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Good to hold till next result...vested.....
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Singapore construction demand projected at S$47-53 billion in 2025(error)
I have never seen such a well written assessment by Perplexity AI Pro to my question : " Help me do a thorough assessment of Wee Hur(E3B) results and other announcement on 14 Aug 2025 and advise me like an expert investment adviser to Institutional and Retail Investors on the impact to respective share holdings and the diligent price action to sell or hold or buy?" Just for sharing as follows:Financial Performance Analysis Headline Results - Mixed but Fundamentally Strong Wee Hur' s 1H 2025 results reflect a business in transition, with revenue surging 43% to S$156 million driven by property development progress and one-off fund management fees. However, net profit attributable to equity holders declined 42% to S$38.7 million, primarily due to the absence of S$59.9 million in joint venture contributions following the strategic disposal of Fund I. The critical metric is adjusted net profit, which surged 164% to S$61.7 million, indicating robust underlying operational performance across core segments. Strong Financial Position Cash position strengthened to S$277 million (vs S$102 million in 1H 2024 Gearing ratio reduced to 13% - among the lowest in the sector NAV per share of S$0.67 with current trading at S$0.68 representing minimal premium Segment-by-Segment Assessment 1. Workers' Dormitory Business - The Crown Jewel Current Performance: 93% occupancy at Tuas View 15,744 beds) Game Changer: Pioneer Lodge adding 10,500 beds by end-2025 66% capacity increase) Market Dynamics: Structural shortage with new dormitory standards reducing sector supply Revenue Outlook: Projected 55% growth in FY26 Investment Thesis: This segment benefits from a perfect storm of limited supply, regulatory tightening, and sustained construction activity. The Pioneer Lodge expansion positions Wee Hur as a dominant player in a supply-constrained market. 2. Construction Business - Record Momentum Order book reaches record S$629 million (vs S$263 million in Dec 2024 Two major HDB BTO projects worth S$439.4 million secured in May 2025 Revenue visibility extended through FY29 Singapore construction demand projected at S$4753 billion in 2025 3. Property Development - Executing Well Bartley Vue: 100% sold with progressive revenue recognition driving 158% segment growth Mega@Woodlands: 99% sold 517 units) Australia expansion: 358-lot residential project approved in Queensland 4. Australian PBSA Strategic Reset Successfully monetized Fund I portfolio for A$1.6 billion Retained 13% stake in restructured trust managed by Greystar Positive catalyst: Australia raised 2026 international student cap by 9% to 295,000 Y Suites Margaret achieving 76% occupancy despite policy uncertainty Key Investment Catalysts & Timeline Near-term Catalysts Next 12 months) Pioneer Lodge full operations by end-2025 - transformational capacity expansion Construction project execution - S$629 million order book providing revenue visibility Tuas View lease extension decision (expires November 2026 - major value catalyst Australia student cap increase benefiting PBSA operations from 2026 Medium-term Growth Drivers 23 years) Fund III establishment for Adelaide PBSA development 708 beds) Queensland residential development execution Market share gains in workers' dormitory amid sector consolidation Dividend growth supported by strong cash generation Risk Assessment & Mitigation Key Risks Tuas View lease extension uncertainty - expires November 2026 Construction margin pressure from labor and material cost inflation Currency exposure to AUD through Australian operations Regulatory changes affecting dormitory or PBSA operations Risk Mitigation Factors Diversified revenue base across multiple segments and geographies Strong government relationships and regulatory compliance track record Natural hedging through AUD-denominated assets and liabilities Experienced management team with proven execution capability Valuation Analysis & Price Target Current Valuation Metrics P/E Ratio: 11.6x FY2024 earnings) P/B Ratio: 0.6x (significant discount to book value) Market Cap: S$625 million Enterprise Value: S$348 million (after cash) Sum-of-Parts Valuation Workers' Dormitory: S$450500 million DCF, 10% discount rate) Construction: S$315 million 0.5x order book) Property Development: S$80100 million 0.6x P/B Fund Management: S$50 million 12x P/E Net Cash: S$150 million Fair Value Range: S$0.75 S$0.85 per share Investment Strategy Recommendations For Institutional Investors STRATEGIC BUY Target Allocation 13% of Singapore Equity Portfolio Rationale: Structural growth story in workers' accommodation with regulatory moats Strong cash generation and balance sheet flexibility ESG-compliant investment in essential worker infrastructure Diversified revenue streams providing portfolio resilience Entry Strategy: Primary position: S$0.650.70 range Opportunistic additions: Below S$0.60 on market weakness Position sizing: 13% allocation with 1824 month investment horizon For Retail Investors ACCUMULATE ON WEAKNESS Price Target S$0.80 Investment Approach: Core holding strategy: Build position over 612 months Dollar-cost averaging: Monthly purchases of S$0.650.70 Catalyst-driven additions: Increase allocation on positive news flow Dividend reinvestment: Utilize interim dividend of S$0.005 per share Portfolio Allocation: Conservative investors: 23% allocation Growth-oriented investors: 35% allocation Hold period: 23 years to capture full cycle benefits Trading Action Plan IMMEDIATE ACTION Next 12 Weeks) Current price S$0.68 offers reasonable entry point Buy on any dip below S$0.65 Set stop-loss at S$0.60 12% downside protection) KEY MONITORING POINTS Pioneer Lodge operational updates - capacity ramp timeline Tuas View lease extension negotiations - critical value catalyst Construction order book additions - sustainability of growth Australian student policy developments - PBSA segment impact PROFITTAKING LEVELS First target: S$0.750.78 1015% gain) Second target: S$0.800.85 1825% gain) Long-term hold: Above S$0.85 for dividend yield play Conclusion Wee Hur Holdings represents a rare combination of defensive income generation and structural growth in Singapore' s built environment sector. The successful disposal of Fund I has strengthened the balance sheet while retaining upside exposure to Australian PBSA recovery. With Pioneer Lodge set to transform the workers' dormitory business and a record construction order book providing revenue visibility, the company is well-positioned for multi-year outperformance. The risk-reward profile favors accumulation at current levels, with multiple catalysts providing upside optionality while the strong balance sheet limits downside risk. Both institutional and retail investors should consider Wee Hur as a core holding in Singapore equities, benefiting from the country' s infrastructure development and housing needs for migrant workers.
superstartup ( Date: 14-Aug-2025 23:27) Posted:
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The PR stated that the Adjusted Net Profit also excludes " share of profit/(loss) from associates and joint ventures" . This is to recognise the partial sale of the Australia Biz.
But then why company did not exclude the one-off performance and disposal fee of Fund I to Greystar, which is the same partial sale of Australia Biz?
" Revenue increased to S$40.3 million from S$2.3 million, mainly due to a one-off performance and disposal fee from the disposal of Fund I to Greystar."
And if we less off this one-off perfrmance and disposal fee, the EPS (from continued operations) will be much lower than stated.
( I stand to be corrected. )
But then why company did not exclude the one-off performance and disposal fee of Fund I to Greystar, which is the same partial sale of Australia Biz?
" Revenue increased to S$40.3 million from S$2.3 million, mainly due to a one-off performance and disposal fee from the disposal of Fund I to Greystar."
And if we less off this one-off perfrmance and disposal fee, the EPS (from continued operations) will be much lower than stated.
( I stand to be corrected. )
Declare div of 0.005 c hope it will also make intention to list Reit similar to Centurion...
https://links.sgx.com/1.0.0/corporate-announcements/B1JX0ZPHW1NLI1ID/54ed5c67a563ab1b5dd070f798cbca9c0a74a847304a8a27379102b9f6fc2985
Wee Hur Holdings reports a 43% increase in revenue to
S$156 million for 1H 2025
Net profit attributable to equity holders decreased by 42% due to the absence of the
S$59.9 million share of profit contribution in 1H 2024 following the partial disposal of the
PBSA portfolio under Fund I.
Adjusted net profit increased by 164% to S$61.7 million, primarily driven by a one-off
performance fee from the disposal of Fund I and the Singapore property development
segment, following progressive revenue recognition from the Bartley Vue project.
Positive outlook ahead, with workers? dormitory bed capacity projected to increase by 66%
by year-end, to 26,244 beds, and a record order book of approximately S$629 million for
the construction segment.
Strengthened financial position from the partial disposal of Fund I and MTN programme
enables strategic reinvestment into the Group?s core businesses.
when is wee hur reporting earning?
If Centurion can go Reit hopefully Wee Hur also can !
kelvin.cylee01 ( Date: 11-Aug-2025 13:17) Posted:
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big volume start of one mouth half million unit at 0.695.
tomorrow can gap up?
Looks like rebounding......$0.70 +$0.01
Load more at 70 cents... wait for the bounce
Not good.....sliding down fr 0.745 to 0.70..as at 3.55pm
Shortlists having a good time...
Wee Hur jumps 6.5% to record high as Australia lifts cap on foreign students
The counter has risen more than 15% this week and 76.2% in the year to date
[SINGAPORE] Shares of student accommodation operator Wee Hur : E3B +6.47% hit an all-time high on Wednesday (Aug 6), following news that Australia will lift its foreign student cap in 2026.
As at 1.57 pm, the counter was trading at S$0.74, a record high according to Bloomberg data, with around 14.6 million shares changing hands. This was 6.5 per cent or S$0.045 above its Tuesday closing price of S$0.695.
By 2.12 pm, it had eased slightly to S$0.735, still up from Tuesday&rsquo s close by 5.8 per cent or S$0.04, with some 14.8 million shares transacted.
The stock is up more than 15 per cent since the start of the trading week. On Monday, the Australian government announced that the country would raise its cap on foreign students by 9 per cent to 295,000 next year and prioritise applicants from South-east Asia.
In the year to date, the counter has risen 76.2 per cent, from S$0.42 on the last trading day of 2024.
Wee Hur has eight facilities for purpose-built student accommodation in Australia.
It is one of 30 Singapore-listed stocks in the portfolio of US-based exchange-traded fund (ETF), Avantis International Small Cap Value ETF.
As at Monday, the ETF had increased its stake in Wee Hur to 22.4 million shares, from 21.4 million shares on Jul 24.
Rule relaxed
Nearly 600,000 student visas were granted in Australia in FY2023. International students flocked to the country in record numbers following the Covid-19 pandemic, with those from China and India forming the largest cohorts.
Limits on places for foreign students were announced in 2024. The Australian government also more than doubled the foreign student visa fee and pledged to close loopholes permitting students to continuously extend their stays.
However, as efforts to lower foreign student numbers have been succeeding, an additional 25,000 places will be granted in 2026, the Australian government said on Monday.
International Education Assistant Minister Julian Hill noted that the measures to curb migration were &ldquo bearing fruit&rdquo , allowing for the cap to be moderately raised next year, Reuters reported.
Around two-thirds of places will be allocated to universities, and one-third to the vocational skills training sector.
Additionally, larger, public universities must demonstrate that domestic and international students have &ldquo access to safe and secure housing&rdquo and recruit more students from South-east Asia, the Australian government said.
As Australia seeks to reduce economic reliance on China, South-east Asia relations have been a focus of Prime Minister Anthony Albanese&rsquo s government.
Hill noted that it was important for Australia&rsquo s &ldquo future soft power&rdquo that the country &ldquo continues to bring the best and brightest from (its South-east Asian) neighbours to have a bit of Australia with them for the rest of their life&rdquo .
Goh Wee Ping, chief executive of Wee Hur&rsquo s fund management business, Wee Hur Capital, said: &ldquo The government&rsquo s decision to link international student intake with dedicated student accommodation is a smart and necessary step.&rdquo
Beds offered by the student accommodation operator ease pressure on the private rental market, he added.
&ldquo This policy clarity gives providers like us the confidence to accelerate our pipeline, working alongside universities and cities to ensure international education growth is supported by purpose-built infrastructure &ndash not squeezed into an already tight housing market.&rdquo
Sold major stake in Australia portfolio. This stake contributed 60% of company' s profit.
Result coming. Can better assess the post sale earnings from Ops. (some pro rate, reworking of numbers may be required since sale completed on 1 Apr 2025).
Don' t think Wee Hur will provide a pro forma statement showing the result from Ops that less off the Australia sale portfolio and the one off items.
Result coming. Can better assess the post sale earnings from Ops. (some pro rate, reworking of numbers may be required since sale completed on 1 Apr 2025).
Don' t think Wee Hur will provide a pro forma statement showing the result from Ops that less off the Australia sale portfolio and the one off items.
Centurion Part II ... :)
Too fast too furious.. trade w caution..
Is obvious. Isn't it.....
hschsc ( Date: 07-Aug-2025 08:26) Posted:
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Target Price $0.91
Excerpts from CGS International report
Analysts: Natalie Ong & Lim Siew Khee
WEE HUR HOLDINGS
Finding its own niche while riding tailwinds
■ WHUR leverages on strong construction and property legacy to develop PBWA, PBSA and high ROI businesses, including fund management.
■ We like WHUR for its c S$700m order book, riding on the favourable construction cycle in Singapore. ■ Together with new inventory in PBWA (+40%), we forecast WHUR&rsquo s revenue to grow by 55% from FY24 to FY26F. ■ Initiate coverage with Add, based on SOP valuations of S$0.91. |
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