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The September report has some important facts:
1. Cash flow has improved from June to Sep 2017. Despite the increase of payment to construct the Robinson Tower (about $24 million was spent this quarter), net cash generated was $12 million.
2. The report said investment properties are expected to have material fair value gain in 2017. The 2 Singapore properties (Robinson Point & Oxley) valuation in 31/12/2016 is about the same figure as in 31/12/2013. I believe their new valuation will be different.
3. The report said a material developer' s profit is to be realised in 2018. This refers to Robinson Tower. When it is completed, an estimated 10% of the total development value can be classified as profit.
4. Item 2 and item 3 will enhance the net asset value of Tuan Sing. If one will to believe price/book ratio will reverse to mean, then Tuan Sing share price has more to go.
1. Cash flow has improved from June to Sep 2017. Despite the increase of payment to construct the Robinson Tower (about $24 million was spent this quarter), net cash generated was $12 million.
2. The report said investment properties are expected to have material fair value gain in 2017. The 2 Singapore properties (Robinson Point & Oxley) valuation in 31/12/2016 is about the same figure as in 31/12/2013. I believe their new valuation will be different.
3. The report said a material developer' s profit is to be realised in 2018. This refers to Robinson Tower. When it is completed, an estimated 10% of the total development value can be classified as profit.
4. Item 2 and item 3 will enhance the net asset value of Tuan Sing. If one will to believe price/book ratio will reverse to mean, then Tuan Sing share price has more to go.
Can any Accountants share whether this means that potentially NTA will rise from 77cts currently to at least $1 after the revaluation of 18 Robinson?
Thanks Martial Art. This is very useful. Assuming no further costs, and if the completed building can be marked to market at about $2,500-$3,000psf (and its Freehold land unlike the others in Raffles Place), for the 250,000sf GFA, then it works out to the region of $625m to $750m, meaning a market revaluation surplus of between $225m to $350m which can be booked as profits? Or 20cts-30+cts per share! This is subject to the valuation report.
They better pay out a good dividend end 2018!!!
They better pay out a good dividend end 2018!!!
MARTIALART ( Date: 27-Oct-2017 07:13) Posted:
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Goldfinger
Cost of Robinson Tower as at 31/12/2016 was $396,954,000. It can be broken down as follow:
Land cost $231,400,000
Development charge (change the plot ratio to 13.9) 40,015,000
Revalution 62,209,000
Development cost upto 31/12/2016 including
interest capitalised 63,330,000
The land cost of $231,400,000 is based on 2012 valuation. The revaluation $62,209,000 is the accumulated figure these 4 years. I believe total value of this piece of land is quite different now.
Cost of Robinson Tower as at 31/12/2016 was $396,954,000. It can be broken down as follow:
Land cost $231,400,000
Development charge (change the plot ratio to 13.9) 40,015,000
Revalution 62,209,000
Development cost upto 31/12/2016 including
interest capitalised 63,330,000
The land cost of $231,400,000 is based on 2012 valuation. The revaluation $62,209,000 is the accumulated figure these 4 years. I believe total value of this piece of land is quite different now.
Goldfinger ( Date: 26-Oct-2017 21:03) Posted:
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Definitely costs should be lower. Sorry, I think I saw other Singapore based developers intending to sell units at about $50k each.
Wow, if TS follows, hope they offer discounts to their long-suffering minority shareholders. I wouldn' t mind buying $50k 5-star retirement resort apartments, with medical facilities, daily massages, catered food and full resort facilitiies. This would be cheaper than 2 room new flats in a non-mature estate.
I don' t trust Johor - I think they resent us to much, and I don' t blame them as their high cost of living was pushed up by Sinkies. I feel safer usually in places like Bali and Bintan. Think Batam has too much to lose if they don' t protect Singaoreans.
Wow, if TS follows, hope they offer discounts to their long-suffering minority shareholders. I wouldn' t mind buying $50k 5-star retirement resort apartments, with medical facilities, daily massages, catered food and full resort facilitiies. This would be cheaper than 2 room new flats in a non-mature estate.
I don' t trust Johor - I think they resent us to much, and I don' t blame them as their high cost of living was pushed up by Sinkies. I feel safer usually in places like Bali and Bintan. Think Batam has too much to lose if they don' t protect Singaoreans.
Anyhow ( Date: 26-Oct-2017 22:02) Posted:
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Lets see how mr mkt view tmr.
44 and above was a big roadblock.
44 and above was a big roadblock.
Relative to Johore, what do you think the advantage of Batam would be? Better security and stability?
I always thought there would be great potential from an integrated wellness beachfront retirement community close to Singapore with lower costs. Maybe Tuan Sing will execute this with its Batam land. People buying $200k retirement apartments with Low monthly upkeep fees with food etc using Indon costs? There's something to dream and hope for, yah?
If they can make $50k per apartment selling to Sinkies cut off by the property cooling measure, for 2000 units, that's like $100m profit.
85 hectares is way bigger than Bidadari..
85 hectares is way bigger than Bidadari..
Excerpt of An article last year in BT...
Tuan Sing, Habitat Properties to build Batam integrated development project
WED, JUN 08, 2016 - 8:29 PM
LUXURY property developer Tuan Sing on Wednesday announced a 90:10 joint venture with private Singapore developer, Habitat Properties, to develop a site in Marina City Batam, Indonesia, into an integrated mixed development township.
This will comprise hotels with MICE (meetings, incentives, conferencing, exhibitions) facilities, retail, tourist facilities and attractions, and residential properties.
The stake will cost Tuan Sing S$39.15 million. The consideration is based on 90 per cent of the net book value of the special purpose vehicles, adjusted by the valuation of the site at S$43.5 million. The two valuers were KJPP Sarwono, Indrastuti & Rekan and KJPP Hendra Gunawan dan Rekan.
The company will pay for the cash portion of the deal with internal cash resources, and the rest in the form of three residential units at Cluny Park Residence in Singapore, valued at about S$16 million.
The site is about 85 hectares, comprising four plots of land, located in Marina City, and an estimated 45-minute ferry ride from Singapore HarbourFront Centre. One of the plots overlooks the Singapore Marina skyline.
The initial phase of the development is planned to comprise of a 400-room resort hotel, a 30,000 square metre retail and entertainment zone, and close to 2,000 residential apartments with recreational facilities.
In future phases, Tuan Sing plans to invest in educational facilities, medical tourism and new entertainment concepts to attract visitors and investors in the region.
The project is expected to launch around end 2017 or early 2018.
Tuan Sing, Habitat Properties to build Batam integrated development project
WED, JUN 08, 2016 - 8:29 PM
LUXURY property developer Tuan Sing on Wednesday announced a 90:10 joint venture with private Singapore developer, Habitat Properties, to develop a site in Marina City Batam, Indonesia, into an integrated mixed development township.
This will comprise hotels with MICE (meetings, incentives, conferencing, exhibitions) facilities, retail, tourist facilities and attractions, and residential properties.
The stake will cost Tuan Sing S$39.15 million. The consideration is based on 90 per cent of the net book value of the special purpose vehicles, adjusted by the valuation of the site at S$43.5 million. The two valuers were KJPP Sarwono, Indrastuti & Rekan and KJPP Hendra Gunawan dan Rekan.
The company will pay for the cash portion of the deal with internal cash resources, and the rest in the form of three residential units at Cluny Park Residence in Singapore, valued at about S$16 million.
The site is about 85 hectares, comprising four plots of land, located in Marina City, and an estimated 45-minute ferry ride from Singapore HarbourFront Centre. One of the plots overlooks the Singapore Marina skyline.
The initial phase of the development is planned to comprise of a 400-room resort hotel, a 30,000 square metre retail and entertainment zone, and close to 2,000 residential apartments with recreational facilities.
In future phases, Tuan Sing plans to invest in educational facilities, medical tourism and new entertainment concepts to attract visitors and investors in the region.
The project is expected to launch around end 2017 or early 2018.
Anyone knows the carrying cost of Robinson Towers? Man I love the 18 Robinson address.
Also the Batam project proceeding is awesome and yet such an unknown. Its a whole township essentially in Marina City Batam. I thought they already aborted it.
Also the Batam project proceeding is awesome and yet such an unknown. Its a whole township essentially in Marina City Batam. I thought they already aborted it.
" The group will now focus on two new projects - namely Kandis Residence and Remaja land - as well as the repositioning of the property at 896 Dunearn Road," Tuan Sing said in a press release.
The construction of 18 Robinson has been progressing well, and is expected to be completed before end-2018 when it will provide a steady stream of income to the group. In addition, a material developer' s profit is expected to be realised in 2018."
The construction of 18 Robinson has been progressing well, and is expected to be completed before end-2018 when it will provide a steady stream of income to the group. In addition, a material developer' s profit is expected to be realised in 2018."
I caught this &ldquo material developer profit to be realised in 2018&rdquo
what exactly does this mean?
results is ok especially gultech is a excellent performer this year.
they didnt do much pte pty developments recently. Only in 2018, Robinsons 18 will be the major uplift
what exactly does this mean?
results is ok especially gultech is a excellent performer this year.
they didnt do much pte pty developments recently. Only in 2018, Robinsons 18 will be the major uplift
You missed the important parts below. The massive Batam project seems to be proceeding as well. The material revaluation gains expected for 2017 and 2018 are positives.
"The Group plans to execute the Asset Enhancement Initiative work in Perth, Australia and to launch the initial phase of the integrated township development in Batam Marina City, Indonesia in 2018. Barring unforeseen circumstances, the Group will be profitable for the year 2017. In addition, the Group?s investment properties are expected to have a material fair value gain as at 31 December 2017.""
"The Group plans to execute the Asset Enhancement Initiative work in Perth, Australia and to launch the initial phase of the integrated township development in Batam Marina City, Indonesia in 2018. Barring unforeseen circumstances, the Group will be profitable for the year 2017. In addition, the Group?s investment properties are expected to have a material fair value gain as at 31 December 2017.""
paul1688 ( Date: 26-Oct-2017 19:50) Posted:
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Tuan Sing&rsquo s 9M2017 Net Profit of $13.1 million
Singapore, 26 October 2017 &ndash Tuan Sing reported revenue of $101.0 million in 3Q2017, an increase of 12% as compared to 3Q2016, due mainly to higher contribution from Property and Industrial Services segments. However, net profit attributable to shareholders fell 9% to $5.9 million. For 9M2017, Group revenue was $259.9 million as compared to $302.3 million in 9M2016. Net profit attributable to shareholders dropped 38% to $13.1 million from $21.1 million last year due to overall decrease in sales of residential development projects.
Earnings per share stood at 0.5 cent for 3Q2017 and 1.1 cents for 9M2017, as compared to 0.5 cent and 1.8 cents respectively a year earlier. Net asset value per share was 77.7 cents at 30 September 2017, remained comparable to 31 December 2016.
Property
As the three development property projects, namely, Seletar Park Residence, Sennett Residence, and Cluny Park Residence had been substantially sold, revenue for the nine months period decreased 38% to $87.8 million. However, profit after tax increased to $8.0 million from $7.6 million a year ago, due mainly to liquidated damages received from a contractor for its delay in an investment development project, lower legal fees and lower net allowance for diminution in value for development properties.
Hotels Investment
Revenue in 9M2017 was A$83.5 million as compared to A$87.2 million last year. Net income from hotel operations reduced by 6.3% to A$16.7 million as both Grand Hyatt Melbourne and Hyatt Regency Perth registered a combined 2.9% drop in RevPAR despite higher occupancy rates. For 9M2017, profit after tax remained comparable to last year at A$3.0 million.
Industrial Services
For 9M2017, Industrial Services reported higher revenue of $98.7 million as compared to last year of $88.2 million. This was mainly attributable to higher activities from Commodities Trading offset partially by lower activities from Tyre Distribution. For 9M2017, Industrial Services reported a loss after tax of $0.1 million as opposed to a profit after tax of $0.9 million last year. Higher loss incurred by Tyre Distribution eroded the profits generated from Commodities Trading.
Other Investment
For 9M2017, GulTech reported revenue of US$215.9 million as compared to US$174.5 million last year. There was improved performance from all its three plants. As a result, GulTech reported an increase in net profit attributable to shareholders of US$19.2 million for 9M2017. This translated into an increase in the Group&rsquo s share of net profit (excluding fair value loss) of $12.0 million.
Outlook
The Group will now focus on two new projects namely Kandis Residence and Remaja land as well as the repositioning of the property at 896 Dunearn Road. The construction of 18 Robinson has been progressing well and is expected to be completed before the end 2018 when it will provide a steady stream of income to the Group. In addition, a material developer&rsquo s profit is expected to be realised in 2018. Given the optimistic outlook of the property market, the management has decided to review its marketing and pricing strategy. We will also continue to explore acquisitions when opportunities arise.
Singapore, 26 October 2017 &ndash Tuan Sing reported revenue of $101.0 million in 3Q2017, an increase of 12% as compared to 3Q2016, due mainly to higher contribution from Property and Industrial Services segments. However, net profit attributable to shareholders fell 9% to $5.9 million. For 9M2017, Group revenue was $259.9 million as compared to $302.3 million in 9M2016. Net profit attributable to shareholders dropped 38% to $13.1 million from $21.1 million last year due to overall decrease in sales of residential development projects.
Earnings per share stood at 0.5 cent for 3Q2017 and 1.1 cents for 9M2017, as compared to 0.5 cent and 1.8 cents respectively a year earlier. Net asset value per share was 77.7 cents at 30 September 2017, remained comparable to 31 December 2016.
Property
As the three development property projects, namely, Seletar Park Residence, Sennett Residence, and Cluny Park Residence had been substantially sold, revenue for the nine months period decreased 38% to $87.8 million. However, profit after tax increased to $8.0 million from $7.6 million a year ago, due mainly to liquidated damages received from a contractor for its delay in an investment development project, lower legal fees and lower net allowance for diminution in value for development properties.
Hotels Investment
Revenue in 9M2017 was A$83.5 million as compared to A$87.2 million last year. Net income from hotel operations reduced by 6.3% to A$16.7 million as both Grand Hyatt Melbourne and Hyatt Regency Perth registered a combined 2.9% drop in RevPAR despite higher occupancy rates. For 9M2017, profit after tax remained comparable to last year at A$3.0 million.
Industrial Services
For 9M2017, Industrial Services reported higher revenue of $98.7 million as compared to last year of $88.2 million. This was mainly attributable to higher activities from Commodities Trading offset partially by lower activities from Tyre Distribution. For 9M2017, Industrial Services reported a loss after tax of $0.1 million as opposed to a profit after tax of $0.9 million last year. Higher loss incurred by Tyre Distribution eroded the profits generated from Commodities Trading.
Other Investment
For 9M2017, GulTech reported revenue of US$215.9 million as compared to US$174.5 million last year. There was improved performance from all its three plants. As a result, GulTech reported an increase in net profit attributable to shareholders of US$19.2 million for 9M2017. This translated into an increase in the Group&rsquo s share of net profit (excluding fair value loss) of $12.0 million.
Outlook
The Group will now focus on two new projects namely Kandis Residence and Remaja land as well as the repositioning of the property at 896 Dunearn Road. The construction of 18 Robinson has been progressing well and is expected to be completed before the end 2018 when it will provide a steady stream of income to the Group. In addition, a material developer&rsquo s profit is expected to be realised in 2018. Given the optimistic outlook of the property market, the management has decided to review its marketing and pricing strategy. We will also continue to explore acquisitions when opportunities arise.
High traffic @ 435
Hope its a good prelude to tmr results.
Hope its a good prelude to tmr results.
Dont care just hold
I think REITs more likely than privatisation as company is highly geared and needs public funding
Goldfinger ( Date: 19-Oct-2017 15:26) Posted:
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Sometimes I get worried when Straits Times start mentioning as fund managers start dumping
Goldfinger ( Date: 23-Oct-2017 08:32) Posted:
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Wow Ah Sing TOP 10 volume today