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Ho Bee Land
On Aug 19, Ho Bee Holdings Pte Ltd acquired 185,800 shares of Ho Bee Land for a consideration of S$394,338 at an average price of S$2.12 per share. This took the total interest of Chua Thian Poh, the founder of Ho Bee Group, from 75.20 per cent to 75.23 per cent.
Appointed the chairman and CEO of the group in 1999, Mr Chua is responsible for its strategic planning and direction, as well as its financial and investment decisions.
Ho Bee Land' s net profit up 115% on increased profits from associates
MAINBOARD-LISTED developer Ho Bee Land' s net profit for the half-year ended June 30, 2020 was up 115.4 per cent to S$90.6 million on the back of increased profits from associates and jointly-controlled entities.
The share of profits from associates was S$31.3 million, compared with a loss of S$407,000 a year ago. The group recorded share of profits from the Shanghai and Zhuhai associates due to units that were sold prior to the pandemic.
Share of profits from jointly controlled entities was S$3 million compared with a loss of S$2.3 million a year ago, mainly due to higher profits from the Seascape and Cape Royale developments in Sentosa Cove and the residential development project in Tangshan.
Ho Bee Land' s revenue for the period inched up 1.7 per cent to S$108.8 million as rental income increased 2.2 per cent to S$107.3 million. The group saw positive rental reversions when leases were renewed for the investment properties in Singapore and London.
A gain of S$5.7 million in foreign exchange was recorded, compared with a loss of S$3.6 million previously.
Staff costs and directors' remuneration increased 38.2 per cent to S$10.4 million mainly due to the hiring of a new team based in Gold Coast, Australia since Q4 2019.
Earnings per share was 13.62 Singapore cents, compared with 6.32 Singapore cents a year ago.
Net gearing was 0.65 times as at June 30, 2020.
Ho Bee Land said that due to the pandemic, the business outlook is grim and uncertain as countries continue to be in a lockdown or partial lockdown mode and are susceptible to waves of infection outbreaks.
Chua Thian Poh, chairman and CEO of the group, said: " In the midst of the Covid-19 pandemic, we are fortunate to have a portfolio of prime offices in Singapore and London, as these offices remain 100 per cent occupied. Our recurring income base has contributed to the resilience of the group during these challenging times.&rdquo
1H2020 results impressive, but no dividend recommended.😎
Joelton ( Date: 09-Jun-2020 09:06) Posted:
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Ho Bee Land acquires two residential sites in Australia for A$23.5m
MAINBOARD-LISTED developer Ho Bee Land on Monday announced that two of its subsidiaries have separately acquired a residential development site in Queensland, Australia, for a total of A$23.5 million (S$22.8 million).
HB Doncaster had acquired a 47.41ha site located within the Riple Valley Priority Development Area for A$14.5 million. This project is expected to yield approximately 570 residential lots, a regional sports facility, and associated community facilities, said Ho Bee in a regulatory filing.
The group noted that Ripley is a major growth corridor in south-east Queensland, 42km from Brisbane' s central businessdistrict and 15 km from Springfield Town Center.
Another 8.98ha site acquired by HB QLD for A$9 million is currently in the final two stages of the Parklakes 2 development located on Queensland&rsquo s Sunshine Coast. The site has received all the required development permits and will yield 95 residential lots.
Ho Bee said Parklakes 2 is an established community with amenities such as a private school, extensive wetlands, walking trails and convenience retail. It is located 9.7 km from Sunshine Coast Airport and 11.7 km from Maroochy City Centre.
These two projects will be financed by the group' s internal funds and bank borrowings, and are not expected to have any material impact on the group' s consolidated earnings and net tangible assets per share for the financial year ending Dec 31, 2020, said Ho Bee.
https://www.businesstimes.com.sg/companies-markets/ho-bee-land-acquires-two-residential-sites-in-australia-for-a235m
https://www.businesstimes.com.sg/companies-markets/ho-bee-land-acquires-two-residential-sites-in-australia-for-a235m
Ho Bee 好 米 Up up up.......................
Ho Bee to get a recurrent income boost from Ropemaker acquisition: Maybank
22/06/18, 03:51 pm
SINGAPORE (June 22): Maybank KimEng is raising Ho Bee Land&rsquo s FY18-20 EPS by 7-22% after incorporating the developer&rsquo s recent acquisition of Ropemaker Place in the UK.
Maybank said the deal puts Ho Bee&rsquo s conservative balance sheet to work and should enhance its recurring EBIT by 39%. And at a 7% discount to the vendor&rsquo s asking price and with yields at almost 50bps higher than prime office yields in the same locality, the price paid appears reasonable, added Maybank.
After snapping up Ropemaker Place, a Grade A office building in the City of London, analyst Derrick Heng said Ho Bee has raised its exposure to the UK office market to 41% of its assets from 25%. This 602,000sf NLA freehold property is less than 200m away from the future Moorgate station due to be completed in December this year.
Ropemaker&rsquo s annual rental income of GBP30.6 million ($55.1 million) translates to a net yield of 4.7%, based on its acquisition price of GBP650 million. Income visibility should be strong with a long WALE of 10.5 years or 8.5 years to break option for tenants, says Heng. The property is 96%-occupied, with Macquarie Bank, IHS Markit, Mitsubishi UFJ and The Bank of Tokyo Mitsubishi UFJ as key tenants.
In addition, Ho Bee&rsquo s acquisition price is 7% below the seller&rsquo s reported initial asking price of GBP700 million. Its acquisition yield of 4.7% is also higher than JLL&rsquo s prime yield estimates of 4.25%. &ldquo While a large base of banking and financial-service tenants may render the building more vulnerable to Brexit-vacancy risks, we believe its long committed WALE provides good earnings visibility,&rdquo says Heng.
Ho Bee&rsquo s acquisition has raised its annual recurring EBIT by 39% to $195 million. After accounting for higher financing costs from this deal, Heng estimated incremental net profit of $22 million. Balance sheet remains healthy with FY18 net gearing rising to 74%, from Maybank&rsquo s previous estimates of 39%.
&ldquo We retain our target price of $3.30, still at a 30% discount to our revised RNAV of $4.74. Maintain &lsquo buy&rsquo ,&rdquo says Heng, adding Ho Bee is the cheapest property developer in its coverage, trading at a steep 50% RNAV discount.
https://www.theedgesingapore.com/ho-bee-get-recurrent-income-boost-ropemaker-acquisition-maybank
Time is ripe for developers as housing demand remains strong: Maybank KE
20/06/18, 12:06 pm
SINGAPORE (June 20):
Maybank Kim Eng is remaining positive on Singapore& rsquo s property sector on expectations of the recent home-price rally to continue, with buying opportunities arising from the current share price weakness among developers.
UOL Group remains the research house' s top ' buy' pick among large caps and GuocoLand among the mid-caps, at target prices of $10.85 and $3, respectively.
Maybank also favours large cap developers City Developments (CDL) and CapitaLand, rated `buy' at the respective target prices of $14.20 and $4.10. In the small-cap space, Bukit Sembawang, Ho Bee Land and Oxley Holdings are also rated `buy' with target prices of $8.55, $3.30 and 56 cents, respectively.
https://www.theedgesingapore.com/time-ripe-developers-housing-demand-remains-strong-maybank-ke
" The acquisition is financed by internal funds and bank borrowings. It is expected to contribute positively to the consolidated earnings per share and net tangible assets per share of Ho Bee Land group for the financial year ending Dec 31, 2018."
https://www.businesstimes.com.sg/real-estate/ho-bee-land-acquires-freehold-grade-a-london-property-with-%C2%A3650m-investment
lifeisgood ( Date: 18-Jun-2018 09:13) Posted:
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At current price, would need to place out 450 million shares at $2.40 to cover the purchase.
rlong8288 ( Date: 18-Jun-2018 08:12) Posted:
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Ho Bee cash holding less than SGD 100 million, but spending more than SGD1.1 billion to buy London properties?
Going to need to raise funding. Would it be debt or equity? Maybe rights issue coming.
Going to need to raise funding. Would it be debt or equity? Maybe rights issue coming.
This one big boss tahan support...no worries
Better that they pay bigger and fatter and special dividends to shareholders.
Ho Bee so rich, Ho Bee is Ho Beh ( 好 马 ) ...............
Ho Bee Land acquires Grade A office building in London
SUN, JUN 17, 2018 - 4:11 PM
PROPERTY group Ho Bee Land announced on Sunday that its wholly-owned subsidiary, Grandeur Property Investments, has completed its acquisition of Frasia Properties S.à .r.l for £ 650 million (approximately S$1.16 billion) in London.
Registered in Luxembourg, Frasia Properties S.à .r.l owns a freehold property known as Ropemaker Place, a 21-storey Grade A office building comprising approximately 602,000 square feet of commercial space.
The property is strategically located to take maximum advantage of the introduction of Crossrail (to be completed and operational in December this year) with the Moorgate station less than 200 metres away. Just about 400 metres away is the Liverpool Street Station, which is the busiest transportation hub in the City of London.
The property is currently multi-let with a weighted average lease term of 10.5 years to expiry and 8.5 years to break option. It offers a running yield of approximately 4.68 per cent with an annual rental income of about £ 30.57 million, with the office accommodation accounting for 97.4 per cent. The property will be held for long-term investment.
With the acquisition of Ropemaker Place, Ho Bee Land&rsquo s total investment in London has risen to S$2.4 billion, which constitutes 41 per cent of the group&rsquo s total investment portfolio.
Chairman and CEO of Ho Bee Land Chua, Thian Poh said: &ldquo Despite Brexit, London has proven resilient and maintained its position as the world&rsquo s top financial city ahead of New York. We remain confident of the long-term prospects of London. The Brexit uncertainty has, in fact, provided us with the opportunity to suss out excellent investment opportunities like Ropemaker Place.&rdquo
He added that the acquisition allows the group to &ldquo substantially grow its robust and sustainable recurrent income base&rdquo .
The acquisition is financed by internal funds and bank borrowings. It is expected to contribute positively to the consolidated earnings per share and net tangible assets per share of Ho Bee Land group for the financial year ending Dec 31, 2018.
https://www.businesstimes.com.sg/companies-markets/ho-bee-land-acquires-grade-a-office-building-in-london
Wow, HBL up 12 cents today. Someone must have heard rosy news.
sudden heading up before XD
Ho Bee is amazing. How come wont come down ??? Can some shortists shoot it down please?
Yanlord good friend.
Go Nanjing like" kings."
Private property market booming again so thay are now pushing the sales of their Sentosa developments.
They' ve also recently invested an initial 90m Euros in Europe property. Europe' s economy will be booming ahead. Even GIC has been snapping up investments in Europe recently.
I am sticking to my Ho Bee. This stock quite well controlled by Mr Chua. And very good dividend. Year in year out, kept paying higher dividend.
Not much float out there for the shorts to play.
Not much float out there for the shorts to play.
Went to Ho Bee AGM this morning. So many shareholders congratulated the company for doingw ell and giving high dividend. The company' s move to having a large chunk of income in recurring fee and rental income is really commendable, and will provide very steady, REIT LIKE income, dividend to shareholders. Well done Ho Bee. Hope higher dividend next year!
Higher and higher. Bit by bit everyday, it adds up.