Sing Holdings

[bargainhunter]

https://links.sgx.com/FileOpen/Adjustmen...eID=548337

Borrowing costs recognized upfront leading to cut in profits for FY2018 but that means future profits will be even higher.  lol.

In the meantime, sales at Parc Botannia had picked up and the project is now > 70% sold vs 66% at the last announcement about a month ago. A further $37m worth of units has since been sold.

https://links.sgx.com/1.0.0/corporate-an...9b01f70d7a

the company is maintaining the 1.2c dividends despite cutting the profits to be in compliance with new accounting standards as above.

[bargainhunter]

https://www.edgeprop.sg/property-news/ho...drive-site

Sing Holdings continued to bid conservatively at 621psf for the Sims Drive plot.

[bargainhunter]

Revenue accounted from the property project is around $105m up to date. The company has sold around 66% of the project of which the revenue is $443m. So in the next 2 years when it TOP, it would account for the remaining $443m property that it has sold but not accounted for plus the remaining 34% of the units not yet sold.

but over the next 2 years, they will continue to sell the 34% as sales is still ongoing.  in fact, sales had picked up since they introduced Propnex to be appointed marketing agent sometime in Jan 2019 in addition to Huttons who had been the exclusive agent since launch in Nov 2017.

https://links.sgx.com/FileOpen/Annual%20...eID=550353

Chairman announced that as at the date of the annual report, approximately 73% of the units at Parc Botannia have been issued an option to purchase, amounting to sales value of about $502.3 million.  That means sales has picked up considerably in the last 1 month plus moving 7% of the project and booking another almost $70m in revenue.

[bargainhunter]

https://links.sgx.com/FileOpen/SHL_1Q201...eID=558250

between 20th feb and 7th may, Parc Botannia went from 66% sold to 81% sold. that's quite impressive given that those property analysts have been saying home buying activity is slow.

[bargainhunter]

https://links.sgx.com/FileOpen/SHL_2Q201...eID=573342

Parc Botannia is now 88% sold. NAV increases to $0.6736.

[sgmystique]

Wee Hur has come out with their 3Q19 results. Their  share of profit of associated company (For Parc Botannia) is S$6.01 million for 3QFY2019. Based on their 70:30 stakes Parc Botannia should contribute $14.02 million to the Sing Holdings bottom line for 3Q19. There will be contributions from their office units and Travelodge Docklands as well.

I think this quarter will be a very decent set of numbers from Sing Holdings...

[bargainhunter]

https://links.sgx.com/FileOpen/SHL_3Q201...eID=585714

Parc Botannia is about 95% sold. NAV increased to $0.7054.

[money]

But the boss will not return the excess cash to you. He will probably just go buy another property from Australia or UK, etc. He will only focus on drawing a decent salary year after year, one that will increase when the overall profits go up, but he will declare miserable dividends to minority shareholders. This is what i have observed over the years, i will be very happy for you if he does otherwise

[bargainhunter]

But the boss will not return the excess cash to you. He will probably just go buy another property from Australia or UK, etc. He will only focus on drawing a decent salary year after year, one that will increase when the overall profits go up, but he will declare miserable dividends to minority shareholders. This is what i have observed over the years, i will be very happy for you if he does otherwise

I calculated the cumulative dividends from FY12 to FY18 and divided it by the total earnings over the same period and found that the average payout ratio is 24.38%.  Its quite low but not exactly miserable I guess.

[money]

But the boss will not return the excess cash to you. He will probably just go buy another property from Australia or UK, etc. He will only focus on drawing a decent salary year after year, one that will increase when the overall profits go up, but he will declare miserable dividends to minority shareholders. This is what i have observed over the years, i will be very happy for you if he does otherwise

I calculated the cumulative dividends from FY12 to FY18 and divided it by the total earnings over the same period and found that the average payout ratio is 24.38%.  Its quite low but not exactly miserable I guess.

I guess at the end of the day it is all about expectations. There's no right or wrong most of the time. I just feel that actions of the boss benefit himself more than benefit minority shareholders.