dydx forgot to whoop with joy over the 60% jump in dividend!

Let me share the posting of dydx, a shareholder of Sing Holdings, at www.valuebuddies.com


Very good full-year results for FY12 (ended 31Dec12).....

As expected, the 70%-owned The Laurels condo project - as at 13Feb13, 96% sold for a total contracted sum of $681.7m - has been a solid earner. As approx. 70% of the above sum had been recognised as revenue, the balance approx. 30% or $204.5m will be progressively recognised up to 3Q2013 - the target for TOP. Using the same GPM of 27.3% recorded in 4Q-FY12, we can reasonably expect Sing Holdings to record a total cummulative GP of approx. $55.8m in 1Q through 3Q of this FY13, which should translate to approx. $30.0m in additional NP - equivalent to approx. $0.075 in additional EPS - attributable to Sing Holdings shareholders. By adding this assured EPS that is coming in by 3Q-FY13 to the latest (31Dec12) NAV/share of $0.5068, we get an adjusted NAV/share of $0.5818.

Of course, we should also try to estimate the future development profits from the yet-to-be-launched 100%-owned Robin Drive / Robin Road freehold condo project and the 70-owned Punggol Field Walk / Punggol East EC project. While this will be a more difficult task under the current market conditions, I guess the least we should bear in mind is that every $40.0m in new NP to be derived from these 2 development projects will add approx. $0.10 in EPS and to NAV/share in the next few years.

So Sing Holdings is actually quite a nice residential property developer and business!

Patience will pay off in big buckets. 

ok Mo Yan: I have done it @ 40.5 cents last week. Wish me luck.

Last closed at 41 cents. Worth a buy for its big discount to RNAV and upside for its Robin projects!

Kayu? i guess if you are hoping for a strong run, you woul have been disapponted. @41 cents, it has proven to be resilient  -& that to me is a virtue enought and a reward enough especally when some speculative stocks have come down hrd this week. maybe I have a lot of patience...

They should be launching their 2 sites in 2013 with Robin in 1Q2013 and punggol site in 2H2013. The size of the punggol is 400,000 square feet while robin is 135,000. Even though the profit margin for punggol site might be lower, the site is almost 3 times bigger than robin.

As we know Robin is in a prime area which is within 250m of Steven MRT and with about 150 units it should sell fast and well. As for the punggol site, we all know the huge demand for ECs.....

If they earn 10 cents for FY2012, then PE is only 4.2 now. Expect a bumper dividend and hopefully bonus issue to celebrate the great performance.....

Sit tight and see the share price flies........

Profitable yes, wildly no...

http://www.squarefoot.com.sg/trends-and-analysis/land-sales

Break even cost is 627.7 psf,

YOu decide how high can an EC go without the government stepping in.

But you dun need it to be widly profitable for the company and hence the share price to grow

will their new EC project be wildlyprofitable?

Mo Yan, Sumer & $$, thank you for highlighting SING HOLDINGS. Now finally... breached 42-c level and I am in the money! Worth around 60 cents in my view. Any detractors pls express yourself.

EC nowadays are selling like hot cakes.......

http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_55438AF82F00C0CF48257AD00037ED0F/$file/Awardoftender.pdf?openelement

Copied from http://investideas.net/forum/index.php?sid=398ea88b0660bd8db500bef54293320d by Behappyalways

http://www.ura.gov.sg/pr/text/2008/pr08-55.html

http://www.ura.gov.sg/pr/text/2008/pr08-116.html

Mgmt
said they will begin construction of the Robin plot in early 2013. It is not
prudent if the management based their construction on the draft master plan, so
most probably they will ignore the master plan 2013 and stick to 2008 master
plan. Time is also a concern. The first piece of land in Robin was bought in Jan
2011 so they probably can't wait longer to launch and construct esp to wait till
the final master plan 2013 which might only be near end 2013.

So my guess
is no revision for the land in Robin by Sing Holdings and they will probably
launch the project very soon.....


As for the punggol land. The gross
floor area is over 400,000psf and if they made a profit of about $100psf, that
would be around $40m or 10 cents a share......if $150psf, then 15 cents......I
was told that EC profit recognition is only when completed so the earnings would
only be recognised in 2015 or 2016....takes about 6-8mths to launch the project
so most probably this EC will be launched in 2H2013.

Honestly I was quite
surprised that Sing Holdings tendered for the plot of land....they probably
quite 'frustrated' with their recent unsuccessful bids and with price of land
appreciating it is quite hard for them.....could it be a signal that the mgmt
changed their biz model? To me property is about leverage and esp so for a
property developer. One should not put too much emphasis on fat margins but
should rather focus on turnover with a not too bad profit margin. One good
example is Far East.....and maybe Oxley.....which is why they can grow so
fast.....To be honest the margins for those fast turnover is still very
attractive because the actual amount invested by the property developers is only
a certain percentage of the total cost since they could mortgage the land for a
loan. The trick is turnover.....they must be able to sell the project with a not
too bad profit margin.....

So 2013 might be a good year for the share
price with 2 projects gonna launch soon starting with Robin and The Laurels's
TOP. Personally I hope they can clinch another plot of land....Financially they
should be able to do so with The Laurels's TOP soon......

The  has on 6 December 2012 submitted a tender bid of S$162.1 million for the land parcel at Punggol Field Walk / Punggol East (the “Bid”).

Based on the provisional tender results released by the Housing & Development Board (the
“HDB”), the Bid emerged as the highest bid for the tender.

 the Company will develop an Executive Condominium housing development with a gross floor area of 42,921 square metres on the land parcel (the “Project”). The Project will be funded internally and through bank borrowings or from other sources as deemed appropriate by the Board.

The good times are over, perhaps. No one can be sure but just consider the huge supply which is coming. How to sell properties like hot cakes anymore? The guys who  buy properties from here on are either reckless ..... or naive .... or just plain dumb. I would be ashamed to call anyone a friend who buys an investment property (as opposed to a property for owner occupation) from now on til 2014 (the end date is immaterial for now....).

As predicted by Mo Yan and many savvy investors, Sing Hldgs net profit attributable to shareholders for 3Q was solid. At S$10.7 million, it is a 60.4% jump as compared to 3Q2011.

This was due mainly to higher revenue recognition from its development project.

Profit attributable to shareholders for the nine months ended 30 September 2012 rose by 92.8% to S$27.3 million.

The big question is, will this lead to an improved dividend ? Mr Lee , are you there????