SingHoldings    Last:0.5   -

Sing Holdings - Grossly undervalued

Not sure if its traders but $0.470 cleared for the first time since 16/9

superstartup      ( Date: 30-Oct-2025 09:58) Posted: Traders will not be interested in this counter. Need to wait patiently till result announcement (Feb 2026) But may be too late then to buy in. Based on calculations below (total sales and total development cost, easy to see from SingHoldings' books), North Gaia will contribute 37c (thirty-seven cents) in earnings per share to the company.  And company NAV is already at 79c (30 sep 25), yet to recognise contribution from North Gaia. (as usual, please perform your own DD)

 

Traders will not be interested in this counter.
Need to wait patiently till result announcement (Feb 2026)
But may be too late then to buy in. Based on calculations below (total sales and total development cost, easy to see from SingHoldings' books), North Gaia will contribute 37c (thirty-seven cents) in earnings per share to the company. 
And company NAV is already at 79c (30 sep 25), yet to recognise contribution from North Gaia.

(as usual, please perform your own DD)

 

$0.465 cleared for the first time since 18/9

superstartup      ( Date: 29-Oct-2025 10:27) Posted: No need to worry about the acquisition cost (or related overhead expenditures) for the 2 Government Land Sale sites (Chuan Grove). The cost will be capitalised, and recorded as Development Cost (just like for North Gaia, per accounting rules). So this acquisition cost will not affect the 2H2025 earnings. Just sharing. stockinvestor      ( Date: 29-Oct-2025 10:15) Posted: I suppose some of the acquisition costs of Chuan Grove may be written into the current H2 2025 results where possible but a conservative estimate of H2 EPS of $0.31 would bring the NAV to $1.10 before accounting for the future project of Chuan Grove

 

No need to worry about the acquisition cost (or related overhead expenditures) for the 2 Government Land Sale sites (Chuan Grove).
The cost will be capitalised, and recorded as Development Cost (just like for North Gaia, per accounting rules). So this acquisition cost will not affect the 2H2025 earnings.
Just sharing.

stockinvestor      ( Date: 29-Oct-2025 10:15) Posted: I suppose some of the acquisition costs of Chuan Grove may be written into the current H2 2025 results where possible but a conservative estimate of H2 EPS of $0.31 would bring the NAV to $1.10 before accounting for the future project of Chuan Grove. superstartup      ( Date: 29-Oct-2025 10:05) Posted: I did my number crunching too. Obtained similiar figures as yours. The company had already indicated that it will record Substantial Profit for 2H2025 due to the North Gaia project. (as always, please perform your own DD) Will also digest the numbers for the 2 GLS sites awarded to the company.

 

I suppose some of the acquisition costs of Chuan Grove may be written into the current H2 2025 results where possible but a conservative estimate of H2 EPS of $0.31 would bring the NAV to $1.10 before accounting for the future project of Chuan Grove.

superstartup      ( Date: 29-Oct-2025 10:05) Posted: I did my number crunching too. Obtained similiar figures as yours. The company had already indicated that it will record Substantial Profit for 2H2025 due to the North Gaia project. (as always, please perform your own DD) Will also digest the numbers for the 2 GLS sites awarded to the company. stockinvestor      ( Date: 07-Aug-2025 15:04) Posted: Total Sales for North Gaia $869,117,368.  Development cost at 100% completion (as stated in H1 report) $688,356,000. $869,117,368-$688,356,000 = $180,761,368 17% Tax - $30,729,433 Net Profit = $150,031,935. Divide by 400,994,200 shares = earnings per share of $0.3741. I am not sure if there are any other costs which needs to be deducted from this.  From FY2024 Annual Report at the bottom of Page 66,    Development properties are stated at the lower of cost and estimated net realisable value. The cost of development properties includes cost of land and construction and related overhead expenditure incurred during the period of construction and up to the completion of construction.

 

I did my number crunching too.
Obtained similiar figures as yours.
The company had already indicated that it will record Substantial Profit for 2H2025 due to the North Gaia project.
(as always, please perform your own DD)

Will also digest the numbers for the 2 GLS sites awarded to the company.

stockinvestor      ( Date: 07-Aug-2025 15:04) Posted: Total Sales for North Gaia $869,117,368.  Development cost at 100% completion (as stated in H1 report) $688,356,000. $869,117,368-$688,356,000 = $180,761,368 17% Tax - $30,729,433 Net Profit = $150,031,935. Divide by 400,994,200 shares = earnings per share of $0.3741. I am not sure if there are any other costs which needs to be deducted from this.  From FY2024 Annual Report at the bottom of Page 66,    Development properties are stated at the lower of cost and estimated net realisable value. The cost of development properties includes cost of land and construction and related overhead expenditure incurred during the period of construction and up to the completion of construction.

 

and after that Chuan Grove launch in H2 2026

superstartup      ( Date: 28-Oct-2025 16:48) Posted: Today start accumulate 1st batch over here. Slowly buy for Feb 2026 result.

 

Today start accumulate 1st batch over here.
Slowly buy for Feb 2026 result.

 

First time $0.46 is cleared with a firm unfilled buy queue there since 24/9.

 

Sing Holdings seems to have this wrong assumption.  The market is unaware that it is the best proxy to the Singapore Residential Development market, having been overshadowed by UOL, Citydev and Guocoland

https://www.theedgesingapore.com/news/singapore-economy/more-details-value-unlock-programme-listcos-be-unveiled-november-chee-hong
 

Another way to unlock value is communications, said Chee at the time. &ldquo Too often, companies make the wrong assumption that if they have strong revenue growth and healthy earnings, these will automatically translate into better share prices,&rdquo he stressed.

To that said, companies have to be able to &ldquo show and share&rdquo to help others &ldquo understand and buy into the vision of what we&rsquo re building&rdquo .

&ldquo Beyond having good substance, I think it is also helping others to understand what we can deliver and what value will be created,&rdquo said Chee.

TAN888      ( Date: 11-Sep-2025 22:08) Posted: This is just the beginning of very serious growth from Sing. The eps growth will be a 2x at least compared to past 5 years. Share price should move to a new higher baseline in view of this growth backed by new nav post North Gaia (est. $1.17 to $1.20), and RNAV $1.90 . stockinvestor      ( Date: 11-Sep-2025 11:12) Posted: Cash collected from North Gaia payments would bring its net cash position to more than $360m and put it in a good financial position to fund this project

 

https://www.edgeprop.sg/property-news/uol-sells-99-skye-holland-average-2953-psf

Nonetheless, the sentiment bodes well for Sing Holdings' Chuan Grove sale next year.  Some higher volume buying observed on Friday at $0.46 and $0.465 for the first time in a few weeks (possibly in anticipation of the good new home sales today)  but not sure if will be affected Friday night' s US markets drop and more tariff news on China.

investshare      ( Date: 11-Oct-2025 21:45) Posted: Ops my bad, is Singland not SingH. investshare      ( Date: 11-Oct-2025 21:43) Posted: 位 于 荷 兰 路 的 新 私 宅 项 目 Skye at Holland星 期 六 （ 10月 11日 ） 开 盘 首 日 大 卖 ， 共 售 出 99%单 位 ， 每 平 方 英 尺 平 均 销 价 为 2953元 。 Skye at Holland由 华 业 集 团 及 子 公 司 新 加 坡 置 地 （ SingLand） 、 凯 德 发 展 （ CapitaLand Development） 和 庆 隆 （ Kheng Leong） 联 合 发 展 ， 属 于 99年 地 契 项 目 。 这 是 荷 兰 村 时 隔 近 六 年 再 次 迎 来 新 私 宅 项 目 。

 

Ops my bad, is Singland not SingH.

investshare      ( Date: 11-Oct-2025 21:43) Posted: 位 于 荷 兰 路 的 新 私 宅 项 目 Skye at Holland星 期 六 （ 10月 11日 ） 开 盘 首 日 大 卖 ， 共 售 出 99%单 位 ， 每 平 方 英 尺 平 均 销 价 为 2953元 。 Skye at Holland由 华 业 集 团 及 子 公 司 新 加 坡 置 地 （ SingLand） 、 凯 德 发 展 （ CapitaLand Development） 和 庆 隆 （ Kheng Leong） 联 合 发 展 ， 属 于 99年 地 契 项 目 。 这 是 荷 兰 村 时 隔 近 六 年 再 次 迎 来 新 私 宅 项 目 。

 

位 于 荷 兰 路 的 新 私 宅 项 目 Skye at Holland星 期 六 （ 10月 11日 ） 开 盘 首 日 大 卖 ， 共 售 出 99%单 位 ， 每 平 方 英 尺 平 均 销 价 为 2953元 。

Skye at Holland由 华 业 集 团 及 子 公 司 新 加 坡 置 地 （ SingLand） 、 凯 德 发 展 （ CapitaLand Development） 和 庆 隆 （ Kheng Leong） 联 合 发 展 ， 属 于 99年 地 契 项 目 。 这 是 荷 兰 村 时 隔 近 六 年 再 次 迎 来 新 私 宅 项 目 。

 

yes, seems like FY2025 dividend will only be 2c or 3c even though it would be more fair to minority shareholders to pay 4c or more even if their intention is to conserve cash to save on interest expenses.     

iinvestor      ( Date: 12-Sep-2025 09:55) Posted: Dont expect any big div payout. As usual, these towkays will sock it into the next project....

 

Based on Hong Leong Investment Bank' s analysis for Sunway, we can infer an EPS of $0.44 for Sing Holdings from 2 Chuan Grove projects

https://brokerscall.shareinvestor.com/brokers_call/www/assets/files/981757301603-sunway-berhad--5211-.pdf

investshare      ( Date: 12-Sep-2025 09:28) Posted: Hi, can you share the source of the new NAV? TAN888      ( Date: 11-Sep-2025 22:08) Posted: This is just the beginning of very serious growth from Sing. The eps growth will be a 2x at least compared to past 5 years. Share price should move to a new higher baseline in view of this growth backed by new nav post North Gaia (est. $1.17 to $1.20), and RNAV $1.90 .

 

Dont expect any big div payout. As usual, these towkays will sock it into the next project....

 

Hi, can you share the source of the new NAV?

TAN888      ( Date: 11-Sep-2025 22:08) Posted: This is just the beginning of very serious growth from Sing. The eps growth will be a 2x at least compared to past 5 years. Share price should move to a new higher baseline in view of this growth backed by new nav post North Gaia (est. $1.17 to $1.20), and RNAV $1.90 . stockinvestor      ( Date: 11-Sep-2025 11:12) Posted: Cash collected from North Gaia payments would bring its net cash position to more than $360m and put it in a good financial position to fund this project

 

This is just the beginning of very serious growth from Sing. The eps growth will be a 2x at least compared to past 5 years.

Share price should move to a new higher baseline in view of this growth backed by new nav post North Gaia (est. $1.17 to $1.20), and RNAV $1.90 .

stockinvestor      ( Date: 11-Sep-2025 11:12) Posted: Cash collected from North Gaia payments would bring its net cash position to more than $360m and put it in a good financial position to fund this project. TAN888      ( Date: 10-Sep-2025 22:59) Posted: For Sing, is the first billion land purchase and almost 2.8b GDV project (on 65-35).  Probably the GDV equivalent of more than 2 x North Gaia over the same project period.

 

 

Cash collected from North Gaia payments would bring its net cash position to more than $360m and put it in a good financial position to fund this project.

TAN888      ( Date: 10-Sep-2025 22:59) Posted: For Sing, is the first billion land purchase and almost 2.8b GDV project (on 65-35).  Probably the GDV equivalent of more than 2 x North Gaia over the same project period.