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One of the stock mentioned by Aletheia Capital
Market capitalisation to net-net
The analyst&rsquo s third metric, market capitalisation to net-net, is &ldquo one of the strictest measures&rdquo of value, which entails current assets minus total liabilities.
Tiruchelvam notes that this method assumes fixed assets and intangibles are worthless and focuses only on current assets net of all liabilities.
He writes: &ldquo Companies trading at or below this level are considered deeply undervalued. There are potential liquidation gains even in worst-case scenarios.&rdquo
In this space, he once again identifies Sing Holdings, AP Oil International and Koyo International, as a large share of their market caps is backed by liquid assets after liabilities. This offers strong balance sheet resilience and margin of safety.
https://www.theedgesingapore.com/capital/brokers-calls/sing-investments-finance-advanced-holdings-koyo-intl-deeply-undervalued
Before Parc Botannia and North Gaia, Sing Holdings has successfully run 2 projects at a time before on a much lower capital base. The reason why the last 2 projects have been run alone is because they were waiting to enter at only the right price for the land and that has paid off with record profits from these 2 projects. With the capital base now boosted, they will be take on 2 projects comfortably at any 1 time, especially when Joint Venture with big boys.
TAN888 ( Date: 27-Aug-2025 23:00) Posted:
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They have paid more than 1c when there are projects which TOP, the last being Parc Botannia for which they paid higher than 1c in 2019 and 2020 and previously in 2016/2017 and before as well. North Gaia is likely to be their most profitable project ever by $ value and dividends are likely to be a record high. They are conservative by nature (keeping more cash to reduce interest expense) so not sure how high will this record high be.
Alignment ( Date: 27-Aug-2025 20:35) Posted:
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Prop. development is highly capital intensive. Dividend is useful but at this stage - it?s gonna be very interesting as they start to own some really good capital base.
Making est.140m (175m over 5-years) on 320m equity (Sing Holdings) vs 500-600m (3.6b over 5-years) on 10-11b (in typical UOL scenario) - shows aggressive growth off a lower base.
If we note in the past, they take on one project - each time over 3-4 years. There is a significant change in their approach or intent to take on bigger or multiple projects recently - this is the game changer.
And that helps with the North Gaia gains which provides them the long awaited boost to their equity base. Going forward with 450m equity (est.), it should have enough to run 2 GLS projects (inc. Chuan Grove) - and that could double its equity in 3-4 years time.
The share price should reflect this strong potential soon.
Making est.140m (175m over 5-years) on 320m equity (Sing Holdings) vs 500-600m (3.6b over 5-years) on 10-11b (in typical UOL scenario) - shows aggressive growth off a lower base.
If we note in the past, they take on one project - each time over 3-4 years. There is a significant change in their approach or intent to take on bigger or multiple projects recently - this is the game changer.
And that helps with the North Gaia gains which provides them the long awaited boost to their equity base. Going forward with 450m equity (est.), it should have enough to run 2 GLS projects (inc. Chuan Grove) - and that could double its equity in 3-4 years time.
The share price should reflect this strong potential soon.
These guys seem to pay 1c dividend every year since forever. Even if there are corporate catalysts that improve NAV not sure the share price will move if none of that extra value goes into the hands of shareholders.
41c sellers cleared today. 0.5x P/Estimated BV is currently at $0.55 to $0.58
TAN888 ( Date: 27-Aug-2025 19:13) Posted:
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Moving up?. A lot of new EPS-growth on the way.
City Dev 0.67P/BV
UOL 0.55 P/BV
SING 0.52P/BV, with North Gaia = 0.35P/BV, and earnings visibility with Chuan Grove (next FY), and likely one more site.
City Dev 0.67P/BV
UOL 0.55 P/BV
SING 0.52P/BV, with North Gaia = 0.35P/BV, and earnings visibility with Chuan Grove (next FY), and likely one more site.
$0.405 sellers cleared today for the first time in 1 week after accumulators managed to get some at $0.40 in the past 4 market days.
TAN888 ( Date: 25-Aug-2025 20:37) Posted:
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Looking at more catalysts upcoming:
1. Sale of Australia hotel - to recycle capital
2 Sale of another batch of units of biztech centre (to fund dividends)
3. 1 more GLS win
The above three events will support the storyline that the company is switching to aggressive strategy for better returns.
If so, the buy-and-hold strategy of years past, will turn to faster pace of EPS growth.
1. Sale of Australia hotel - to recycle capital
2 Sale of another batch of units of biztech centre (to fund dividends)
3. 1 more GLS win
The above three events will support the storyline that the company is switching to aggressive strategy for better returns.
If so, the buy-and-hold strategy of years past, will turn to faster pace of EPS growth.
stockinvestor ( Date: 07-Aug-2025 15:04) Posted:
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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.
$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.
Good economies of scale if able to get Chuan Grove 2 with either Sunway or Capitaland as a partner. They would be very selective in their bidding going forward given the decent amount of GLS sites up for sale in the coming year and would likely choose only those very near MRT and with pricing power.
TAN888 ( Date: 06-Aug-2025 22:00) Posted:
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Good momentum.
The management said ?the Group is keen to explore more property development opportunities?.
Three plots to look out
Chuan Grove 2 - 4 Sep 25 - 43,543 m2
Upper Thomson - 23 Oct 25 - 53,729 m2
Dorset Road - 9 Oct 25 - 36,397 m2
Hopefully one more to get busy for the next 2-3 years ahead.
The management said ?the Group is keen to explore more property development opportunities?.
Three plots to look out
Chuan Grove 2 - 4 Sep 25 - 43,543 m2
Upper Thomson - 23 Oct 25 - 53,729 m2
Dorset Road - 9 Oct 25 - 36,397 m2
Hopefully one more to get busy for the next 2-3 years ahead.
From the results announcement dated 06/08/2025:
Sing Holdings achieved an 83% increase in net profit to $4.13m (Earnings per share of $0.0103) for H1 2025.
North Gaia has obtained TOP in July 2025 and the Group is currently handing over the units to eligible
purchasers. Proceeds from sales of the development will be recognised as revenue in the financial
statements for the six months and full year ending 31 December 2025 (&ldquo 2H/FY2025&rdquo ), and a substantial
increase in profit will be reported.
In July 2025, together with Sunway Developments Pte. Ltd. (&ldquo Sunway&rdquo ), the Group was awarded a land
parcel at Chuan Grove by the URA. The 99-year leasehold site was acquired at $703.6 million and has a
permissible gross floor area of 47,495 square metres. The Group and Sunway will form a joint venture
company with equity interests of 65% and 35% respectively, to complete the acquisition of the site and to
undertake a residential development.
Sing Holdings achieved an 83% increase in net profit to $4.13m (Earnings per share of $0.0103) for H1 2025.
North Gaia has obtained TOP in July 2025 and the Group is currently handing over the units to eligible
purchasers. Proceeds from sales of the development will be recognised as revenue in the financial
statements for the six months and full year ending 31 December 2025 (&ldquo 2H/FY2025&rdquo ), and a substantial
increase in profit will be reported.
In July 2025, together with Sunway Developments Pte. Ltd. (&ldquo Sunway&rdquo ), the Group was awarded a land
parcel at Chuan Grove by the URA. The 99-year leasehold site was acquired at $703.6 million and has a
permissible gross floor area of 47,495 square metres. The Group and Sunway will form a joint venture
company with equity interests of 65% and 35% respectively, to complete the acquisition of the site and to
undertake a residential development.
Another attempt to try to clear the wall of sellers at $0.43 today.
This is indeed a stock which is not afraid of earnings announcement. While North Gaia only obtained TOP in July, which means the mega profit increase will only be announced in February 2026, I still expect H1 2025 to show more than 100% increase in net profit off the previous low base due to the units sold at Biztech Centre. The market can then wait for the more than 1000% increase in net profit next February.
TAN888 ( Date: 26-Jul-2025 11:48) Posted:
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Pure-play Property Development Firm in the making:
1. Realising gains on at-cost properties: More value to be unlocked this Fy: starting with HY2025?s accelerating sale of Biztech centre units, likely to signal switch to development play or higher yield strategy.
2. Bumper interim dividend from North Gaia - to kick in? Given that Ng just TOP
3. a second GLS bid in the next months is a strong signal
4. A sale of the Melbourne hotel will unlock funds for a 400unit GLS. As that will send a strong signal to the markets and also lead to revaluation of the prospects.
Sing Holdings is now almost bidding the level of CDL, Sim Lian, CapitaLand, Allgreen, Guocoland - listcos crossing 0.5PB already. With JVs w CapitaLand and Sunway, it demonstrates partners? confidence in their prospects too.
This FY - SingHoldings expected to cross $1.10 in NAV. However, if the aggressive strategy continues to take hold, its share price will likely accelerate at a faster pace than Guocoland for eg. and trade at a small discount than peers.
1. Realising gains on at-cost properties: More value to be unlocked this Fy: starting with HY2025?s accelerating sale of Biztech centre units, likely to signal switch to development play or higher yield strategy.
2. Bumper interim dividend from North Gaia - to kick in? Given that Ng just TOP
3. a second GLS bid in the next months is a strong signal
4. A sale of the Melbourne hotel will unlock funds for a 400unit GLS. As that will send a strong signal to the markets and also lead to revaluation of the prospects.
Sing Holdings is now almost bidding the level of CDL, Sim Lian, CapitaLand, Allgreen, Guocoland - listcos crossing 0.5PB already. With JVs w CapitaLand and Sunway, it demonstrates partners? confidence in their prospects too.
This FY - SingHoldings expected to cross $1.10 in NAV. However, if the aggressive strategy continues to take hold, its share price will likely accelerate at a faster pace than Guocoland for eg. and trade at a small discount than peers.
- The beginning of a 2X development capacity (as compared to North Gaia) via a 65% JV w Sunway, with North Gaia near-completion.
- Non-EC plot shortens revenue recognition as compared to EC plot.
- Potential Scenario - Not surprising, if Sing partakes in a second plot JV bid in next door Chuan Grove, if all stars aligned.
If 2nd plot taken or similar size bidded in upcoming months, this could lead to 2X earning potential over 3-4 years going forward, as compared to North Gaia $0.40, which took 4-5 years to complete. Very aggressive growth path. Dyodd
>>>>
Chuan Grove site draws 7 bids with S$1,376 psf ppr top bid from Sing Holdings, Sunway joint venture
Tie-up?s S$703.6 million offer for the 99-year leasehold plot is 7.3% higher than the second-highest bid
- Non-EC plot shortens revenue recognition as compared to EC plot.
- Potential Scenario - Not surprising, if Sing partakes in a second plot JV bid in next door Chuan Grove, if all stars aligned.
If 2nd plot taken or similar size bidded in upcoming months, this could lead to 2X earning potential over 3-4 years going forward, as compared to North Gaia $0.40, which took 4-5 years to complete. Very aggressive growth path. Dyodd
>>>>
Chuan Grove site draws 7 bids with S$1,376 psf ppr top bid from Sing Holdings, Sunway joint venture
Tie-up?s S$703.6 million offer for the 99-year leasehold plot is 7.3% higher than the second-highest bid
Hi
Generally firms who have been trading at big discounts or shareholder unfriendly - which might lead to regulators pushing for change. Or families who are facing succession challenges - following the departure of their founding members.
No crystal ball here but I?m positive on this trend taking place.
For Sing, I rather they continue to find new lands and stay in the public markets. profits from NG with funds back in their pockets / could double their usual development capacity. This could lead to a significant impact on their bottom line.
Generally firms who have been trading at big discounts or shareholder unfriendly - which might lead to regulators pushing for change. Or families who are facing succession challenges - following the departure of their founding members.
No crystal ball here but I?m positive on this trend taking place.
For Sing, I rather they continue to find new lands and stay in the public markets. profits from NG with funds back in their pockets / could double their usual development capacity. This could lead to a significant impact on their bottom line.
sgmystique ( Date: 05-Jun-2025 14:55) Posted:
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Totally agree - especially in terms of revenue recognition and capital recycling.
If Capitaland is their partner for 2 or more projects, that would be good. I suppose its easier to sell units under Capitaland brand name with faster turnaround than for Sing Holdings to continue with the slow and steady strategy.
TAN888 ( Date: 05-Jun-2025 13:29) Posted:
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