Tuan Sing’s rise today is probably due to a reaction to Friday’s SGX announcement that Koh Wee Meng’s wife has accumulated just over 5% stake in the counter.
I like the news, and although I had already bought in prior to it, I will be adding on this news.
What I like about Tuan Sing:
1. Its exposure to freehold office market through Robinson Tower and Robinson Point. I believe both developments will see upwards valuation adjustment either on completion of construction (at Tower) or as rentals are renewed at higher levels (at Point).
2. Unbooked (but quite well sold) profits from 3 of its projects: Seletar Park Res, Sennett Park Res and Cluny Park Res. I am especially surprised by the high sales volume at Cluny despite its high price.
3. Redevelopment potential of its Perth hotel site. Old records point to the approval of 2 tall structures on land next to the present hotel. The total land size of the hotel and the redevelop-able land is 277,988 sq ft.
4. Company has shared information quite generously, such as GDV of a project (for its 3 Singapore residential projects) and the rental renewal information for Robinson Point, etc. Being transparent is good, as it allows us to look into the company without second guessing too much.
5. My estimate of Tuan Sing's RNAV is about $1, excluding its China ventures, but include possible valuation surplus from its investment properties and non-prop units.
Mostly, however, we should be in good company now that Fragrance’s Koh has also discovered this undervalued counter. I do not think he (or his wife) will be content with his current 5% stake.
regarding Yip Sau Leung owning S$11.3 m of KSH Holdings -- my guess is this is his No.1 holding in his portfolio. Otherwise, he would have at least $22.6 million of stocks.... Just 2 stocks, not counting others. If so, super rich for a uni lecturer.
Does anyone know if Yip owns other stocks in a big way?
Was at KSH's AGM this year, made an interesting observation that KSH's chairman stood up after the AGM ended and walked straight to Professor Yip to shake his hands. They also chatted cordially for a long while with the Chairman showing his appreciation of Professor Yip's interest in the stock.
It also seems like KSH is the main party leading the consortium for the GaoBeiDian project with Oxley, Heeton and Tee riding on KSH's connection.
The Chairman seems to think that the GaoBeiDian project will be profitable, with its land prize already above their cost and likely to rise further.
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