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Excluding revaluations, core operating profit was up 14.0% at $298.1m. Sales at The Trizon project (up 258% at $166.1m) due to revenue recognition and rev from Pan Pacific (up 21% at $109.8m) due to higher room and occupancy rates boosted topline figures partially offset from lower rental income. Renewal rental rates were lower than the expiry rates several yrs ago and fell $9.4m approx 4%.
Co has declared a div of 20c per share same as that of 09. Majority of business remains in property invt, contributing 47.7% of rev and all of fair value gains. Current NAV at $10.00 and at closing price of $7.29 translates to P/B of 0.73x
Singapore Land Limited announced that its subsidiary, SingLand China Holdings Pte Ltd, together with UOL Capital Investments Pte Ltd and Peak Star Pte Ltd have set up a 30:40:30 joint venture for a project in Shanghai , china. The joint venture - Shanghai Jin Peng Realty Co Ltd - will have a registered capital of RMB230 million. It will mainly be involved in the construction and development of a mixed use project comprising residential apartments and retail outlets.
Singapore Land Ltd | |
Company update - Switch to SingLand for better value - by Tan Siew Ling / Donald Chua | |
(SL SP / SLND.SI, OUTPERFORM - Upgraded, S$7.36 - Tgt. S$9.24, Property) | |
We believe that recent sales and intended sales of office assets at initial yields of below 4% point to a return in interest for older assets and continued yield compression for office assets. With SingLand's purer office exposure and more attractive valuations, we advocate a switch out of UIC and UOL to SingLand. We have a higher target price of S$9.24 (previously S$8.54), still pegged at a 15% discount to RNAV but factoring in its recent China site purchase and lower cap rates. We see catalysts from continued office yield compression. |
/cimb
/i came i read i posted FYI only
nickyng ( Date: 07-Dec-2009 10:14) Posted:
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sound ur siren..
Kelong in play.. pure manipulation..
should inform SGX..
wow ! close at $6.36 !! this window dresssing abit overdone and quite obvious rite?!?! :P
| Time | Last | Vol | Buy/Sell |
| 17:05:04 | 6.360 | 47 | B |
| 16:57:37 | 6.010 | 4 | B |
| 16:57:26 | 6.020 | 1 | B |
| 16:57:24 | 6.030 | 2 | B |
| 16:56:55 | 6.050 | 1 | S |
| 16:53:57 | 6.020 | 1 | B |
| 16:50:52 | 6.050 | 1 | S |
| 16:49:29 | 6.040 | 2 | S |
| 16:48:09 | 6.040 | 2 | S |
| 16:48:04 | 6.040 | 3 | S |
| 16:46:44 | 6.040 | 5 | S |
| 16:43:41 | 6.030 | 2 | S |
| 16:42:40 | 6.030 | 1 | S |
| 16:40:31 | 6.020 | 2 | S |
| 16:32:13 | 6.020 | 2 | B |
| 16:32:06 | 6.020 | 1 | B |
| Spore Land | _ 3 mths ended Sep 2009 ___ Net Profit (S$M)_ | $ 56.28 | ___ + | 41% |
Wonder what is WCY intention in increasing UIC stake in SpLd?
Could he have a long term plan to take SpLd private?.......bear in mind, WCY is a very shrewd and patient operator.....see how he got the better of Gongweki thru the GO earlier this year.......he bidded his time for more than 10 years and struck at the most opportune moment....and tightened his grip at a very low price of $1.30. Gongweki could not do a counter bid. According to SGX rules, he would have had to make a counter offer at between 2.50 to 3.00.
In anycase, I estimate that UIC has added approx 6 milion SpLd shares recently.....at about a $3 discount to SpLd NAV. This should yield a 'negative goodwill' gain of approx $18m. ......See UOL 'negative goodwill' gain in 1Q09 from acquisition of UIC shares.
Jusy penning my thoughts......purely speculative.....caveat emptor.....but interested to hear alternative views.
Pursuant to Rule 704(15)(d) of the SGX-ST Listing Manual, United Industrial Corporation Limited (the “Company”) wishes to announce that its deemed interest in subsidiary, Singapore Land Limited (“SingLand”), held through its whollyowned subsidiaries, UIC Enterprise Pte Ltd, UIC Development (Private) Limited and UIC Investment Pte Ltd has increased from 305,050,384 (73.96%) shares to 305,189,384 (73.99%) shares, following UIC Enterprise Pte Ltd’s acquisition of an aggregate of 139,000 SingLand shares on 21 October 2009 (the “Purchase”). The Purchase was on cash terms in the open market at the average price of $5.49691 per share.
Submitted by Mrs Susie Koh, Company Secretary, on 21 October 2009 to the SGX.
At 15.22 hrs - sell Q left with only 6 lots at 5.51. All snapped up by UIC. See latest purchase by UIC of 292lots out of 309lots total for that day:-
Pursuant to Rule 704(15)(d) of the SGX-ST Listing Manual, United Industrial Corporation Limited (the “Company”) wishes to announce that its deemed interest in subsidiary, Singapore Land Limited (“SingLand”), held through its whollyowned subsidiaries, UIC Enterprise Pte Ltd, UIC Development (Private) Limited and UIC Investment Pte Ltd has increased from 304,284,384 (73.77%) shares to 304,576,384 (73.84%) shares, following UIC Enterprise Pte Ltd’s acquisition of an aggregate of 292,000 SingLand shares on 5 October 2009 (the “Purchase”). The Purchase was on cash terms in the open market at the average price of $5.40921 per share.
Submitted by Mrs Susie Koh, Company Secretary, on 5 October 2009 to the SGX.
SGX news yesterday: Wee Investment bought another 103,000 units of Haw Par Corp (which has deemed interest in SP land) for around $4.63.