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SingLand H2 net profit rises 7% to S$102.4 million on fair-value gain on investment properties
SINGAPORE Land Group : U06 +0.55% (SingLand) reported a 7 per cent rise in net profit to S$102.4 million in the six months ended Dec 31, 2023, from S$95.3 million in the previous corresponding period.
This was mainly due to fair-value gain on subsidiaries&rsquo investment properties of S$14.5 million in the half year, compared with a S$6.6 million fair-value loss recorded in H2 FY2022, the real estate company said in a regulatory filing on Friday (Feb 23).
Earnings per share, including fair-value gain on investment properties, stood at 7.1 Singapore cents for the half year, up from 6.7 Singapore cents the previous year.
Revenue for the half year rose 3 per cent to S$358.7 million, from S$346.9 million a year earlier. This was largely due to higher income from hotel operations boosted by the recovery of the hospitality sector in Singapore.
However, this was partially offset by lower revenue from property trading as fewer units were sold for two of the group&rsquo s residential projects &ndash V on Shenton and Mon Jervois. Property investment also had lower revenue, mainly from the closure of Clifford Centre for redevelopment in January 2023.
A final dividend of 4 Singapore cents per share was proposed for FY2023, up from 3.5 Singapore cents per share the year before, for shareholders&rsquo approval at the annual general meeting on Apr 26, 2024. The date payable will be announced later.
For the full year ended Dec 31, 2023, net profit was down 40 per cent to S$270.8 million, while revenue was up 12 per cent to S$684.6 million.
The revenue increase is largely driven by higher income from hotel operations, as well as from technology operations as there were more software licence sales.
Looking forward, the office sector is likely to face short-term challenges as there will be new supply of office spaces in the first half of 2024, said SingLand. The group also expects modest growth in office rentals in the Central Business District as Singapore&rsquo s economy improves.
For the retail sector, the group expects rentals to see moderate improvement from higher tourist arrivals in 2024. This is also as suburban malls remain resilient and workers return to the office.
For the hospitality sector, ongoing macroeconomic headwinds mean there will be a cautious recovery, noted SingLand.
Meanwhile, the residential market is likely to grow at a slower rate in 2024 due to government cooling measures and higher interest rates.
Nonetheless, demand will continue to be supported by resilient household balance sheets and a high employment rate.
all time low lai lai!
buy buy buy
Dont say bo jio
Lets go $2
[Singapore Land Group]
2023 Half-year results: https://links.sgx.com/1.0.0/corporate-announcements/BU3MBAQCS0645EOV/b51f3048a960efaccf7d19369a9ba76170f429be5cbbfc862a1c004b1d87e6ed .
Same period valuation of properties: https://links.sgx.com/1.0.0/corporate-announcements/RGOJD9KQSRH46DO9/6794d4c8f96a4317722d3e7e86c1bbf2ef085133216291c9e6a9484d43a9aaf7 .
2023 Half-year results: https://links.sgx.com/1.0.0/corporate-announcements/BU3MBAQCS0645EOV/b51f3048a960efaccf7d19369a9ba76170f429be5cbbfc862a1c004b1d87e6ed .
Same period valuation of properties: https://links.sgx.com/1.0.0/corporate-announcements/RGOJD9KQSRH46DO9/6794d4c8f96a4317722d3e7e86c1bbf2ef085133216291c9e6a9484d43a9aaf7 .
Target Price ( one source ) : $3.03 .
Ftyeng ( Date: 08-Jul-2023 09:05) Posted:
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No posting for very long time so here is a short summary:
[08July2023]
------------------------
Price : $2.06
BVPS : $5.57
P/BV : $0.38
PE ratio : 6.58
EPS : $0.3177
DPS : $0.0350
Yr - high : $2.63
Yr - low : $2.04
[08July2023]
------------------------
Price : $2.06
BVPS : $5.57
P/BV : $0.38
PE ratio : 6.58
EPS : $0.3177
DPS : $0.0350
Yr - high : $2.63
Yr - low : $2.04
Singapore Land swings back to black with S$92.2m H1 net profit
Real estate developer Singapore Land Group swung back into the black with a net profit of S$92.2 million in the first half of 2021, reversing from a net loss of S$34.3 million in the same period last year.This came despite a 13 per cent drop in revenue from S$335.4 million last year to S$292.3 million, thanks to a fall in residential property sales, hotel operations and technology operations.
Revenue from property trading fell 66 per cent to S$12.2 million, as less units from the residential project V on Shenton were sold this year. Revenue from hotel operations dropped 2 per cent to S$15.9 million, which the group said was due to the " continuing impact" of Covid-19 pandemic.
Technology operations decreased in revenue by 8 per cent to S$103.8 million, due to backlog in order delivery as a result of global shortage in computer chips.
In the six months ended June 30, the group, formerly known as United Industrial Corp, booked a S$2.6 million fair value gain on investment properties (net of non-controlling interests), reversing from a fair value loss of S$117.8 million in the same period last year.
The group' s share of operating profits from associates fell 29 per cent to S$10.7 million, on lower contribution from its Shanghai project Park Eleven. This stemmed from fewer handover of units and poorer performance by the hotels due to the current Covid-19 situation.
However, the fall was largely offset by the fair value gain on investment properties of S$300,000 recorded, it said, versus the S$4.4 million loss in the previous year.
On the other hand, share of operating profits of joint ventures increased by 140 per cent, thanks to the recognition of progress of development for The Tre Ver residential project. In addition, the joint ventures also recorded a fair value gain on investment properties of S$0.2 million, as opposed to a S$11 million loss in the corresponding period last year.
Earnings per share (EPS) excluding fair value gains and losses was 6.3 Singapore cents, down from 5.8 cents last year. After accounting for fair value gains and losses, EPS was 6.4 Singapore cents, reversing from a loss per share of 2.4 cents in the year before.
Net asset value per share was S$5.18 as at June 30, up from S$5.12 as at Dec 31 last year.
Singapore Land shares closed flat at S$2.70 on Friday.
hang on to ur shares..
don' t let them get S' pore Land cheaply!!! minority shareholders deserve more!!
darkcolony ( Date: 09-Apr-2014 00:32) Posted:
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Any can share what will happen next to those who have not accepted the offer? Is UIC going to compulsory acquire the remaining shares or accept them as individual sharesholder?
Even SGX has raised query if the 33.1% discount to NTA is fair and reasonable? http://infopub.sgx.com/FileOpen/Responseltr.ashx?App=Announcement& FileID=290085
Bear in mind that the actual NTA will be higher as it does not include Changfeng condominium where I could not find the latest market value. Besides, those " peer group" are mainly residential property players but Sp Land assets are in office, retail and hotel sectors, which tend to generate steady recurring income as compared to the more lumpy property development segment,
UIC (NAV $3.40) trading at $3.20 with only 6% discount
Sp Land (RNAV $13.70) trading at $9.39 with 31% discount
Can I propose in the next AGM to apply 33.1% discount to UIC and acquire the remaining shares? Opps, i don' t have the power as I am only the minority shareholders. However, it is within my rights to say NO to this deal. Don' t sell cheaply to UIC, keep the shares and reap the yearly 20.0cents dividend
I just wonder why would people sell below offer price. Any reason for doing so?
my theory is to create the illusion that the offer price is better and sell cheaply to UIC
How come price down? I thot should be going up?
Don' t let go of your Singland shares at such a low and cheap offer from UIC!
Published April 07, 2014
UIC extends closing date for SingLand offer
UIC is offering to take SingLand private by buying the remaining 19.64 per cent of shares in a deal valued at S$761.7 million - PHOTO: UIC
UNITED Industrial Corporation Limited (UIC) announced on Monday that the closing date of its offer for Singapore Land Limited (SingLand) has been extended to 5.30pm April 21, 2014.
The original closing date is April 7, 2014.
UIC also does not intend to revise the offer price of S$9.40 for each offer share of SingLand.
UIC is offering to take SingLand private by buying the remaining 19.64 per cent of shares in a deal valued at S$761.7 million.
Last:9.53 Vol:4k
+0.01
Opps SP land going much higher!.. not selling to you UIC!!
up your price considerably higher then will consider
Last:9.48 Vol:54k
+0.02
move to $13.. show UIC that the shareholders don't sell cheaply!
ozone2002 ( Date: 03-Mar-2014 11:03) Posted:
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Last:9.46 Vol:54k -
market offering higher than UIC's take over price of $9.4!!
Don't cheat the minority shareholders!!! Give us FAIR Value!! $13!!!
I think if UIC is paying $9.40 for each SLL shares cum div. effectively they are paying only $9.20 for each SLL shares thereby increasing the discount to 32.84% instead of 31% . Correct me if I am wrong.