KGI Securities (Singapore) report:

LeeSzeHao2Lee Sze Hao, CEO of Sing Holdings: His direct and indirect interest in the company has risen by 1.318 million shares in March-April this year. NextInsight file photo.The group launched the sale of its 735-unit private residential project Parc Botannia at Fernvale Road in November 2017. 

It has already issued options to purchase up to 43% of the units as of 26 Feb 2018, just four months within launch. 

We estimate an average selling price (ASP) of S$1,250 psf, which is 25% higher than our initial estimates of S$1,000 psf. 

Stock price 

44 c

52-week range

34  – 52 c

PE (ttm)

53

Market cap

S$176 m

Shares outstanding

401 million

Dividend 
yield (ttm)

2.27%

1-year return

22%

Source: Bloomberg

We estimate PATMI contribution of S$130mn or S$0.32/share from this project alone, making up an astounding 70% of Sing Holding’s current market capitalisation. 

As a result, we raise our RNAV estimate to S$0.98 and apply a 30% discount to arrive at a fair value of S$0.68 (+55% upside potential). 

Sing Holdings

Share price: 
44 c

RNAV: 
98 c

Source: KGI Securities

It is currently trading at an attractive deep discount of more than 50% to its S$0.98 RNAV, which we believe may eventually narrow upon progressive recognition of profits from Parc Botannia in 2018 and 2019.

Watch video of the project -->

 

 


Share Prices

Counter NameLastChange
AEM Holdings1.100-0.050
Alliance Mineral0.345-
AusGroup0.036-
Avi-Tech Electronics0.3900.010
Best World Int.1.320-0.030
China Sunsine1.380-0.050
DISA Limited0.009-
Dutech Holdings0.285-
Federal Int. (2000)0.275-
Food Empire0.635-
Geo Energy0.215-
Golden Energy0.335-
GSS Energy0.141-
Heeton Holdings0.530-
ISOTeam0.330-
KSH Holdings0.6250.010
Lian Beng Group0.495-
Miyoshi0.055-
Nordic Group0.500-0.005
Oxley Holdings0.3600.005
REX International0.042-0.001
Riverstone1.0600.010
Roxy-Pacific0.430-
Serial System0.135-0.001
Sing Holdings0.395-
Sino Grandness0.205-0.005
Straco Corp.0.760-0.010
Sunningdale Tech1.340-0.020
Sunpower Group0.605-0.010
The Trendlines0.119-0.001
Tiong Seng0.3900.005
Trek 2000 Int.0.111-
Uni-Asia Group1.300-0.010
XMH Holdings0.240-
Yangzijiang Shipbldg0.850-0.030

NextInsight RSS

rss_2 NextInsight - Latest News

Online Now

We have 1226 guests and one member online

  • josephyeo