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Results better than expected - I am pleased.
Tuan Sing H1 net profit soars to S$100.7m, up 15.3x from previous year
TUAN Sing Holdings on Friday posted a net profit of S$100.7 million for its first half, 15.2 times that of the S$6.6 million posted the year prior, on the back of topline gains across all business segments.
Revenue in the six months ended June 30 jumped 57 per cent to S$143.9 million, thanks mainly to its real estate development and investment segments. This was spurred by higher progressive recognition of units sold at Mont Botanik Residence, higher occupancies at 18 Robinson and Link@896. There was also a rise in average gross rental for Link@896 due to the ongoing asset enhancement work and tenant optimisation.
The group' s industrial services and hospitality segments also saw a bump in sales, which it said reflected the gradual recovery of operations since the outbreak of the Covid-19 pandemic last year.
Gross profit increased by 48 per cent to S$36.1 million in the first half, as a result of the increase in revenue.
Earnings per share for the six months stood at 8.5 Singapore cents, up from 0.6 cents the previous year. Net asset value per share rose to 105.2 cents as at June 30, from 97.7 cents in the same period last year.
Tuan Sing said it maintained a " disciplined focus" on financial management by strengthening its balance sheet, with cash and cash equivalents of S$250 million as at June 30, more than doubling from S$108.3 million a year earlier. Net gearing dropped to 0.79x as at June 30, from 1.01x at Dec 31, 2020.
" The stronger financial position &hellip provides the group with greater headroom to swiftly take advantage of any business opportunities to grow in a post-pandemic environment," it added.
William Liem, chief executive of Tuan Sing, said that the group will remain " unflinching" in its commitment to focus on its core property segment. He added that Tuan Sing will continue to seek opportunities as well as explore potential partnerships and collaborations to grow its portfolio of " well-located assets in tourism gateway cities" .
It will also look to strengthen its commercial portfolio in the region. Mr Liem said: " At the same time, we will consider any opportunities to review our non-core real estate investments and businesses as and when they arise with the view to potential value maximisation."
You are absolutely right Bro!
Goldfinger ( Date: 06-Aug-2021 20:59) Posted:
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This one is super value trap....imagine you hold it for 5 years....10 years....at the meager 2~4% per year? Opportunity cost my friend...buy bank stock also not so sianz 
The other pieces of significant news to me were the sharp fall in Gearing ratio (this was always a big issue for Tuan Sing a few years back), the completion of the stake sale of Gultech China to the China investment bankers (they would not buy at this price if there was no IPO listing prospect) and the sales of the SG and Batam properties. The other news were the improving performane of the Perth and Melbourne hotels.
wehuattogether88 ( Date: 06-Aug-2021 20:55) Posted:
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I am happy that the China local authority bought a stake in Gultech China: -to divest 2.5% shares in Gultech Jiangsu to the investment arm of the local authority: Xishan Economic and Technology Development Zone.
This is much easier for them to list in China stock exchange,
This is much easier for them to list in China stock exchange,
Nippon72 ( Date: 06-Aug-2021 20:47) Posted:
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Need no dividend if co is able to use them to generate higher returns. I would prefer it continues to buyback its shares or to par down its debt if there is no further use. REITs are better for income or blue chip co that don' t require much funds for expansion, like SGX. I would like to see TS continue their expansion to stage for tourism recovery. Vested.
nott1965 ( Date: 06-Aug-2021 20:09) Posted:
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The best news was the new China Government linked shareholder in Gultech China. Good sign for the potential of a Gultech China listing ON A CHINESE STOCK MARKET.
In China, GulTech continues to contribute a positive performance in FY2021. Gultech China Pte Ltd (&ldquo Gultech China&rdquo ), a subsidiary of Gultech, has, further to the execution of sale and purchase agreements to divest approximately 13% of the total shares in the issued share capital of Gultech (Jiangsu) Electronics Co., Ltd (&ldquo Gultech Jiangsu&rdquo ) to Yonghua Capital and Wens Capital, entered into sale and purchase agreements to divest 2.5% shares in Gultech Jiangsu to the investment arm of the local authority: Xishan Economic and Technology Development Zone for RMB 83.75 million recently. The onboarding of new shareholders as part of a broader restructuring of Gultech Jiangsu&rsquo s shareholding capital is in line with its strategic review and positions the company for a possible listing in China. The aggregate consideration from these transactions is held in escrow pending payment of withholding tax in China and completion. The divestment will allow the Group to monetise part of its longstanding investment in Gultech and is in line with the Group&rsquo s plan to strengthen its balance sheet and focus on its core real estate business in the region. Gultech China and Gultech Jiangsu will remain as associated companies of the Group upon completion of the proposed transactions.
In China, GulTech continues to contribute a positive performance in FY2021. Gultech China Pte Ltd (&ldquo Gultech China&rdquo ), a subsidiary of Gultech, has, further to the execution of sale and purchase agreements to divest approximately 13% of the total shares in the issued share capital of Gultech (Jiangsu) Electronics Co., Ltd (&ldquo Gultech Jiangsu&rdquo ) to Yonghua Capital and Wens Capital, entered into sale and purchase agreements to divest 2.5% shares in Gultech Jiangsu to the investment arm of the local authority: Xishan Economic and Technology Development Zone for RMB 83.75 million recently. The onboarding of new shareholders as part of a broader restructuring of Gultech Jiangsu&rsquo s shareholding capital is in line with its strategic review and positions the company for a possible listing in China. The aggregate consideration from these transactions is held in escrow pending payment of withholding tax in China and completion. The divestment will allow the Group to monetise part of its longstanding investment in Gultech and is in line with the Group&rsquo s plan to strengthen its balance sheet and focus on its core real estate business in the region. Gultech China and Gultech Jiangsu will remain as associated companies of the Group upon completion of the proposed transactions.
Why so stingy again? No dividends?????
Wow! Tuan Sing?s NAV increased to 105.7 cents from 97.7 cents as at 30Jun2021.
The best news for me was the inclusion of a new Chinese Government shareholder in Gultech China. This of course makes a stock exchange listing much easier in China.
superstartup ( Date: 06-Aug-2021 18:47) Posted:
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Removing the one-off gain on disposal, in actual fact, net operating profit dropped quite a fair bit from 2HFY20.
Tuan Sing posts fifteen-fold increase in 1H2021 net profit to $100.7 million
Strong revenue recovery across all business segments despite prolonged impact of COVID-19 and macroeconomic challenges
Steadfast commitment to focus on core property segment in transition to regional real estate player
Strong revenue recovery across all business segments despite prolonged impact of COVID-19 and macroeconomic challenges
Steadfast commitment to focus on core property segment in transition to regional real estate player
Beyond $1 even without Gultech listing is possible.
Goldfinger ( Date: 06-Aug-2021 18:24) Posted:
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Sorry profit you only 14times, not 100 times. Still spectacular. Hope for a record full year dividend.
Goldfinger ( Date: 06-Aug-2021 18:09) Posted:
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Hosei liao!!
SinoThai1688 ( Date: 06-Aug-2021 18:01) Posted:
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New China Govt related shareholder in Gultech China. Listing plans intact. Profits up like over 100 times - crazy.
https://links.sgx.com/FileOpen/TuanSing_Results_Announcement_1H2021_210806.ashx?App=Announcement& FileID=677699
wehuattogether88 ( Date: 06-Aug-2021 14:17) Posted:
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Next Tuesday above $0.60
Tuan Sing' s results should be superb after results release when market closed this evening.