| Latest Forum Topics / Boustead Proj |
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tangsookiam1947
Master |
08-Jul-2018 17:35
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BP WALE (weighted Average Lease Expiry) was in excess of 4 years, which was higher than its peers (e.g. Ascendas REITS, Maple Tree logistics, Viva, Cambridge Industrial Trust, etc). Hence, it does not make sense for BP to be valued lower than the REITS and Trusts. The only key difference is that BP has not " recycled" its industrial properties to the REITS or business Trusts. Hence, the potential value is not realized. |
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tangsookiam1947
Master |
08-Jul-2018 17:07
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BP Annual Report 2017 " During FY2017, our Group celebrated our milestone 20th Anniversary. We have generated over S$2.7 billion in revenue over the past two decades and been profitable every year, despite experiencing three construction recessions including during the Asian Financial Crisis and Global Financial Crisis. This is a demonstration of our resilience even during the most challenging of times." |
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tangsookiam1947
Master |
06-Jul-2018 11:08
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BP' s industrial properties should worth even more as its average age is younger plus more advanced types of buildings (not like the simple ramp up warehouses....)
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tangsookiam1947
Master |
05-Jul-2018 10:34
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Mapletree Logistics Trust to acquire 5 more Singapore properties for S$778.3m. The properties comprise five ramp-up warehouses located in the western part of Singapore with a total gross floor area of around 3.2 million square feet, and a weighted average age of 4.8 years. The above will give a sense of how much BP is worth. This is excluding all the net cash that BP has on top of its properties.
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tangsookiam1947
Master |
21-Jun-2018 23:31
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3mil Sq ft of industrial properties, some are priced as high as $500 PSF. Say we take $250 PDF, this will give market valuation or RNAV = 3 mil sq ft x $200 PSF = $600 mil. Outstanding shares = 308 mil RNAV = $2. Net Cash of $40mil not included or $0.12 worth of cash. Easily worth more than $2. Now, one can see what the management spent $10mil to buy back its own shares at $0.80. |
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tangsookiam1947
Master |
15-Jun-2018 16:30
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from this simple example, one can easily see how much Bousteaad Project is undervalued. net BV was only $4.5m. Market Sales was $10.5m. Hence, the RNAV of BP (including pipe projects) is easily ~$2
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tangsookiam1947
Master |
14-Jun-2018 20:04
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EPS will be boosted by ~2 cents EPS!
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tangsookiam1947
Master |
14-Jun-2018 19:57
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Boustead Projects Limited (&ldquo Boustead Projects&rdquo or the &ldquo Company&rdquo ) refers to its announcements on 7 September 2017 and 29 March 2018 respectively on the Proposed Sale of the leasehold interest in the land and buildings erected on Lot 4468K of Mukim 31 at 25 Changi North Rise, Singapore 498778 (the &ldquo Property&rdquo ) by BP-UMS Pte Ltd (&ldquo BPUMS&rdquo ), a wholly-owned subsidiary of Boustead Projects. The Company is pleased to announce that the Proposed Sale has been completed with no change to the original sale price of approximately S$10.5 million. Prior to the completion of the Proposed Sale, the Property has a net book value (&ldquo Net Book Value&rdquo ) of approximately S$4.5 million. The excess of the proceeds of the Property over its Net Book Value is approximately S$6.0 million. For illustrative purposes, assuming the Proposed Sale had been completed within the latest unaudited financial year ended 31 March 2018 (&ldquo FY2018&rdquo ), it would have had a positive material impact on the earnings per share of the Boustead Projects Group for FY2018.
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tangsookiam1947
Master |
12-Jun-2018 22:56
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84 cents hit today!! | ||||||||||||||||||||||||||||||||
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tangsookiam1947
Master |
07-Jun-2018 23:38
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when BP hit 90 cents, many analysts will rush in with their buy recommendations for TP above $1.20.... RNAV is ~$2.00. The company is not stupid to have bought back million dollars worth of shares at $0.80. this will pay off greatly in the next 1 to 2 years time.
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tangsookiam1947
Master |
18-May-2018 19:03
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EPS 9.1 cents !!!! Share price is only ~80 cents.... when it becomes REITS, it can pay out 90% of EPS. or 8 cents. Assuming yield is 5%, share price should be ~$1.60!!! A big hidden GEM |
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tangsookiam1947
Master |
15-May-2018 18:00
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81.5 cents.... | ||||||||||||||||||||||||||||||||
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tangsookiam1947
Master |
06-May-2018 10:29
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Book value per share was much lower than RNAV. Just need to take the following example. ** XTENSION OF COMPLETION DATE FOR SALE OF 25 CHANGI NORTH RISE Singapore, 29 March 2018 Boustead Projects Limited (&ldquo Boustead Projects&rdquo ) refers to the announcement dated 7 September 2017 that BP-UMS Pte Ltd (&ldquo BP-UMS&rdquo ), a wholly-owned subsidiary of Boustead Projects, had entered into a sale and purchase agreement for the sale of its leasehold interest in the land and buildings erected on Lot 4468K of Mukim 31 at 25 Changi North Rise, Singapore 498778 (the &ldquo Property&rdquo ). BP-UMS and the purchaser of the Property have mutually agreed to an extension of the completion date for the sale of the Property, which is now expected to take place within the next financial year ending 31 March 2019. Prior to the completion of the Proposed Sale, the Property has a net book value (&ldquo Net Book Value&rdquo ) of approximately S$4.5 million. The excess of the proceeds of the Property over its Net Book Value is approximately S$6.0 million. For illustrative purposes, assuming the Proposed Sale had been completed within the latest audited financial year ended 31 March 2017 (&ldquo FY2017&rdquo ), it would have had a positive material impact on the earnings per share of the Boustead Projects Group for FY2017. |
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tangsookiam1947
Master |
06-May-2018 10:16
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https://research.sginvestors.io/2017/05/boustead-projects-limited-cimb-research-2017-05-23.html
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tangsookiam1947
Master |
06-May-2018 10:13
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RNAV is close to $2. Company last bought back massive volumes at 80 cents. Now at 79 cents... | ||||||||||||||||||||||||||||||||
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tangsookiam1947
Master |
02-Sep-2016 16:58
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one of Boustead Project' s tenants is Ausgroup. Will this have any impact on BP' s rental? (e.g. delay in payment,etc) |
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waters
Senior |
23-May-2016 11:58
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Boustead Projects posts 7% fall in FY16 earnings to $23 milBy:
PC Lee
 SINGAPORE (May 20): A challenging industrial real-estate business landscape, higher expenses, and greater share of loss of an associated company and joint ventures resulted in a 7% fall in FY16 earnings to $22.9 million from a year ago for Boustead Projects, the specialist in real-estate solutions. Full-year revenue came in at $255.5 million, flat compared to a year ago. Contributing 87% to revenue was design-and-build revenue of $221.1 million. This was 3% lower than in FY15 which saw the completion of a major project with significant contract value. Leasing revenue contrinuted $34.4 million or 13% to total revenue for FY16. This was 30% higher than a year ago due to greater contributions from three design-build-and-lease projects which was completed in FY15. For 4Q16, Boustead Projects registered a 22% rise in revenue to $59.4 million. However, earnings decreased 31% to $5.4 million although it explained quarterly results do not accurately reflect the full-year&rsquo s performance. Thomas Chu, Managing Director of Boustead Projects, said, &ldquo Our financial performance in our first year following our demerger from Boustead Singapore has been reasonable given the harsh business landscape we are currently operating in... Our industrial leasehold portfolio &ndash under our leasing business &ndash continues to expand and contribute increasing profit to our Group, helping us to partially counter the weaker margins that we are experiencing at our design-and-build business.&rdquo Boustead Projects' order book backlog stands at $208 million at the end of FY16 plus new orders since. The counter last traded at 65 cents. - See more at: http://smr.theedgemarkets.com/article/boustead-projects-posts-7-fall-fy16-earnings-23-mil?utm_source=Singapore+Market+Report& utm_campaign=bf0b62dc9a-SMR23052016& utm_medium=email& utm_term=0_46b7beec93-bf0b62dc9a-90565217#sthash.BytzFIit.dpuf |
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tangsookiam1947
Master |
02-Aug-2015 22:53
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*included forecast income from 15th and 16th properties (BP' s equity share) since these projects had already been secured and end users finalized. These two projects will be completed in 2015/2016. Clearly, BP appears to be most undervalued counters amongst the industrial space sector based on " Market Cap to recurrent revenue" ratio (last column). Recurrent income base The more important point is that $36.9mil* is just the recurrent income BEFORE any development profits. BP is still expanding its portfolio of recurrent income and hence $36.9mil is not the " end point" yet. This $36.9mil will translate into recurrent pre-tax EPS of 5.7 cents per annum. On the basis of recurring income alone, Boustead Project already looks very attractive. Not to forget there is still development profits from its design and build projects on top of recurring income. Development income Next, we also know that BP has about ~$200mil worth of Design and Build projects being completed every financial year. These would contribute to further profits. Taking a conservative net profit margin of 7.5%, we have pre-tax 5.7 cents EPS from development profits per annum. In fact, some of the development profits might be " translated" to become recurrent in nature. BP should continue to enjoy steady development profits, especially with the recent tie-up with ADIC. BP is also starting to venture into other segments, namely commercial, retail, office spaces beyond its current forte of industrial space. These would present further opportunities to boost development profits. Ultimate Aim of becoming a REIT If BP becomes a REIT, then the ratio of its market cap to recurrent revenue should improve to at least 10. Recurrent revenue is unlikely to remain static at $36.9mil. Recurrent income would probably be in the order of > $60mil (all the other REITs have recurring income of > $60mil). E.g. $60mil x Ratio of 10 = $600mil valuation, against current market cap of less than $280mil. |
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tangsookiam1947
Master |
30-Jun-2015 20:07
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The implication of shortened tenure for industrial sites is that valuation for existing sites with remaining tenure with more than 20 years is likely to increase. If one diligently checks up the remaining tenure for Boustead Project (BP) industrial properties, one would realize that many of its properties have remaining tenure of more than 20 years. In fact, quite a number of them have remaining tenure of more than 50 years!!! ______________________________________________________ Business Times Singapore, June 30, 2015 Tuesday All 10 Confirmed List industrial sites on 20-year lease MTI says this is to lower upfront costs for industrialists and to provide more options and affordable spaces http://www.businesstimes.com.sg/real-estate/all-10-confirmed-list-industrial-sites-on-20-year-lease Mr Mak, however, questioned if the shortened tenure for industrial sites has indeed cooled industrial land prices. " If 20-year leasehold becomes the new norm, then 30-year leasehold sites will be worth more, the 60-year leasehold sites will be worth even more, so the property costs will go up," he posited. He is also concerned about whether buyers of 20-year leasehold strata units will have difficulties in obtaining sufficient mortgage financing due to the short land tenure. |
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tangsookiam1947
Master |
29-Jun-2015 22:45
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http://www.chinadaily.com.cn/china/2015-06/24/content_21085249.htm Relocating to Tongzhou seen as wise http://shanghaiist.com/2015/06/26/china_to_relocate_beijing_governmen.php China to relocate Beijing government from city center to Tongzhou
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