Tuan Sing    Last:0.31    -0.005

NAV $0.73 vs Market $0.29

ask Mr CEO to go China and re-organize their Logistics & Shipping Dept for Giti tires factories

 

Do join me to attend the next AGM to query the company management on this stingy payment of dividends.  Or should just ask them directly to tell us minorities not to hope for better days, and to just sell and go away.

Sporeguy      ( Date: 21-Oct-2016 13:30) Posted: Look at Lum Chang (in comparison to TS) : From year 2010 to 2016, the dividends stay at 2 c per share which gives a yield of 5.56% yearly. For 2016, the earning per share is 8c, dividend is 2c giving dividend as 25 % of the profit.

 

The only grace that i notice is that the price is converging with respect to OBV. The price and RSI does not show any converging or diverging.

In other words, there is slight sign of accumulation but not a strong one. If the price and RSI also show convergence, then the accumulation is strong enough for me to make decision.

 

Look at Lum Chang (in comparison to TS) : From year 2010 to 2016, the dividends stay at 2 c per share which gives a yield of 5.56% yearly.

For 2016, the earning per share is 8c, dividend is 2c giving dividend as 25 % of the profit.

 

 

In general, an acceptable  lowest profit is 20% of the cost. So i would expect stock to pay 20% of the profit as dividend especially when the company is already in the market for so long. Company like RMG is ok to pay less % as it is a growth company because it needs the profit to expand.  But TS is not a really in the growth industry.

 

These related party deals can be good or bad - recall the Fuzhou China land purchase could be one such parcel and up till now there is no news on this at all. And as its leasehold land the time clock is running out, no?

Qanghoo      ( Date: 21-Oct-2016 00:39) Posted: Actually, I think it' s only the last three, four yrs that they had made more from property developments.  Believe prior to that, they had boutique n China  developments  which did not bring in a lot of cash.  The main cash contributors from property developments over the last few yrs were Seletar Pk n Sennett Residences, Mont Timah n smaller contributions from Cluny Pk Residence.  Part of the profits, I recall, were from revaluation gains so it' s non cash.  So, while I also agree that the div over the yrs have been meagre, I think conserving cash had also been prudent n helped them grow better.  One thing I' d like to think as a positive from the major shareholder is their injection of their own assets n developments into TS which have had a positive impact.  One was Katong Mall (now 112 East Coast Road) which within 6 mths after embloc, they flipped for a profit of 20+ mil for TS (probably in 2009 or 2010).  The other was Mont Timah which also contributed positively to TS (abt 2 yrs ago).  Maybe they had ulterior motives, I don' t know.  But to me these were positive moves from the major shareholders.  Sporeguy      ( Date: 20-Oct-2016 23:52) Posted: for year 2015, Total   directors fee = 1.5 million Total dividend paid = 6.5 million  Dividend paid out ratio = 9.5% of the profit Net profit = 68.8 million Total paid to top 5 mgt = 2.8 million

 

Actually, I think it' s only the last three, four yrs that they had made more from property developments.  Believe prior to that, they had boutique n China  developments  which did not bring in a lot of cash.  The main cash contributors from property developments over the last few yrs were Seletar Pk n Sennett Residences, Mont Timah n smaller contributions from Cluny Pk Residence.  Part of the profits, I recall, were from revaluation gains so it' s non cash.  So, while I also agree that the div over the yrs have been meagre, I think conserving cash had also been prudent n helped them grow better.  One thing I' d like to think as a positive from the major shareholder is their injection of their own assets n developments into TS which have had a positive impact.  One was Katong Mall (now 112 East Coast Road) which within 6 mths after embloc, they flipped for a profit of 20+ mil for TS (probably in 2009 or 2010).  The other was Mont Timah which also contributed positively to TS (abt 2 yrs ago).  Maybe they had ulterior motives, I don' t know.  But to me these were positive moves from the major shareholders. 

Sporeguy      ( Date: 20-Oct-2016 23:52) Posted: for year 2015, Total   directors fee = 1.5 million Total dividend paid = 6.5 million  Dividend paid out ratio = 9.5% of the profit Net profit = 68.8 million Total paid to top 5 mgt = 2.8 million Sporeguy      ( Date: 20-Oct-2016 20:00) Posted: Year.           Dividend/share(c)       Yield(%) 2007.           0.005.                       1.72 2010.           0.003.                       1.03 2011.           0.004.                       1.38 2012.           0.003.                       1.03 2013.           0.005.                       1.72 2014.           0.005.                       1.72 2015.           0.005.                       1.72 2016.           0.006.                       2.07 May be someone can check how much they paid to directors compared amt paid as dividend.

 

for year 2015,

Total   directors fee = 1.5 million

Total dividend paid = 6.5 million 

Dividend paid out ratio = 9.5% of the profit

Net profit = 68.8 million

Total paid to top 5 mgt = 2.8 million

Sporeguy      ( Date: 20-Oct-2016 20:00) Posted: Year.           Dividend/share(c)       Yield(%) 2007.           0.005.                       1.72 2010.           0.003.                       1.03 2011.           0.004.                       1.38 2012.           0.003.                       1.03 2013.           0.005.                       1.72 2014.           0.005.                       1.72 2015.           0.005.                       1.72 2016.           0.006.                       2.07 May be someone can check how much they paid to directors compared amt paid as dividend.

 

OUE probably much bigger boy - but I' m not really familiar with it.  TS is just simply one of those undervalued gems languishing on our market, until one day, hopefully, Prince Charming White Knight  comes along to sweep her off her feet. Haha.  Hopefully, that happens before it gets chomped up duriing some sharp market downturn  at an outragoesly low price through some Scheme of Arrangement.,.. LOL.

investshare      ( Date: 20-Oct-2016 20:51) Posted: looks good. How do you compare it to OUE? Goldfinger      ( Date: 20-Oct-2016 20:45) Posted: This stock has a lot of property and lands - 2 Australian Hyatt hotels, Robinson Towers, Robinson Point, development profits from several Singapore properties, land and property in China and Batam to develop, stakes in golf retail (PanWest), commodity trading (SPP), tyres (SPP), PCB manufacturing (GulTech) and profitable the past few years - but  yet trades at a very tight range between 28-30cts and way below NAV (not to speak of RNAV).  Heaven knows why with all these jewels, its still unappreciated and unloved and underpriced (at least in my view). Yes, the dividend in pitiful, but I am more annoyed about the lack of clarity on its Batam development plans (which was a related party transaction)  and the very slow progress of Robinson Towers redevelopment  - if they don' t have the expertise to do a proper redevelopment, shouldn' t they just sell the site to another developer and take the profits upfront or just keep and continue to rent out the 2 buildings (ie International Factors and the former Robinson Towers)?  I do intend to go to the next AGM to air these thoughts and query the directors.

 

looks good. How do you compare it to OUE?

Goldfinger      ( Date: 20-Oct-2016 20:45) Posted: This stock has a lot of property and lands - 2 Australian Hyatt hotels, Robinson Towers, Robinson Point, development profits from several Singapore properties, land and property in China and Batam to develop, stakes in golf retail (PanWest), commodity trading (SPP), tyres (SPP), PCB manufacturing (GulTech) and profitable the past few years - but  yet trades at a very tight range between 28-30cts and way below NAV (not to speak of RNAV).  Heaven knows why with all these jewels, its still unappreciated and unloved and underpriced (at least in my view). Yes, the dividend in pitiful, but I am more annoyed about the lack of clarity on its Batam development plans (which was a related party transaction)  and the very slow progress of Robinson Towers redevelopment  - if they don' t have the expertise to do a proper redevelopment, shouldn' t they just sell the site to another developer and take the profits upfront or just keep and continue to rent out the 2 buildings (ie International Factors and the former Robinson Towers)?  I do intend to go to the next AGM to air these thoughts and query the directors.   Qanghoo      ( Date: 20-Oct-2016 18:39) Posted: I think, sadly, this cld be part of the sgx disease n/or due to  the property control measures.  I recall when I was younger, a rough guide was for property counters to trade ard 60% NAV, or minimally 50%.  But I do believe if the property control measures are tweaked (as eventually they must be) there wld be a positive re-rating for property counters.  My own guesstimate is TS cld then trade ard 40 - 50 cts.  My other thought (dream?) has also been that the two gems on Robinson Rd, so close to the EWL n DTL, cld one day be divested into a reit.  Imagine what that wld be to TS ..... DYODD of course, but I' d carry on dreaming .....

 

This stock has a lot of property and lands - 2 Australian Hyatt hotels, Robinson Towers, Robinson Point, development profits from several Singapore properties, land and property in China and Batam to develop, stakes in golf retail (PanWest), commodity trading (SPP), tyres (SPP), PCB manufacturing (GulTech) and profitable the past few years - but  yet trades at a very tight range between 28-30cts and way below NAV (not to speak of RNAV).  Heaven knows why with all these jewels, its still unappreciated and unloved and underpriced (at least in my view).

Yes, the dividend in pitiful, but I am more annoyed about the lack of clarity on its Batam development plans (which was a related party transaction)  and the very slow progress of Robinson Towers redevelopment  - if they don' t have the expertise to do a proper redevelopment, shouldn' t they just sell the site to another developer and take the profits upfront or just keep and continue to rent out the 2 buildings (ie International Factors and the former Robinson Towers)? 

I do intend to go to the next AGM to air these thoughts and query the directors.

 

Qanghoo      ( Date: 20-Oct-2016 18:39) Posted: I think, sadly, this cld be part of the sgx disease n/or due to  the property control measures.  I recall when I was younger, a rough guide was for property counters to trade ard 60% NAV, or minimally 50%.  But I do believe if the property control measures are tweaked (as eventually they must be) there wld be a positive re-rating for property counters.  My own guesstimate is TS cld then trade ard 40 - 50 cts.  My other thought (dream?) has also been that the two gems on Robinson Rd, so close to the EWL n DTL, cld one day be divested into a reit.  Imagine what that wld be to TS ..... DYODD of course, but I' d carry on dreaming ..... Goldfinger      ( Date: 20-Oct-2016 18:26) Posted: Yah Agree - but share price will still stay around $0.30 nonetheless haha

 

Year.           Dividend/share(c)       Yield(%)

2007.           0.005.                       1.72

2010.           0.003.                       1.03

2011.           0.004.                       1.38

2012.           0.003.                       1.03

2013.           0.005.                       1.72

2014.           0.005.                       1.72

2015.           0.005.                       1.72

2016.           0.006.                       2.07

May be someone can check how much they paid to directors compared amt paid as dividend.

 

TS had price in the range in 40-50 c. I am not happy as TS has been very stingy in dividend.

 

I think, sadly, this cld be part of the sgx disease n/or due to  the property control measures.  I recall when I was younger, a rough guide was for property counters to trade ard 60% NAV, or minimally 50%.  But I do believe if the property control measures are tweaked (as eventually they must be) there wld be a positive re-rating for property counters.  My own guesstimate is TS cld then trade ard 40 - 50 cts.  My other thought (dream?) has also been that the two gems on Robinson Rd, so close to the EWL n DTL, cld one day be divested into a reit.  Imagine what that wld be to TS ..... DYODD of course, but I' d carry on dreaming .....

Goldfinger      ( Date: 20-Oct-2016 18:26) Posted: Yah Agree - but share price will still stay around $0.30 nonetheless haha. Qanghoo      ( Date: 20-Oct-2016 17:53) Posted: NAV shd gradually trend up towards $1 when RT is completed abt 2 yrs' time n if their latest project sells well.

 

Yah Agree - but share price will still stay around $0.30 nonetheless haha.

Qanghoo      ( Date: 20-Oct-2016 17:53) Posted: NAV shd gradually trend up towards $1 when RT is completed abt 2 yrs' time n if their latest project sells well.  johnng      ( Date: 20-Oct-2016 10:52) Posted: NAV $0.73 vs Market $0.29

 

NAV shd gradually trend up towards $1 when RT is completed abt 2 yrs' time n if their latest project sells well. 

johnng      ( Date: 20-Oct-2016 10:52) Posted: NAV $0.73 vs Market $0.29

 

Wah, then cld end up in tussle, n px will jump?  But I doubt if that wld happen.  When Ah Koh started buying in, the Liems probably have some secret plans in place to fortify their position. 

Goldfinger      ( Date: 20-Oct-2016 14:56) Posted: Hard for them to delist since I think they only hold 50+%? Hence also opportunity for others to grab a chunk and big stake. Qanghoo      ( Date: 20-Oct-2016 11:03) Posted: Not much chance, brother.  William Liem already said he sees benefits of being listed.  Unless of course Ah Koh of Rolls Royce fame wants to force the issue ....

 

Hard for them to delist since I think they only hold 50+%? Hence also opportunity for others to grab a chunk and big stake.

Qanghoo      ( Date: 20-Oct-2016 11:03) Posted: Not much chance, brother.  William Liem already said he sees benefits of being listed.  Unless of course Ah Koh of Rolls Royce fame wants to force the issue .... Sporeguy      ( Date: 20-Oct-2016 11:00) Posted: Hope someone do a Poh Tiong Chuan on Tuan Seng, otherwise can forget this stock. Got a feeling at present,   this stock only benefitted the directors only!

 

Not much chance, brother.  William Liem already said he sees benefits of being listed.  Unless of course Ah Koh of Rolls Royce fame wants to force the issue ....

Sporeguy      ( Date: 20-Oct-2016 11:00) Posted: Hope someone do a Poh Tiong Chuan on Tuan Seng, otherwise can forget this stock. Got a feeling at present,   this stock only benefitted the directors only!

 

property coy...share price averaging 30% of nav..nothing great.

johnng      ( Date: 20-Oct-2016 10:52) Posted: NAV $0.73 vs Market $0.29