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Allgreen earnings report out yesterday. Surprisingly low profile in local media.
2Q10 vs 2Q09
Rev increased 110% to $177.6 million, Profit before tax increased 90% to $64.8 million, profit after tax increased by 68% to $39.4 million.
1H10 vs 1H09
Rev increased 102% to $333.6 million, Profit before tax increased 58% to $112.1 million, profit after tax increased 41% to $74.4 million.
Gearing as at 30 Jun 2010 is 0.32.
Allgreen is super-strong. At its AGM in April 2010, the CEO was saying that there were at least 6 huge investments in China and it will bear fruits in 2012. In shares if we consider investing, if we want mega returns and yet relatively safe bet, we should go for medium to long term. If you notice Allgreen's annual reports, there are lots of landbank and they may not need to buy the land now, unlike other property players who need to replenish their soon depleting landbank. Allgreen with its huge cashflow, will normally buy during downtime and hold them and release them during boom time. If you look at the successful VIVA at Thomson Road and Cascadia at Bukit Timah and Holland Village Projects. These 3 are classic cases of Allgreen holding back through enblock sales many years back and releasing them now at huge profits. Big Boys are fully aware of these and are now pushing Allgreen up now.
As for China, my views are with the appreciation of Reminbi yuan, it is good news for the developers who will get higher value for the same Reminbi yuan sold. The current situation of cooling by China government is in fact good sign for the stability of the China economy. If you refer to Premier Wen's remarks yesterday and also Reuters' news, the economy is going according to the plan and the slower economy allows re-structuring of the economies. Nobody in China want a bubble burst just like Japan in the late 80s to 90s. So the reasons for the measures are valid and good for cooling the over-heated economy, in view of the huge stimulas package of 4 trillian yuan and cheap financing or hot money flowing into the properties and shares.
But Allgreen has got big exposure in China, will that drag it down, because currently there is cooling down measures going on in china, or will it be a boost to the counter?
samloh28 ( Date: 19-Jul-2010 22:29) Posted:
During this period of hot property rush, with strong demand from investors overseas, Allgreen is launching the following units in the 2nd half of 2010 (CBRE, Sunday Times 18 July 2010):
RV Residences at River Valley Road : 248 units
Residential Apartments at Handy Road : 118 units
Skysuites @ Anson at Enggor Street : 360 units
Total : 716 luxurious units.
Big Boys know Allgreen's potential surge in earnings and are buying it up. GOOD LUCK to Allgreen investors.... |
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During this period of hot property rush, with strong demand from investors overseas, Allgreen is launching the following units in the 2nd half of 2010 (CBRE, Sunday Times 18 July 2010):
RV Residences at River Valley Road : 248 units
Residential Apartments at Handy Road : 118 units
Skysuites @ Anson at Enggor Street : 360 units
Total : 716 luxurious units.
Big Boys know Allgreen's potential surge in earnings and are buying it up. GOOD LUCK to Allgreen investors....
Time to buy again for me this counter.
paul1688 ( Date: 21-Oct-2009 23:20) Posted:
Noting Keppel Land strong results, it will be disappointing if Allgreen does not also report a set of strong results especially when management expects 2H2009 should be positive. I would be surprised if the share price does not move much higher than 1.20 to settle at a new base of 1.3x. Just my view.
Disclaimer : Not talking up, or enticing anyone to buy. Do your own research.
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Noting Keppel Land strong results, it will be disappointing if Allgreen does not also report a set of strong results especially when management expects 2H2009 should be positive. I would be surprised if the share price does not move much higher than 1.20 to settle at a new base of 1.3x. Just my view.
Disclaimer : Not talking up, or enticing anyone to buy. Do your own research.
It is unusual if the price will not reach >Sgd. 1.20 in the near term i.e. within this month!
paul1688 ( Date: 09-Oct-2009 10:21) Posted:
I agree with the assessment in this thread. Difficult to gauge the short term price trend but pending no major macroeconomic downturn, Allgreen is poised in my view to accelerate to a much higher price. I am accumulating whenever funds permit so ironically am kind of hoping Allgreen does not shoot off much higher too soon. Good luck to shareholders.
Disclaimer : Vested. Just my view.
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Prove to be right, I have some paper gain in this stock. I still keep buying at today price level.
Hulumas ( Date: 07-Oct-2009 09:33) Posted:
I see it something reversal!!!
singaporegal ( Date: 21-Nov-2007 21:00) Posted:
| Allgreen's TA charts still look bearish. Acc/Dist is heading downwards.
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I agree with the assessment in this thread. Difficult to gauge the short term price trend but pending no major macroeconomic downturn, Allgreen is poised in my view to accelerate to a much higher price. I am accumulating whenever funds permit so ironically am kind of hoping Allgreen does not shoot off much higher too soon. Good luck to shareholders.
Disclaimer : Vested. Just my view.
Thanks for your lead, I read thru the data and realised that Allgreen - has a very huge residential area land bank, if fully developed, the value unlocked will be astonomical.
Completed reading Dr Michael Leong's book titled "Your First $1,000,000 Making It In Stocks", founder of ShareInvestor Holdings, Straits Times Press. Dr Leong made the millions after selling ShareInvestor to SPH, I think $12 million.
One important concept of making solid earnings from stocks is "fundamental investing", with the margin of safety. For Dr Leong, it means cash and Singapore properties at a discount to existing share price, with the company's core business thrown in for free. Taking Allgreen as an example, its current price of $1.13 is 79% of its Net Asset Value, or 21% discount to NAV of $1.43. And it means that buying Allgreen now at current price, you not only getting the stock at great discount, you are also getting the core business of property development/investment/hotels etc for free.
And Allgreen is 34% owned by Mr Robert Kuok, richest man in Malaysia. And the management said clearly that 2nd Half 2009 will be better than the first. Big Boys and Retail Investors know the fundamental strength of Allgreen. And Allgreen seems to be in category of Dr Leong's definition of fundamental investing. However, need to be patience to act and buy the stock for 6 months to 1 year. All signs, bearing any unforeseen circumstances seem to be pointing to strong rebound in world, USA, China, India and most recently Australia's economy. Singapore will likely to follow suit. It means that bull run is imminent, based on the statistics. Do not be surprised that Allgreen may surprise with postive earnings and boosting the share prices, as it is undervalued and earnings look promising. Good luck...
Credit Suisse report issued on 1 Oct 2009
(Analyst: Tricia Song)
The HDB resale price index was up 3.2% qoq in 3Q09, continuing its stable growth of 1.2% in 2Q09.
Though relatively muted compared to the URA property index, the HDB resale price index did not fall as much in the previous quarters. (The URA property index fell 14.1% qoq during 1Q09, the worst historically.)
Singapore’s total population increased 3.1% year-on-year to 4.988 million as at June 2009, according to SingStat.
This was slower than the rate of population growth in the last two years (4.3-5.5%), but is close to the five-year average of 2004-08 (3.3%).
Ms Song believes steady population growth is the major reason for the resilience of the HDB and mass-market private home prices.
Prices for the mid to high end properties are still 13-16% off peak levels, and Credit Suisse believes foreign demand for luxury homes would recover further with the opening of the integrated resorts and the recovery in the real economy.
Ms Song’s call is to buy Allgreen and Wing Tai on dips.
DBS
Vickers report issued on 1 Oct 2009
DBS Vickers: be selective in picking property stocks
(Analyst: Adrian Chua)
DBS Vickers’ Mr Chua advises focusing on:
(1) Value in the midcaps
BUY Allgreen (TP S$1.36) and Bukit Sembawang (TP S$5.94), he says.
(2) Diversification in the big-caps
BUY Capitaland (TP S$4.18), he says.
(3) Companies with smaller landbanks
Such stocks are as a defensive measure in case the sector de-rates in the near-term, says Mr Chua. Some of these include Wheelock (HOLD, TP S$1.85), UOL Group (BUY, TP S$3.93) and Wing Tai (HOLD, TP S$1.75).
I see it something reversal!!!
singaporegal ( Date: 21-Nov-2007 21:00) Posted:
| Allgreen's TA charts still look bearish. Acc/Dist is heading downwards.
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Time to buy, I am buying and accumulating today onward, till the price reaching Sgd. 1.20.
mike8057d ( Date: 22-Nov-2007 15:59) Posted:
| Thanks for the information |
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Thanks for the information
Allgreen's TA charts still look bearish. Acc/Dist is heading downwards.
EastonBay, any update on Allgreen Target Price?
dbsv's analysis
Allgreen Properties (AG SP) 2Q07 results in line; enters Vietnam
S$1.58 HOLD Price Target : S$ 1.89
Allgreen reported a slight decline in revenue by 5% to S$121.8m, mainly due
to lower progressive sales recognition of its residential projects.
However, due to higher selling prices achieved for residential projects,
gross margin improved from 32% in 2Q06 to 39% in 2Q07. Net profit grew 45%
y-o-y to S$27.1m
Citigroup target price $2.45 for this counter.
Very ambitious forecast
As expected... still going down. Be cautious.
