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0650 GMT [Dow Jones] With valuations of Singapore property developers now at historical P/B means after last year's rally, further upside potential expected to come from high-end players and commercial landlords, says CIMB; "with physical prices in the mass-mid segment close to peak levels, there should now be a natural switch in focus to prime properties." Notes prices of high-end homes (more than S$2,000 psf) flat last year, but recent transactions indicate prices starting to head up. Says leasing activity in Singapore's office market also picking up, although vacancy rate can still rise as new supply of office space comes through in next two years. Notes employment prospects improving, with hiring expectations in banking and finance sector notably higher in 2010; "we believe this sets the stage for a firmer leasing environment." Cites UOL Group (U14.SG), Keppel Land (K17.SG), Ho Bee Investment (H13.SG), Allgreen Properties (A16.SG) as favorites. (FKH)
Allgreen should do very well in 2010, as it is not just property developers. It also in hotel business, Traders Hotel, Tanglin Mall, Great World City etc, which should do well with the expected increase in tourists and the opening of Integrated Resort. Allgreen has high end properties in Holland (to be launced) and is doing very well for Bukit Timah and Newton (Viva - less than 5% unsold). Watch out for the record profits.
Another notable point is Allgreen gives out very decent dividends. In 2008, Allgreen gave out 5 cents/share. In 2009, Allgreen gave out 2 cents/share, due to the slump in market. The divendends along is good reason to put the money in Allgreen than in the bank deposits.
Assuming 25% growth, with the buoyant property market, the share price should be worth 25 x eps (10 cents estimated) = S$ 2.50
Current price of S$ 1.30 is still grossly undervalued against its NAV of S$ 1.47. BB are aware of this and accumulating this share.
Good luck to the investors of Allgreen. Must have patience for the next 6 mths...
Toa Tai Zhi, Tao Tai Zhi. Ki Liao, Ho Say Liao. Ai Long Puah 1.3 Liao.
Hulumas ( Date: 05-Jan-2010 10:43) Posted:
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Allgreen's portfolio is far more than the common impression that it is just a mass/mid market property developer. Singapore and the world is just barely coming out of a recession. My view - the best is yet to come, relative to the other major property counters that have ran up - patience is key.
Disclaimer : Vested.
erictkw ( Date: 23-Dec-2009 15:17) Posted:
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Dear all Allgreen Investors,
Allgreen has the several advantages: (as of 1 Nov 2009)
a. NAV of S$ 1.47 is higher its current price of S$ 1.23, which signifies that Allgreen is undervalued and hence more upside. This compares favourably with other property players (CityDev : NAV of S$ 6.18 vs its current price of S$ 11.56; Capital Land NAV of S$ 2.96 vs current price of S$ 4.20; Keppel Land NAV of S$ 2.33 vs current price of S$ 3.50)
b. EPS for 9 mths ending Sep 2009 is approx 7.9 cents. Assuming same value for last quarter 2009, approx EPS for 2009 (whole year) is 10.5 cents. Assuming conservative growth of 20% for 2010 (note that Allgreen net profits actually grew 92% for 1st 9 mths of 2009); expected price is 10.5 cents x 20 = S$ 2.10. It will put it in line with other property players, such as CityDev, Capital Land and Keppel Land, in terms of valuation for EPS and above NAV.
c. With population estimated to go up by another 1 to 1.5 million to 6.5 million, against the current 5 million, it means another 1 million people need to find home (for rent or purchase); assuming 4 persons per house, it means we will need another 250,000 units. The current HDB approx 8,000 (stand corrected) + 15,000 (private developments) per year seems insufficent to meet the current growing demand.
d. More importantly, with the transformation of Singapore with the opening of two IR in 1st and 2nd quarter 2010, the value of property will be enhanced in total. Note that it has happened in HongKong (with opening of DisneyLand) and Macau (with opening of casino). Hence, the property prices will likely to head north.
e. Allgreen with its hugh landbank will likely to benefit from the growing demand and price for property. Wait for the launches in 2010.
f. Allgreen is likely to capitialise on the growing demand for properties in China, which is gearing for 8.5% growth in 2009 and at least 9.5 % growth in 2010.
Good luck to all investors (BB and retail) investors on hidden gem of Allgreen....
NAV of Allgreen is S$ 1.43. It can be found in 3rd quarter results of Allgreen website or in SGX website. The current price is still below NAV, which means that it has potential to go higher. Most other properties' stocks have prices which have risen above the NAV.
Andrew ( Date: 23-Dec-2009 09:48) Posted:
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This stock has been trading between sub120 and 113 range for a while already. I am vested in this stock because this is the only property play that is trading below book value (80++%).
Candlestick ( Date: 23-Dec-2009 00:10) Posted:
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today allgreen form a doji star, the last 2 times she form a star, the price drop back to 113 114 range.
will history repeat itselfs
paul1688 ( Date: 22-Dec-2009 11:23) Posted:
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