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Ho Bee Land
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Ho Bee Land- next potential privatisation Hobby
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Joelton
Supreme |
22-Dec-2022 08:36
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Ho Bee Land flags &lsquo significant decrease&rsquo in six-month, full-year net profit
According to a profit guidance, Ho Bee&rsquo s year-on-year revenue and operating profit have gone up but these have been offset by several factors.
REAL estate developer Ho Bee Land : H13 0% is expecting to record a &ldquo significant decrease&rdquo in its net profit for the six months and full year ending Dec 31 as compared to last year.
According to a profit guidance on Wednesday (Dec 21), the group&rsquo s year-on-year revenue and operating profit have gone up on higher sales of development properties in Singapore and Australia, as well as higher rental income from investment properties in Singapore and London.
But these have been offset by several factors. Firstly, the mainboard-listed company recorded fair-value losses based on indicative valuations of its portfolio of investment properties in London. This fair-value loss is non-cash in nature and arose mainly due to higher cap rates, said the group.
The group also incurred higher foreign exchange losses this year largely due to the weaker Australian dollar and Euro against the Singapore dollar.
Finally, rising interest rates have caused the company&rsquo s year-on-year interest expense to go up significantly.
Nevertheless, the group expects to remain profitable for its six-month and full-year periods. Further details of its performance will be disclosed when it releases its unaudited financial results.
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Joelton
Supreme |
12-Aug-2022 09:40
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Ho Bee Land&rsquo s H1 profit up 42% to S$149.9m
REAL estate developer and investor Ho Bee Land : H13 0% saw a 42 per cent increase in net profit to S$149.9 million on the back of higher rental income, higher sales, and realised divestment gains on its Munich office asset, said the mainboard-listed group in its bourse filing on Thursday (Aug 11).
Revenue grew 13.3 per cent year on year to S$178.3 million from S$157.3 million previously.
Earnings per share stood at S$0. 2257 up from S$0.1589 in the first 6 months of 2022. Total shareholders&rsquo fund as of end-June was S$3.96 billion, representing a net asset value of S$5.97 per share.
Rental income increased by 12.9 per cent year on year to S$128.6 million from S$113.9 million previously &ndash contributed mainly by the acquisition of The Scalpel in London in March 2022, Ho Bee Land noted.
Sales revenue rose 14.5 per cent to S$49.6 million from S$43.4 million, predominantly attributable to higher sales from Turquoise in Sentosa Cove, the group added.
Other operating income of S$32.8 million included a realised gain on the Munich Notes investment of S$30.8 million.
The improvement in the group&rsquo s share of results of associates to S$16.7 million from S$10.8 million previously was mainly attributable to the Nanjing project in China, which started handing over units to buyers in H1 2022.
However, the group&rsquo s share of profits was down 84 per cent to S$7.8 million from S$50 million previously, because of the handover of the remaining 60 per cent of the units in the second phase of the Tangshan project in H1 2021. The profit recognised from this project was S$46.6 million in H1 2021.
A tax credit of S$9.6 million was recorded in H1 2022 due to tax write-backs of S$38.3 million arising from the revised tax assessments from Inland Revenue Authority of Singapore relating to prior years.
Nicholas Chua, chief executive officer of Ho Bee Land said the enlarged portfolio of investment properties after the acquisition of The Scalpel continues to underpin the group&rsquo s profit and sales from the Sentosa Cove projects have also been encouraging.
&ldquo The rising interest rates, inflation and volatility in foreign exchange rates could have an impact on the company&rsquo s financial performance. Nevertheless, barring any further external shocks, we expect to remain profitable for the year,&rdquo Chua added.
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lifeisgood
Supreme |
10-Jun-2022 14:56
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Going to fly soon? | ||||
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lifeisgood
Supreme |
25-May-2022 11:26
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Ho Bee is a Reit disguised as a property developer From annual report, currently, Ho Bee Investment properties portfolio of SGD 4.952 billion plus London Scalpel (approx SGD 1.23 billion) = SGD 6.2 billion Its development properties consists of SGD 322 million plus SGD 138 million (new Australia land parcels) = SGD 460 million. So Investment properties vs development properties has a ratio of 93 : 7 . The recurring properties generate about 4% rental yield. The share price is currently trading at 0.52 Book Value. Should Ho Bee decides to convert the company into a reit via a spin off (or privatisation of the development business), then you will see the share price shoot up to above 0.9 NAV or even higher. Don' t miss. |
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TradeExpert
Veteran |
20-Apr-2022 12:16
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Top Volume and Top Gainer Today. Now at $1.07. Still very undervalued for a NTA $4 company
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TradeExpert
Veteran |
11-Apr-2022 10:15
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Another Gem to look out for value investing.... Counter to watch is Hong Fok (H30). A potential delisting company and an undervalue counter. Now trading at a heavily discounted pricing and on Uptrend. There is a proposed delisting in the HKEX. Proposed delisting likely on the cards on the SGX |
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tonylim
Master |
07-Apr-2022 14:04
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ELYSIA TAN
JUN 11, 2021 12:49 PM DBS Group Research on Thursday initiated coverage on Ho Bee Land with a "buy" call and a target price of S$3.80, citing its stable income and dividends, and a diversified, "future-ready" portfolio.
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tonylim
Master |
06-Apr-2022 11:22
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Ho Bee crossed the $3 mark. Something is brewing? Ho Sei liao
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Joelton
Supreme |
28-Mar-2022 09:14
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Ho Bee Land
On Mar 21, Ng Noi Hinoy, the spouse of Ho Bee Land Ho Bee Land : H13 0% executive chairman Chua Thian Poh, acquired 280,400 shares of the company for a consideration of S$801,905. At S$2.86 a share, this increased Chua' s deemed interest in Ho Bee Land from 75.53 per cent to 75.57 per cent.
Chua provides leadership to promote the culture of the company and further strengthen the effectiveness and performance of the board, particularly in charting the growth strategies of the group. Importantly, since his re-designation as executive chairman with effect from Jan 1, he is working with both the board and management to strengthen the group' s ESG framework, ensuring that the group' s business continues to be socially responsible.
On Feb 28, Ho Bee Land reported its attributable net profit for FY21 (ended Dec 31) surged 141 per cent, with rental income increasing 4.1 per cent year on year to S$223.7 million, due to positive rental reversions for its London properties.
Development profit also saw an increase during the year, particularly from Turquoise and Seascape in Sentosa Cove.
With the results, Ho Bee Land CEO Nicholas Chua highlighted that the construction of the new biomedical project in one-north, Elementum, is progressing well, and with the biomedical sector registering robust growth, he is confident that demand for the laboratory space in Elementum would be strong when the project is completed in Q3 2023.
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Joelton
Supreme |
24-Feb-2022 22:43
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Ho Bee Land in talks to buy London' s The Scalpel office tower for $1.5 bil
A report by the Financial Times reveals that Ho Bee Land will be buying London&rsquo s famed The Scalpel office tower for £ 820 million ($1.5 billion).
According to the report dated Feb 22 (US time), The Scalpel&rsquo s owner, US insurance group, WR Berkley, is in talks with the SGX-listed Ho Bee Land.
The deal could be signed off as soon as this week, according to sources. A sale at the price represents a yield of just below 4%.
The 190m-tall, 38-storey The Scalpel has been on the market since October 2020. It currently houses tenants including the National Australia Bank and Lombard International.
The building, which is one of the tallest in the City of London, is also a part of its iconic skyline. It is located on 52 Lime Street, at the corner of Lime Street and Leadenhall Street.
Ho Bee Land called for a trading halt in the morning of Feb 23. Before that, shares in the group last traded at $2.80.
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lifeisgood
Supreme |
24-Feb-2022 08:30
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Well done! Asking price was originally 820 million pounds. Ho Bee managed to squeeze it down to 718 million pounds. | ||||
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MakeChanges
Elite |
24-Feb-2022 08:06
Yells: "No price is too low for a bear or too high for a bull" |
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ACQUISITION OF 52 LIME STREET ' THE SCALPEL' IN LONDON 1. INTRODUCTION Ho Bee Land Limited (the ' Company' and together with its subsidiaries, the ' Group' ) wishes to announce that the Company has entered into a share purchase agreement (' SPA' ) with Berkley Insurance Company and Berkley Regional Insurance Company (the ' Vendors' ), both as unrelated parties. Under the SPA, the Vendors agreed to sell and the Company agreed to purchase all of the ordinary shares representing the entire issued share capital of 34 Leadenhall Street Limited (the ' Target' )(the ' Acquisition' ). 2. INFORMATION ON THE TARGET The Target is a private limited company incorporated in the Island of Jersey and its principal activity is property investment. Its issued share capital comprises 420,069,553.90 ordinary limited shares of no par value. On completion of the Acquisition, the Target will become a wholly owned subsidiary of the Company. The Target is the registered owner of a freehold property at 52 Lime Street in London, popularly known as ' The Scalpel' (the ' Property' ). The Scalpel is 675 feet (206.5 metres) in height and built on a freehold site of about 0.31 hectares. The Property has a total of approximately 406,000 square feet of Grade A office space spread over 36 storeys and three retail units at ground and basement levels. 3. CONSIDERATION The consideration for the Acquisition is £ 718 million (approximately S$1.31 billion1) (the ' Consideration' ) which was arrived at on a willing-seller and willing-buyer basis. The Consideration will be satisfied wholly in cash. A deposit of £ 35.9 million has been paid on 23 February 2022, with the balance payable upon completion on 7 March 2022. 4. FINANCIAL EFFECTS The Acquisition is financed by internal funds and bank borrowings. The Acquisition is expected to contribute positively to the consolidated earnings per share and net tangible assets per share of the Group for the financial year ending 31 December 2022. The Acquisition is in line with the Group' s strategy to diversify overseas and grow its recurrent income base. The Property is predominantly multi-let mainly to reputable tenants from the insurance, financial, legal and tech sectors. The long tenancies of the leases offer secure 10-year passing rent of £ 29 million translating to an attractive yield of 4%. The Property will be held for long term investment. The Acquisition is part of the Company' s ordinary course of business. 6. INTERESTS OF DIRECTORS AND CONTROLLING SHAREHOLDERS The Executive Chairman and controlling shareholder of the Company, Mr Chua Thian Poh, together with the executive directors, Mr Nicholas Chua and Mr Ong Chong Hua will be appointed as directors of the Target. Save as disclosed herein, none of the directors or controlling shareholders of the Company has any interest, direct or indirect, in the above transactions, other than through their shareholdings in the Company. |
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MakeChanges
Elite |
24-Feb-2022 08:02
Yells: "No price is too low for a bear or too high for a bull" |
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Trading resume | ||||
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n3wbie
Master |
23-Feb-2022 22:32
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All good as long as it is unlocking value for shareholders!
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lifeisgood
Supreme |
23-Feb-2022 22:23
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This type of spin off probably done like Capitaland style, where original shareholders get a slice of the new spin off, while the original Ho Bee gets privatised as a private property developer. Just my guess...
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n3wbie
Master |
23-Feb-2022 22:13
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Based on the report in FT, the cap rate for the transaction appears to be slightly under 4%, which seems quite tight for prime office assets. The risk profile for HBL is now quite skewed to the UK and agree that the potential for a UK REIT spin-off is highly likely, however it may breach the NAV/profitability contribution test (i.e. value/profit from UK assets has > 50% contribution of Group) for the spin-off to be viable.
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lifeisgood
Supreme |
23-Feb-2022 13:12
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Heard they bought London Scrapel building for 820 million pounds. So Ho Bee will now have a very large office and commercial property portfolio in London (plus the original Ropemaker Place office building bought in 2018 which it paid 650 million pounds). Plus the Singapore Metropolis, there is a potential for a reit or commercial business spin off.
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dlim888
Member |
23-Feb-2022 11:20
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Dont tell me another one like Roxy Pac taking the company private?
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MakeChanges
Elite |
23-Feb-2022 08:04
Yells: "No price is too low for a bear or too high for a bull" |
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TRADING HALT ! | ||||
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AttasBoss
Elite |
17-Feb-2022 16:57
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Ah lai liao ah lai lai | ||||
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