Tuan Sing    Last:0.315   -

PRIVATISE AT 50CENTS

Holding Tuan Sing.

But dont understand why their net profits "so lousy" .
Expected to be good but "results way below market expectations.

Could be due to high debts costs.

 

Couldn't believe my eyes when I saw this report calling Tuan Sing an example of a construction sector "outperformer". So so very happy for all of us vested! Have a great week ahead all!

http://research.sginvestors.io/2017/10/singapore-market-focus-dbs-research-2017-10-13.html?m=1

 

Put it this way - if Robinson Towers is worth $700m - this already exceeds the market cap of $500m and values Gultech, SGX-listed SP Corp, the two Aussie Hyatt hotels, Robinson Point, Sime Darby Centre and residential property assets net of debt at zero.

Goldfinger      ( Date: 15-Oct-2017 06:38) Posted: Good post MartialArt. I have to go look out for the glass windows now. Barring any Mia-steps by Management, shares prices have a good chance to rise towards 0.9 or 1.0 P/B I think, once Robinson Towers is completed. MARTIALART      ( Date: 14-Oct-2017 20:57) Posted: Goldfinger, I agree with you that we shall sell only when Robinson Tower is completed. How high the Tuan Sing share will reach is anybody' s guess. But a good guide is to refer to its Price/Book ratio. In 1999, its P/B was > 2x , but last year it was 0.4x. I believe mean to reversion will bring its P/B comparable to the avergae property P/B which is about 0.9x.  During the 1998 Asia Financial Crisis, average market P/B was 0.4, while the 2008 Global Financial Crisis it was 0.5x. I ask myself: Why is Tuan Sing suffering from such low P/B as if it is experiencing the financial crisis? Is Tuan Sing really that bad? In fact, if one look at URA statistics on the potential supply of residential units and office space, you notice a vast reduction of supplies from year 2012 to 2017. In year 2019, we may even face acute shortage of office space. When demand finally exceeds supply, price will go up, which will pull up the P/B. Tuan Sing has many good office properties. That brings my confidence in this share. By the way, I went to see the Robinson Tower today. I was excited to see some floors with glass window fixed already. Looks like the the whole project can be completed by August next year.

 

Good post MartialArt. I have to go look out for the glass windows now. Barring any Mia-steps by Management, shares prices have a good chance to rise towards 0.9 or 1.0 P/B I think, once Robinson Towers is completed.

MARTIALART      ( Date: 14-Oct-2017 20:57) Posted: Goldfinger, I agree with you that we shall sell only when Robinson Tower is completed. How high the Tuan Sing share will reach is anybody' s guess. But a good guide is to refer to its Price/Book ratio. In 1999, its P/B was > 2x , but last year it was 0.4x. I believe mean to reversion will bring its P/B comparable to the avergae property P/B which is about 0.9x.  During the 1998 Asia Financial Crisis, average market P/B was 0.4, while the 2008 Global Financial Crisis it was 0.5x. I ask myself: Why is Tuan Sing suffering from such low P/B as if it is experiencing the financial crisis? Is Tuan Sing really that bad? In fact, if one look at URA statistics on the potential supply of residential units and office space, you notice a vast reduction of supplies from year 2012 to 2017. In year 2019, we may even face acute shortage of office space. When demand finally exceeds supply, price will go up, which will pull up the P/B. Tuan Sing has many good office properties. That brings my confidence in this share. By the way, I went to see the Robinson Tower today. I was excited to see some floors with glass window fixed already. Looks like the the whole project can be completed by August next year.

 

Goldfinger, I agree with you that we shall sell only when Robinson Tower is completed. How high the Tuan Sing share will reach is anybody' s guess. But a good guide is to refer to its Price/Book ratio.

In 1999, its P/B was > 2x , but last year it was 0.4x. I believe mean to reversion will bring its P/B comparable to the avergae property P/B which is about 0.9x. 

During the 1998 Asia Financial Crisis, average market P/B was 0.4, while the 2008 Global Financial Crisis it was 0.5x. I ask myself: Why is Tuan Sing suffering from such low P/B as if it is experiencing the financial crisis? Is Tuan Sing really that bad?

In fact, if one look at URA statistics on the potential supply of residential units and office space, you notice a vast reduction of supplies from year 2012 to 2017. In year 2019, we may even face acute shortage of office space. When demand finally exceeds supply, price will go up, which will pull up the P/B. Tuan Sing has many good office properties. That brings my confidence in this share.

By the way, I went to see the Robinson Tower today. I was excited to see some floors with glass window fixed already. Looks like the the whole project can be completed by August next year.

 

I wouldn't sell now and miss out when they have the opening ceremony next year bah.

Goldfinger      ( Date: 12-Oct-2017 12:29) Posted: Anyone Guess - anyway I'm holding for the Robsinson Towers completion - think they have hit the 20th floor mark now when I passed today. calvinlooi      ( Date: 12-Oct-2017 11:33) Posted: This share will chiong within this two days?

 

Anyone Guess - anyway I'm holding for the Robsinson Towers completion - think they have hit the 20th floor mark now when I passed today.

calvinlooi      ( Date: 12-Oct-2017 11:33) Posted: This share will chiong within this two days?

 

This share will chiong within this two days?

 

Think Tycoon koh buying ? Hoe come no sgx annoucement ?

 

I wouldn't sell my TS stock but not sure about buying. Depends on the news flow and developments.

andychew.eh      ( Date: 09-Oct-2017 08:40) Posted: TUAN SING can buy ?

 

TUAN SING can buy ?

 

Well said Stanton. Lets look forward with optimism towards the completion of Robinson Towers, the Asset Enhancement Initiative in Hyatt Perth, the rebranding of Sime Darby Centre, sales at the residential developments at Jalan Kandis and Jalan Remaja, potential restructuring and sale of their Singapore non-property assets, amidst the ongoing global recovery.  I am hopeful, barring no opportunistic takeover, that prices will trend towards 60-70 cents, once Robinson Towers is completed.

​ There are some unanswered questions though, admittedly about their massive Bintan hospitality project (still under DD) and the long-vacant  Fuzhou land, both related party deals as I recall,  but hopefully these will be addressed or sold off soon.

Stanton      ( Date: 08-Oct-2017 11:21) Posted: After I bought Tuan Sing, I can sleep peacefully. Price up or down few cents don't bother me. But after I bought Oxley, I monitor every few minutes. Quickly run when things don't seem right. I would be more concerned with Oxley's debt than Tuan Sing. Goldfinger      ( Date: 07-Oct-2017 19:20) Posted: their NTA of 78cts per share is big and fatter than their debts. This is not even their RNAV. Compare Oxley with P/B of 1.5

 

After I bought Tuan Sing, I can sleep peacefully. Price up or down few cents don't bother me. But after I bought Oxley, I monitor every few minutes. Quickly run when things don't seem right. I would be more concerned with Oxley's debt than Tuan Sing.

Goldfinger      ( Date: 07-Oct-2017 19:20) Posted: their NTA of 78cts per share is big and fatter than their debts. This is not even their RNAV. Compare Oxley with P/B of 1.5? andychew.eh      ( Date: 07-Oct-2017 18:11) Posted: But 1 thing I dont like about tuan sing is that they have huge debts. Their debts are enormous. That's why you look at their P & L. Nothing fantastic. Guess most of the revenue goes into interest payments.

 

their NTA of 78cts per share is big and fatter than their debts. This is not even their RNAV. Compare Oxley with P/B of 1.5?

andychew.eh      ( Date: 07-Oct-2017 18:11) Posted: But 1 thing I dont like about tuan sing is that they have huge debts. Their debts are enormous. That's why you look at their P & L. Nothing fantastic. Guess most of the revenue goes into interest payments.

 

But 1 thing I dont like about tuan sing is that they have huge debts. Their debts are enormous.

That's why you look at their P & L. Nothing fantastic. Guess most of the revenue goes into interest payments.

 

Incidentally, do take note of their Aussie properties. The Hyatt Perth is on a large sit and they are now doing asset enhancement to add 200,000sf more of retail. Hyatt Melbourne also on Super prime land. And these are all freehold assets. Like their Singapore commercial developments Robinson Towers, Robinson Point, Sime Darby Centre and The Oxley on Somerset. Freehold = Forever.

 

They can raise funds by seling Gultech, SP Corp or doing a Reit with the 2 Hyatt hotels, Sme Darby Centre and Robinson Point with Robinson Towers to be injected once complete.

 

Reit is possible - as they have critical mass with a very strong crown jewel to be injected.

 

Do-able for sure.

phil1314      ( Date: 07-Oct-2017 14:02) Posted: Depending on what is the play If rights or REITs I expect to surpass 50 cents maybe 60 cents? andychew.eh      ( Date: 07-Oct-2017 13:38) Posted: TP : 50 cts Good Buy . Entered 42 cts .

 

Depending on what is the play If rights or REITs I expect to surpass 50 cents maybe 60 cents?

andychew.eh      ( Date: 07-Oct-2017 13:38) Posted: TP : 50 cts Good Buy . Entered 42 cts .