Hafary
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u sold yesterday at wat price? u buying back at wat price?
Every morning ..someone like to create fake buy q before matching. Like 1200at 245...wat for..
Took profit first for hafary..very sian with mgt ..so slow in cd.and dow dropped..but q lower to buy back
edwinjup ( Date: 28-Nov-2013 18:02) Posted:
Must tell to speed up the dividend distribution process..I need money for my christmas......2.5cents...a share...I can have a merry christmas
Nokita ( Date: 28-Nov-2013 09:49) Posted:
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Since Eric Low is channeling Hafary's dividend into Oxley, why not just merge Hafary with Oxley ? :)
haha..
http://www.nextinsight.net/index.php/story-archive-mainmenu-60/919-2013/7679-oxley-young-aggressive-ambitious Extract:
Ching and non-executive director Eric Low (Hafary Holdings CEO) collectively control 71% of Oxley. Both of them have been consistently buying Oxley shares on the open market. It seems like they have been channeling their generous dividend payouts from Hafary into Oxley.
Like Hafary, Oxley has a habit of rewarding shareholders with dividends. Ching hopes that the initial IPO subscribers would eventually receive their entire investment back through accumulated dividends. Tee Wee Sien, who Ching says is ?Eric?s good friend?, owns 12% of Oxley.
Hafary's brother Oxley is doing well. Now Oxley is a billion dollar company by market capital.
Both CEO Eric Low of Hafary and Ching of Oxley has pledge their shares in Oxley to form a investment firm, Bullish Investment.
I hope since Eric Low is a majority share holders, his family I think own more than 75% of Hafary's share, I do hope that Hafary will merge with Oxley as a property developer. :)
Both Hafary and Oxley are like brothers.
wow !! now that is mind boggling ...more than enough work for one major tiles supplier .... by the time they finish..maybe start new business? who knows?
remember Sim Siang choon?
SuperMonkey ( Date: 03-Dec-2013 16:32) Posted:
http://news.asiaone.com/News/Latest+News/Singapore/Story/A1Story20130202-399526.html
Three new towns will provide some 90,000 homes in the next few years while other sites such as Keppel and Bukit Brown could also be developed in future.
Bidadari, Tampines North and Tengah - will offer both private and public housing, according to the Ministry of National Development's Land Use Plan, which was unveiled on Thursday.
The Government has committed to a supply of 700,000 new homes by 2030 to house a bigger population.
Bidadari, a former cemetery whose graves were exhumed in 2001, will offer 11,000 units over the next three years.
Concurrently, Tampines North, which now has many open spaces, will also be further developed to yield 21,000 homes.
Tengah, in the west, is now being used as a training ground by the military but some parts will make way for 55,000 homes in about three to five years' time.
Houses could also be built in areas such as the former Bukit Turf Club, Kallang Riverside, Keppel and Bukit Brown to allow more people to live closer to their workplace. This would reduce commuting time and traffic jams, said a ministry spokesman.
She added that these areas could be developed by 2030 but this will depend on demand.
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http://news.asiaone.com/News/Latest+News/Singapore/Story/A1Story20130202-399526.htmlThree new towns will provide some 90,000 homes in the next few years while other sites such as Keppel and Bukit Brown could also be developed in future.
Bidadari, Tampines North and Tengah - will offer both private and public housing, according to the Ministry of National Development's Land Use Plan, which was unveiled on Thursday.
The Government has committed to a supply of 700,000 new homes by 2030 to house a bigger population.
Bidadari, a former cemetery whose graves were exhumed in 2001, will offer 11,000 units over the next three years.
Concurrently, Tampines North, which now has many open spaces, will also be further developed to yield 21,000 homes.
Tengah, in the west, is now being used as a training ground by the military but some parts will make way for 55,000 homes in about three to five years' time.
Houses could also be built in areas such as the former Bukit Turf Club, Kallang Riverside, Keppel and Bukit Brown to allow more people to live closer to their workplace. This would reduce commuting time and traffic jams, said a ministry spokesman.
She added that these areas could be developed by 2030 but this will depend on demand.
but already got so many new btos up ahead lah like bidadari etc etc still lots of work ahead lah...plus hafary not only look at hdb... and alos they may haf expansion plans etc...or maybe can become like that utensils compay now become oil and gas one...last time 6 cents now 40 plus i think...i think hafary got some plans lah ...wont just sit down and watch this khaw .... 8 million people in singapore also al ot of new things to build
ozone2002 ( Date: 03-Dec-2013 16:24) Posted:
the BTO tapering means less tiles ordered from hafary since it's the key tile supplier as stated in the report |
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the BTO tapering means less tiles ordered from hafary since it's the key tile supplier as stated in the report
Khaw yesterday said to taper off building of new housing development starting from next year.dunno whether this would affect hafary share prospect. I m looking at holding this for dividend income. Any view?
Hope can close at 24 today....and set for 27 before xd...
ozone2002 ( Date: 02-Dec-2013 11:24) Posted:
deciding whether to invest in hafary... |
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deciding whether to invest in hafary...
Bro ozone, u also have hafary?
ozone2002 ( Date: 02-Dec-2013 10:46) Posted:
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This year is an exceptional year for Hafary
HAFARY HOLDINGS (HAFA SP)
Optimistic outlook, sleeker operations and a crown jewel asset
Maintain BUY and target price of S$0.33. Hafary?s status as Singapore?s leading tile
supplier suggests that it will be a major beneficiary of the increasing housing in
Singapore, as it has been a key tile supplier to the HDB BTO programme in FY13. Its
newly-completed headquarters (HQ) at 105 Eunos Ave 3, could also potentially be its
next crown jewel, due to its close proximity to the upcoming Paya Lebar Commercial
Hub in 2014.
INVESTMENT HIGHLIGHTS
that it has a market share of about 50% of the general segment (eg interior design
firms, walk-in customers) and 15% of the project segment (eg HDB, developers).
Revenue from the general and project segments saw an impressive CAGR of
21.5% and 38.1% respectively from FY07-13. As the number of housings in
Singapore increases, the general market for Hafary is also likely to get bigger as
resale flat owners renovate their new homes. Market leader and beneficiary of Singapore?s housing boom. Hafary estimates
new HQ at 105 Eunos Ave 3. Boasting a net lettable area of 132,000sf, Hafary will
be leasing out unutilised floor space of approximately 66,000sf as a new source of
income. Based on average recent rental transactions in the vicinity (S$1.80psf) ,
we expect Hafary to generate additional annual rental income of about S$0.8m
(14.0% of Hafary?s FY13 core earnings) based on the 66,000sf. Currently 40,000sf
has been leased out. Earnings boost from new rental income source Hafary recently relocated to its
Changi North is also expected to result in huge cost savings for Hafary. In the
past, delivery trucks had to stop at three different warehouses to pick up tiles. With
the larger warehouse facility, Hafary has housed all its tiles in a singular location,
(eg. retail segment tiles at Changi, project segment tiles at Defu) allowing the
company to enjoy huge cost savings from reduced manpower and transport costs. Cost savings from streamlined operations. The new warehouse facility at
believe this newly-completed HQ could be Hafary?s new crown jewel. The new HQ
with a remaining tenure of 25 years is strategically located near the future Paya
Lebar Commercial Hub, and is a 10-minute walk from Paya Lebar Mrt Station.With
the impending TOP of the Paya Lebar Square by 2Q14, fair value of the new HQ is
currently worth approximately S$50m according to Hafary?s FY13 annual report,
which is S$28.5m (S$0.066/share) in excess of its book value. Crown Jewel Asset. We visited Hafary?s new office at 105 Eunos Ave 3 and
of S$4m on its investment in associate, HCCM. After which, no further loss is
expected to be recognised from HCCM going forward. While management is
optimistic that operations will gradually stablise, they are also open to cashing out
of HCCM if a good opportunity arises. As the investment in HCCM has been fully
impaired, any proceeds from the possible sale will be recognised as a gain on
disposal for Hafary. Nothing to lose, only something to gain. Hafary recently took a full impairment
KEY FINANCIALS
Year to 30 Jun (S$m) 2012 2013 2014F 2015F 2016F
Net turnover 63.1 83.3 96.4 112.7 129.6
EBITDA 8.1 30.6 14.1 16.5 19.0
EBIT 7.1 29.2 12.3 14.4 16.9
Net profit 4.5 22.3 8.1 9.7 11.4
Adj. net profit 4.5 5.9 8.1 9.7 11.4
Adj. EPS (cents) 1.3 1.5 1.9 2.2 2.7
Adj. PE (x) 17.8 15.7 12.1 10.2 8.6
P/B (x) 2.8 2.0 1.9 1.7 1.5
Dividend yield (%) 5.6 22.8 5.4 5.4 5.7
Adj. PATMI margin (%) 7.2 7.1 8.4 8.6 8.8
Net gearing (%) 156.2 117.6 105.6 99.0 89.8
Interest cover (x) 6.6 24.2 8.7 9.6 10.5
ROE (%) 15.4 48.9 17.6 18.6 19.2
Source: Hafary, Bloomberg, UOB Kay Hian
ozone2002 ( Date: 28-Nov-2013 09:08) Posted:
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Solid biz and excellent earnings, this is a gem waiting for market to discover it's potential
This ompany Update Technical View
Source: NextView
The stock appears to be supported near S$0.19 and a break
above S$0.275 could test S$0.32.
Peer Comparison
Company Ticker
Price
(lccy)
Mkt
Cap
(US$m)
PE
2012
(x)
PB
2012
(x)
White Horse Bhd WHIT MK 1.7 130 9.3 0.58
Royal Ceramics Lanka RCL SL 108.2 95 6.1 1.83
Somany Ceramics Ltd SOMC IN 85 53 11.7 2.33
Kpt Industries 1805 TT 13.45 36 10.3 1.14
Average 9.4 1.5
Hafary Holdings Ltd HAFA SP 0.25 86 20.0 3.11
Straits Times Index 3,432.76 14.0 1.52
Source: Bloomberg, UOB Kay Hian
Financials
Year to 30 Jun (S$m) FY11 FY12 FY13F FY14F FY15F
Net turnover 60.4 63.1 81.3 96.4 112.7
Gross profit 24.7 25.9 32.5 38.5 45.1
EBITDA 10.5 8.1 35.1 14.1 16.5
EBIT 9.7 7.1 33.9 12.3 14.4
Net profit 7.5 5.1 26.9 8.9 10.5
Adj. net profit 7.1 4.9 6.8 8.4 10.0
EPS (sen) 4.2 2.5 13.1 3.7 4.4
Adj. EPS (sen) 2.1 1.3 1.6 1.9 2.2
Adj. PE (x) 10.6 17.8 15.8 13.4 11.3
P/B (x) 3.0 2.8 1.8 1.7 1.5
Dividend yield (%) 2.0 5.6 11.0 5.0 5.0
Adj. PATMI margin
(%) 11.4 7.2 7.9 8.3 8.4
Net gearing (%) 53.0 45.7 44.0 44.0 42.0
Interest cover (x) 14.9 2.7 23.9 7.7 8.5
ROE (%) 33.2 16.5 46.7 13.7 14.3
Source: Hafary, Bloomberg, UOB Kay Hian
Background
What?s New?
has enjoyed three strong catalysts including: a) a second
interim dividend of 1.5 S cents/share (post-split), b) a
transfer to SGX Mainboard from Catalist, and c) 2-for-1 share
split. Post the share split, our revised sum-of-the-parts
(SOTP) target price is S$0.33/share, which implies an upside
of 32.0%. Triple boosters. Since early April, Hafary Holdings (Hafary)
cents (adjusted for share split), Hafary has announced a
second interim dividend of 1.5 S cents/share. This amounts
to a total payout of 2.75 S cents/share (dividend yield:
11.0%) which has exceeded our full-year forecast of 2.5 S
cents/share. Beyond FY13, we conservatively forecast the
group to deliver dividends of 1.25 S cents/share each in FY14
and FY15, which implies a dividend yield of 5.0%. However,
there could be upside if the group monetised the hidden
value of its industrial properties. Dividend bonanza. On top of its interim dividend of 1.25 S
approval in principle for the transfer of its listing status from
Catalist to SGX Mainboard. This is clearly positive as the
stringent requirements of the transfer will help reaffirm the
company?s attractiveness to investors. Interestingly, we did
an analysis of stocks that transferred to SGX Mainboard and
noted that they enjoyed an average gain of 16% in the three
months after the announcement of a transfer. In the premier league now. Hafary recently secured the
3-mth % Chg
Stock Annc date
on Annc
Date
After Annc
Date
EZION HOLDINGS 30 Oct 09 11.7 (5.9)
ASIASONS CAPITAL 8 Jun 10 18.2 (2.6)
SAPPHIRE CORP. 7 Jan 11 33.3 (15.0)
SILVERLAKE AXIS 21 Apr 11 (4.4) 27.7
MENCAST HOLDINGS 22 Sep 11 28.7 (10.7)
KREUZ HOLDINGS 3 Sep 12 27.5 21.5
SIIC ENVIRONMENT 11 Oct 12 3.9 50.9
TOP GLOBAL 8 Nov 12 (10.0) 22.2
SWISSCO HOLDINGS 2 Nov 12 (0.5) 45.7
INTERRA RES. 18 Oct 13 0.0 0.0
OXLEY HOLDINGS 6 Dec 12 5.4 47.7
CHASEN HOLDINGS 4 Jan 13 4.5 15.2
Average 9.9 16.4
Source: Bloomberg, UOB Kay Hian
has also gone ex for a 2-for-1 share split. In the long term,
this could enhance the trading liquidity of the stock. Split could potentially enhance liquidity. Hafary?s stock
tiles and wood flooring in Singapore, the group will benefit
from strong sales of BTO properties. The stock?s valuation is
also underpinned by a portfolio of industrial buildings held at
low cost on balance sheet. Any plans to unlock hidden value
of the property portfolio is expected to be an upside catalyst
for the stock, in our view. Solid fundamentals. Being the leading supplier of premium
Valuation
S$0.33. As one of the major supplier of tiles in Singapore,
Hafary is likely to continue with its outstanding performance
with the strong influx of BTO supply. Potential share catalysts
include monetising the hidden value of its industrial
properties, strong earnings growth and better-than-expected
dividends.
Hafary is a leading supplier of premium tiles, wood flooring
and sanitary ware in Singapore. The company carries over
3,000 products sourced directly from manufacturers in
Europe (Spain and Italy) and third party manufacturers from
People?s Republic of China (PRC). Some of the notable
projects that Hafary has supplied to include JCube, The
Atrium@Orchard and NUH Medical Centre. Still on our BUY list. We maintain BUY with a target price of |
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|
This year is an exceptional year for Hafary
HAFARY HOLDINGS (HAFA SP)
Optimistic outlook, sleeker operations and a crown jewel asset
Maintain BUY and target price of S$0.33. Hafary?s status as Singapore?s leading tile
supplier suggests that it will be a major beneficiary of the increasing housing in
Singapore, as it has been a key tile supplier to the HDB BTO programme in FY13. Its
newly-completed headquarters (HQ) at 105 Eunos Ave 3, could also potentially be its
next crown jewel, due to its close proximity to the upcoming Paya Lebar Commercial
Hub in 2014.
INVESTMENT HIGHLIGHTS
that it has a market share of about 50% of the general segment (eg interior design
firms, walk-in customers) and 15% of the project segment (eg HDB, developers).
Revenue from the general and project segments saw an impressive CAGR of
21.5% and 38.1% respectively from FY07-13. As the number of housings in
Singapore increases, the general market for Hafary is also likely to get bigger as
resale flat owners renovate their new homes.
Market leader and beneficiary of Singapore?s housing boom. Hafary estimates
new HQ at 105 Eunos Ave 3. Boasting a net lettable area of 132,000sf, Hafary will
be leasing out unutilised floor space of approximately 66,000sf as a new source of
income. Based on average recent rental transactions in the vicinity (S$1.80psf) ,
we expect Hafary to generate additional annual rental income of about S$0.8m
(14.0% of Hafary?s FY13 core earnings) based on the 66,000sf. Currently 40,000sf
has been leased out.
Earnings boost from new rental income source Hafary recently relocated to its
Changi North is also expected to result in huge cost savings for Hafary. In the
past, delivery trucks had to stop at three different warehouses to pick up tiles. With
the larger warehouse facility, Hafary has housed all its tiles in a singular location,
(eg. retail segment tiles at Changi, project segment tiles at Defu) allowing the
company to enjoy huge cost savings from reduced manpower and transport costs.
Cost savings from streamlined operations. The new warehouse facility at
believe this newly-completed HQ could be Hafary?s new crown jewel. The new HQ
with a remaining tenure of 25 years is strategically located near the future Paya
Lebar Commercial Hub, and is a 10-minute walk from Paya Lebar Mrt Station.With
the impending TOP of the Paya Lebar Square by 2Q14, fair value of the new HQ is
currently worth approximately S$50m according to Hafary?s FY13 annual report,
which is S$28.5m (S$0.066/share) in excess of its book value.
Crown Jewel Asset. We visited Hafary?s new office at 105 Eunos Ave 3 and
of S$4m on its investment in associate, HCCM. After which, no further loss is
expected to be recognised from HCCM going forward. While management is
optimistic that operations will gradually stablise, they are also open to cashing out
of HCCM if a good opportunity arises. As the investment in HCCM has been fully
impaired, any proceeds from the possible sale will be recognised as a gain on
disposal for Hafary.
Nothing to lose, only something to gain. Hafary recently took a full impairment
KEY FINANCIALS
Year to 30 Jun (S$m) 2012 2013 2014F 2015F 2016F
Net turnover 63.1 83.3 96.4 112.7 129.6
EBITDA 8.1 30.6 14.1 16.5 19.0
EBIT 7.1 29.2 12.3 14.4 16.9
Net profit 4.5 22.3 8.1 9.7 11.4
Adj. net profit 4.5 5.9 8.1 9.7 11.4
Adj. EPS (cents) 1.3 1.5 1.9 2.2 2.7
Adj. PE (x) 17.8 15.7 12.1 10.2 8.6
P/B (x) 2.8 2.0 1.9 1.7 1.5
Dividend yield (%) 5.6 22.8 5.4 5.4 5.7
Adj. PATMI margin (%) 7.2 7.1 8.4 8.6 8.8
Net gearing (%) 156.2 117.6 105.6 99.0 89.8
Interest cover (x) 6.6 24.2 8.7 9.6 10.5
ROE (%) 15.4 48.9 17.6 18.6 19.2
Source: Hafary, Bloomberg, UOB Kay Hianozone2002 ( Date: 28-Nov-2013 09:08) Posted:
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Solid biz and excellent earnings, this is a gem waiting for market to discover it's potential
This ompany Update Technical View
Source: NextView
The stock appears to be supported near S$0.19 and a break
above S$0.275 could test S$0.32.
Peer Comparison
Company Ticker
Price
(lccy)
Mkt
Cap
(US$m)
PE
2012
(x)
PB
2012
(x)
White Horse Bhd WHIT MK 1.7 130 9.3 0.58
Royal Ceramics Lanka RCL SL 108.2 95 6.1 1.83
Somany Ceramics Ltd SOMC IN 85 53 11.7 2.33
Kpt Industries 1805 TT 13.45 36 10.3 1.14
Average 9.4 1.5
Hafary Holdings Ltd HAFA SP 0.25 86 20.0 3.11
Straits Times Index 3,432.76 14.0 1.52
Source: Bloomberg, UOB Kay Hian
Financials
Year to 30 Jun (S$m) FY11 FY12 FY13F FY14F FY15F
Net turnover 60.4 63.1 81.3 96.4 112.7
Gross profit 24.7 25.9 32.5 38.5 45.1
EBITDA 10.5 8.1 35.1 14.1 16.5
EBIT 9.7 7.1 33.9 12.3 14.4
Net profit 7.5 5.1 26.9 8.9 10.5
Adj. net profit 7.1 4.9 6.8 8.4 10.0
EPS (sen) 4.2 2.5 13.1 3.7 4.4
Adj. EPS (sen) 2.1 1.3 1.6 1.9 2.2
Adj. PE (x) 10.6 17.8 15.8 13.4 11.3
P/B (x) 3.0 2.8 1.8 1.7 1.5
Dividend yield (%) 2.0 5.6 11.0 5.0 5.0
Adj. PATMI margin
(%) 11.4 7.2 7.9 8.3 8.4
Net gearing (%) 53.0 45.7 44.0 44.0 42.0
Interest cover (x) 14.9 2.7 23.9 7.7 8.5
ROE (%) 33.2 16.5 46.7 13.7 14.3
Source: Hafary, Bloomberg, UOB Kay Hian
Background
What?s New?
has enjoyed three strong catalysts including: a) a second
interim dividend of 1.5 S cents/share (post-split), b) a
transfer to SGX Mainboard from Catalist, and c) 2-for-1 share
split. Post the share split, our revised sum-of-the-parts
(SOTP) target price is S$0.33/share, which implies an upside
of 32.0%. Triple boosters. Since early April, Hafary Holdings (Hafary)
cents (adjusted for share split), Hafary has announced a
second interim dividend of 1.5 S cents/share. This amounts
to a total payout of 2.75 S cents/share (dividend yield:
11.0%) which has exceeded our full-year forecast of 2.5 S
cents/share. Beyond FY13, we conservatively forecast the
group to deliver dividends of 1.25 S cents/share each in FY14
and FY15, which implies a dividend yield of 5.0%. However,
there could be upside if the group monetised the hidden
value of its industrial properties. Dividend bonanza. On top of its interim dividend of 1.25 S
approval in principle for the transfer of its listing status from
Catalist to SGX Mainboard. This is clearly positive as the
stringent requirements of the transfer will help reaffirm the
company?s attractiveness to investors. Interestingly, we did
an analysis of stocks that transferred to SGX Mainboard and
noted that they enjoyed an average gain of 16% in the three
months after the announcement of a transfer. In the premier league now. Hafary recently secured the
3-mth % Chg
Stock Annc date
on Annc
Date
After Annc
Date
EZION HOLDINGS 30 Oct 09 11.7 (5.9)
ASIASONS CAPITAL 8 Jun 10 18.2 (2.6)
SAPPHIRE CORP. 7 Jan 11 33.3 (15.0)
SILVERLAKE AXIS 21 Apr 11 (4.4) 27.7
MENCAST HOLDINGS 22 Sep 11 28.7 (10.7)
KREUZ HOLDINGS 3 Sep 12 27.5 21.5
SIIC ENVIRONMENT 11 Oct 12 3.9 50.9
TOP GLOBAL 8 Nov 12 (10.0) 22.2
SWISSCO HOLDINGS 2 Nov 12 (0.5) 45.7
INTERRA RES. 18 Oct 13 0.0 0.0
OXLEY HOLDINGS 6 Dec 12 5.4 47.7
CHASEN HOLDINGS 4 Jan 13 4.5 15.2
Average 9.9 16.4
Source: Bloomberg, UOB Kay Hian
has also gone ex for a 2-for-1 share split. In the long term,
this could enhance the trading liquidity of the stock. Split could potentially enhance liquidity. Hafary?s stock
tiles and wood flooring in Singapore, the group will benefit
from strong sales of BTO properties. The stock?s valuation is
also underpinned by a portfolio of industrial buildings held at
low cost on balance sheet. Any plans to unlock hidden value
of the property portfolio is expected to be an upside catalyst
for the stock, in our view. Solid fundamentals. Being the leading supplier of premium
Valuation
S$0.33. As one of the major supplier of tiles in Singapore,
Hafary is likely to continue with its outstanding performance
with the strong influx of BTO supply. Potential share catalysts
include monetising the hidden value of its industrial
properties, strong earnings growth and better-than-expected
dividends.
Hafary is a leading supplier of premium tiles, wood flooring
and sanitary ware in Singapore. The company carries over
3,000 products sourced directly from manufacturers in
Europe (Spain and Italy) and third party manufacturers from
People?s Republic of China (PRC). Some of the notable
projects that Hafary has supplied to include JCube, The
Atrium@Orchard and NUH Medical Centre. Still on our BUY list. We maintain BUY with a target price of |
|
Should be...very.slow liao
kye_lin ( Date: 29-Nov-2013 11:14) Posted:
|
Volume up... going to announce soon.... today or Monday.... |
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Volume up... going to announce soon.... today or Monday....
23-23.5 momentum coming. Be patient
Must tell to speed up the dividend distribution process..I need money for my christmas......2.5cents...a share...I can have a merry christmas
Nokita ( Date: 28-Nov-2013 09:49) Posted:
| --- Post Removed by User --- |
|
Solid biz and excellent earnings, this is a gem waiting for market to discover it's potential
This ompany Update Technical View
Source: NextView
The stock appears to be supported near S$0.19 and a break
above S$0.275 could test S$0.32.
Peer Comparison
Company Ticker
Price
(lccy)
Mkt
Cap
(US$m)
PE
2012
(x)
PB
2012
(x)
White Horse Bhd WHIT MK 1.7 130 9.3 0.58
Royal Ceramics Lanka RCL SL 108.2 95 6.1 1.83
Somany Ceramics Ltd SOMC IN 85 53 11.7 2.33
Kpt Industries 1805 TT 13.45 36 10.3 1.14
Average 9.4 1.5
Hafary Holdings Ltd HAFA SP 0.25 86 20.0 3.11
Straits Times Index 3,432.76 14.0 1.52
Source: Bloomberg, UOB Kay Hian
Financials
Year to 30 Jun (S$m) FY11 FY12 FY13F FY14F FY15F
Net turnover
60.4 63.1 81.3 96.4 112.7
Gross profit
24.7 25.9 32.5 38.5 45.1
EBITDA
10.5 8.1 35.1 14.1 16.5
EBIT
9.7 7.1 33.9 12.3 14.4
Net profit
7.5 5.1 26.9 8.9 10.5
Adj. net profit
7.1 4.9 6.8 8.4 10.0
EPS (sen)
4.2 2.5 13.1 3.7 4.4
Adj. EPS (sen)
2.1 1.3 1.6 1.9 2.2
Adj. PE (x)
10.6 17.8 15.8 13.4 11.3
P/B (x)
3.0 2.8 1.8 1.7 1.5
Dividend yield (%)
2.0 5.6 11.0 5.0 5.0
Adj. PATMI margin
(%)
11.4 7.2 7.9 8.3 8.4
Net gearing (%)
53.0 45.7 44.0 44.0 42.0
Interest cover (x)
14.9 2.7 23.9 7.7 8.5
ROE (%)
33.2 16.5 46.7 13.7 14.3
Source: Hafary, Bloomberg, UOB Kay Hian
Background
What?s New?
has enjoyed three strong catalysts including: a) a second
interim dividend of 1.5 S cents/share (post-split), b) a
transfer to SGX Mainboard from Catalist, and c) 2-for-1 share
split. Post the share split, our revised sum-of-the-parts
(SOTP) target price is S$0.33/share, which implies an upside
of 32.0%.
Triple boosters. Since early April, Hafary Holdings (Hafary)
cents (adjusted for share split), Hafary has announced a
second interim dividend of 1.5 S cents/share. This amounts
to a total payout of 2.75 S cents/share (dividend yield:
11.0%) which has exceeded our full-year forecast of 2.5 S
cents/share. Beyond FY13, we conservatively forecast the
group to deliver dividends of 1.25 S cents/share each in FY14
and FY15, which implies a dividend yield of 5.0%. However,
there could be upside if the group monetised the hidden
value of its industrial properties.
Dividend bonanza. On top of its interim dividend of 1.25 S
approval in principle for the transfer of its listing status from
Catalist to SGX Mainboard. This is clearly positive as the
stringent requirements of the transfer will help reaffirm the
company?s attractiveness to investors. Interestingly, we did
an analysis of stocks that transferred to SGX Mainboard and
noted that they enjoyed an average gain of 16% in the three
months after the announcement of a transfer.
In the premier league now. Hafary recently secured the
3-mth % Chg
Stock Annc date
on Annc
Date
After Annc
Date
EZION HOLDINGS 30 Oct 09 11.7 (5.9)
ASIASONS CAPITAL 8 Jun 10 18.2 (2.6)
SAPPHIRE CORP. 7 Jan 11 33.3 (15.0)
SILVERLAKE AXIS 21 Apr 11 (4.4) 27.7
MENCAST HOLDINGS 22 Sep 11 28.7 (10.7)
KREUZ HOLDINGS 3 Sep 12 27.5 21.5
SIIC ENVIRONMENT 11 Oct 12 3.9 50.9
TOP GLOBAL 8 Nov 12 (10.0) 22.2
SWISSCO HOLDINGS 2 Nov 12 (0.5) 45.7
INTERRA RES. 18 Oct 13 0.0 0.0
OXLEY HOLDINGS 6 Dec 12 5.4 47.7
CHASEN HOLDINGS 4 Jan 13 4.5 15.2
Average
9.9 16.4
Source: Bloomberg, UOB Kay Hian
has also gone ex for a 2-for-1 share split. In the long term,
this could enhance the trading liquidity of the stock.
Split could potentially enhance liquidity. Hafary?s stock
tiles and wood flooring in Singapore, the group will benefit
from strong sales of BTO properties. The stock?s valuation is
also underpinned by a portfolio of industrial buildings held at
low cost on balance sheet. Any plans to unlock hidden value
of the property portfolio is expected to be an upside catalyst
for the stock, in our view.
Solid fundamentals. Being the leading supplier of premium
Valuation
S$0.33. As one of the major supplier of tiles in Singapore,
Hafary is likely to continue with its outstanding performance
with the strong influx of BTO supply. Potential share catalysts
include monetising the hidden value of its industrial
properties, strong earnings growth and better-than-expected
dividends.
Hafary is a leading supplier of premium tiles, wood flooring
and sanitary ware in Singapore. The company carries over
3,000 products sourced directly from manufacturers in
Europe (Spain and Italy) and third party manufacturers from
People?s Republic of China (PRC). Some of the notable
projects that Hafary has supplied to include JCube, The
Atrium@Orchard and NUH Medical Centre.
Still on our BUY list. We maintain BUY with a target price of
ya. .hope hafary gets a re-rating.. just like it's brother Oxley, got an re-rating by investors, chiong from 36 cents to 47 cents..
