spore.
However, if you look at SLC balance sheet, it looks like their liquidity is pretty tight. CurrAsset of S$166m vs CurrLiab of S$280m. Net Cash is S$15m.
Current term loan due are as follows
Dec 2009 - A$96.5m, Jul 2010 - A$ 67.9m, Apr 2010 - NZ$46.6m. of which todate they have secured only A$133m of loans.
Property sale (S$17m) is not helping....the 6 mth profit was a mere S$495k (albeit some of this was 'eaten' by A&P and sales expenses for ongoing projects).....sold 22 NZ apt and 1 Stamford Marque...approx 3% margin).....=> the NZ project is not profitable...may even be losing $$$.
So, with the tight liquidity situation, I can't see SLC securing a hotel in Spore anytime soon...unless Mr. Ow has other plans up his sleeve to go Asset Light.
chinton86 ( Date: 07-Nov-2009 00:45) Posted:
are u the tony studying in.......?
I do see a selling pressure to below 40 cents, thus 40cents support will become a resistance. In addition, from years of records, SLC hovers at 20+ cents most of the time and at the current price, i will not say it's cheap.
However, the stock should be annoucing stable set of result on 2Q10 and better result on 3Q and 4Q2010 due to rental recognition on Dynons Plaza that had being rented to Chevrons.
In addition, with the strong AUD$ and perhaps even stronger going forward since the RBA kept on hinting to increase interest rate from the current 3.5%, SLC should benefit in their book.
Going into 2011/12, recognition on income from it's property would bring SLC profit even higher since expenses had being accounted for last year. WHich in turns, Higher dividend....And what if CK Ow go into asset light with SLC? Shareholder will be so happy at the expense of its employees....HAHA!
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I PM u
Don't quite understand your message , pls clarify. Thanks.
chinton86 ( Date: 07-Nov-2009 22:49) Posted:
| haha...Bro, u got go to the stock which u buy bigbig AGM or not?
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haha...Bro, u got go to the stock which u buy bigbig AGM or not?
I am the tony who studied at ................
Dynons will contribute possitively after 2010 April.
The recent increase of 0.5% on interest rate will incur borrowing costs to SL.
are u the tony studying in.......?
I do see a selling pressure to below 40 cents, thus 40cents support will become a resistance. In addition, from years of records, SLC hovers at 20+ cents most of the time and at the current price, i will not say it's cheap.
However, the stock should be annoucing stable set of result on 2Q10 and better result on 3Q and 4Q2010 due to rental recognition on Dynons Plaza that had being rented to Chevrons.
In addition, with the strong AUD$ and perhaps even stronger going forward since the RBA kept on hinting to increase interest rate from the current 3.5%, SLC should benefit in their book.
Going into 2011/12, recognition on income from it's property would bring SLC profit even higher since expenses had being accounted for last year. WHich in turns, Higher dividend....And what if CK Ow go into asset light with SLC? Shareholder will be so happy at the expense of its employees....HAHA!
