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CHUAHY ( Date: 15-Apr-2009 10:00) Posted:
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any idea why the sudden surge ?
got any good news report ??
joshlai86 ( Date: 15-Apr-2009 09:29) Posted:
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Lian Beng Group Ltd announced on Monday that its wholly-owned subsidiary, Millennium International Builders has secured a construction contract worth about $99.45 million to build the Ritz-Carlton Residences, Singapore, at Cairnhill.
Construction is expected to begin in the third quarter of 2008 and is targeted to be completed by the fourth quarter of 2010.
2 properties from lian beng were launched recently...one is kovan residences..the other is OHL..
lian beng share price has taken a big hit.. and Sam Goi is still vested from what i reckon this has some meat if their 2 properties have good take up rates..
In my opinion, the C*** had made many wrong calls ... so one has to make judgement carefully..
zhuge_liang ( Date: 25-Jun-2008 00:27) Posted:
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| Bid Vol | Bid | Ask | Ask Vol |
| 665,000 | 0.295 | 0.300 | 459,000 |
| 770,000 | 0.290 | 0.305 | 358,000 |
| 544,000 | 0.285 | 0.310 | 300,000 |
| 324,000 | 0.280 | 0.315 | 112,000 |
| 456,000 | 0.275 | 0.320 | 225,000 |
| 217,000 | 0.270 | 0.325 | 15,000 |
| 240,000 | 0.265 | 0.330 | 100,000 |
Lian Beng Mon said its subsidiary and a joint venture company have been given construction contracts worth a total of about $116.6 million.
The building contractor said that its wholly-owned subsidiary, Lian Beng Construction, got a $36.2 million contract to build a 15-story block of residential apartments with a basement parking lot and swimming pool. Work will start in July and will be completed by July 2010.
The unit also won a $50.4 million contract to build a 33-unit residential block. Work will start in July and be completed by Nov 2010.
Lian Beng - Ri Dong JV Pte Ltd., a 50-50 joint venture established between Lian Beng and Ri Dong Corporation Pte Ltd., got a S$30 million contract to construct pipe jacking parts for the pipeline from a water recycling and treatment facility. Work has already started and is expected to finish by July 2009.
Lian Beng said the contracts are expected to have a positive financial impact on the net tangible assets per share and earnings per share of the company for the financial year ending May 31, 2009.
ygc91285 ( Date: 06-Jun-2008 09:22) Posted:
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They are not the only broker who have slashed their tp. Report of Lian Beng from KE.
A clear surge in prices of building materials. Based on our understanding, basic raw materials used in construction actually accounts for a small portion of the total contract value. Steel alone, for example, accounts for only about 5% of the total contract value on the average. Assuming a further 30% inflation in steel prices, we expect LBG’s construction margins to be eroded by 1.5 pts. In addition, contractors would lock in their prices with suppliers for periods ranging from 6 months to a year, hedging their price risk even if raw material prices increase along the way. LBG also has an added advantage with respect to controlling ready-mixed concrete prices, as it has its own batching.
We reiterate our stance that Lian Beng’s value proposition comes from its construction business. It has equity stakes in a handful of residential development projects and the resultant development profits serve as an added bonus. Reviewing the portfolio of projects and the expected breakeven prices, we believe that they will all be profitable when launched. Even assuming a 10% loss provision for Lincoln Lodge, a project which may have higher risks, the impact on the SOTP valuation is only 1 cent per share! Considering the residential property market’s weak sentiment, we have adjusted our ASP assumptions and profit recognition schedules.
We have revised our profit recognition schedules for the construction and property development businesses, and have conservatively trimmed our construction margin assumptions for new contracts from 17.5% to 15%, reducing FY08 and FY09 forecasts by 14.2% and 26.8% respectively. In line with market conditions leading to a sector de-rating, we have lowered our 12-month tp to $0.68 from $1.12, based on a sum-of theparts valuation with a 10x FY09 consensus PER on the construction profits. As the 42,000 planned residential units in the supply pipeline are progressively released into the market, as well as the development of the commercial hubs in Jurong, Kallang and Paya Lebar, the construction companies are expected to remain busy for the next 5 years at least. Maintain BUY.
Slashed from 1.32 to 0.38!!!!! Have they done the home work properly (i mean when they gave TP=1.32?) Anyway, good luck.
0117 GMT [Dow Jones] STOCK CALL: CIMB downgrades Lian Beng Group (L03.SG) to Neutral from Outperform on reduced upside to revised target price of S$0.38 vs S$1.32 previously. Target cut reflects change in valuation methodology to 8X FY09 P/E from sum-of-parts analysis earlier, noting property development profit unlikely to materialize in next two years. Cuts FY08-10 earnings forecasts for construction group by 11%-60% to account for property development risks stemming from certain projects in Singapore where benchmark transacted prices have fallen below breakeven costs, as well as higher construction material costs. Stock +1.5% at S$0.33. (FKH)