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Shanghai secondary property prices have started to rise again. Clearly a good sign for Bund that its main market is recovering.
Chinese hotels performing strongly as mainlanders now prefer domestic holidays compared to pre-covid.
Hi
Did a write up about bund center. I do agree it is a big discount to NAV, but there are other player in SG market also provide similarly big account such as Far East Orchard and the fair value of the building does not seem to be updated (same valuation for 2016 and 2017).
Below is the link to my humble opinion.
https://writingofinvestingnoob.com/2018/09/18/bund-center-bte-si-overlooked-property-play/
Did a write up about bund center. I do agree it is a big discount to NAV, but there are other player in SG market also provide similarly big account such as Far East Orchard and the fair value of the building does not seem to be updated (same valuation for 2016 and 2017).
Below is the link to my humble opinion.
https://writingofinvestingnoob.com/2018/09/18/bund-center-bte-si-overlooked-property-play/
come come... assets over 2b... market cap only a fraction.. add close to 4 cents in cash a year from biz..
Sooner or later, assets need to be monetised.. Safer than all reits listed.. 0 debt. pile of cash ~100m in coming results...
Sooner or later, assets need to be monetised.. Safer than all reits listed.. 0 debt. pile of cash ~100m in coming results...
is this on anyone' s radar? even though it' s hardly tradable at the moment
test... why nobody interested to talk about this? Can talk it up.. Maybe special dividends coming, no more debt already. Super undervalued... Lai lai, buy more to stir up this.
soon or later this stock will be delisted....
| Singapore Morning Cuppa - 19 May 2016 |
| Bund Center |
| To access today&rsquo s reports, please click on the links below: RHB Singapore Morning Cuppa - 19 May 2016 (Bund Center) |
| Scoop of the Day |
| An Overlooked Gem. Bund Center was spun off from AFP Land (which has since been re-named Sinarmas Land) and listed on the Singapore Exchange in 2010. The company owns prime commercial assets in Ningbo and Shanghai. Bund&rsquo s crown jewel is its namesake mixed development in Shanghai, comprising a 43-storey office tower with 1,414,600 sf of gross floor area and a 570-room five-star hotel managed by Starwood under the Westin brand. Due to its superb location, both the hotel and office have consistently achieved high occupancies and rates. Bund&rsquo s other asset is a six-storey retail complex in Ningbo. Solid financials with a further boost from opening of Disneyland Shanghai. Bund boosts a strong balance sheet with a net cash position of S$65m and generates a recurring rental stream of S$50-60m. And while dividends have been lumpy, the company has been generous in rewarding investors, dishing out S$130m in dividends over the last 2 years. We expect the group&rsquo s hotel operations to receive a further boost to its earnings with the opening of Disneyland Shanghai, which is expected to attract an annual 10 million visitorship to the park based on initial estimates. 70-75% discount to revalued RNAV. Perhaps most glaring is the sharp valuation discount of the stock relative to its net asset value. Bund adopts a conservative accounting policy of valuing its properties at cost less accumulated depreciation. Based on its latest accounts, its Shanghai and Ningbo properties are carried at a total book cost of S$448m. This compares to independent market appraisal of S$2.1bn, giving rise to a whopping S$1.65bn surplus. Imputing this valuation surplus and following a recent 4-into-1 share consolidation, Bund&rsquo s RNAV/share stands at $2.78. At current price of S$0.70-0.80, the stock is trading a massive 70-75% discount to its RNAV. We think the stock is massively undervalued and could trade up to $1.11 based on a 60% discount to its RNAV. |
| Analyst:Goh Han Peng, +65 6232 3893 |
SINARMAS run, buncenter may be next!
Anyone on this? $0.032 dividend.. Congrats all vested.
hope break 023 today
peter1234 ( Date: 09-Jul-2014 15:35) Posted:
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220 cleared
something brewing, got some buyups now
every stock also stuck 0.215 Vs 0.22
sunning dale
Bund
Previously Mirach
same bb as sinamar
KepoChicken ( Date: 07-Jul-2014 10:31) Posted:
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this stock suddendly shoot up...
Indo counter the only haven't run and cheap cheap ,,,,,,buy bbbbb
Gallant,sinarmas,dukang,,,,all come back again
Imo. Game haven over yet. Intraday low at -001 and close at -0005. At low volume also. May be forming a bull flag. Maybe wed-fri may break new high. For sinarmas, bund and halcyon. Huat ah!
Sinarmas no strength Liao,,,bundcenter also no strength Liao,,,,,,,get ready to run