Sing Holdings

Last closed at 41 cents. Worth a buy for its big discount to RNAV and upside for its Robin projects!
[hr]
[You have what he wants 10-10-2012]:

Back to 35 again.......what did the boss do.....nothing.....he will not support at this price....wait till 31 then he will buy......
 
this stock is a goner...i told you so.......

ok Mo Yan: I have done it @ 40.5 cents last week. Wish me luck.
[hr]
[Mo Yan 21-10-2012]:

When The Laurels' TOP in 2Q2013 or 3Q2013 NTA would be around 60-65 cents. Their industrial properties are also in the money. If they could launch Robin site in 4Q2012, then NAV would be around 80 cents and company would basically be  cash or near cash. Why? The Laurels and Robin would be in progressive payments and other significant asset is their industrial properties which is about $32m or 8 cents NTA....So if NAV is 80 cents then 8 cents worth of industrial properties(which they are selling if they get a good price....look at their gains from sale of industrial properties...it is undervalued) and 72 cents of cash and near cash(progressive payments)......
Expect a much higher dividend in 2013....maybe after The Laurels TOP in 2Q or 3Q2013 or maybe when they announce their 2012 full year results in Feb 2013 since the payout of full year dividend would only be in Apr 2013 earliest so by then Laurel might have TOP. At 40 cents, the dividend yield would be good.....3 cents dividend? 5 cents?
Anyway 3Q2013 result would be out soon and my prediction is that results would be very good since they said that they might be able to bring forward TOP of The Laurels from 3Q2013 to 2Q2013, it might meant that the construction progress is ahead of schedule hence more revenue recognition....Anyway cash position would further be enhanced....
Be ready for a bumper dividend payout and by the way their remaining 9 units of The Laurels, they might be able to sell higher as it get closer to TOP......

Patience will pay off in big buckets. 

Let me share the posting of dydx, a shareholder of Sing Holdings, at www.valuebuddies.com


Very good full-year results for FY12 (ended 31Dec12).....

As expected, the 70%-owned The Laurels condo project - as at 13Feb13, 96% sold for a total contracted sum of $681.7m - has been a solid earner. As approx. 70% of the above sum had been recognised as revenue, the balance approx. 30% or $204.5m will be progressively recognised up to 3Q2013 - the target for TOP. Using the same GPM of 27.3% recorded in 4Q-FY12, we can reasonably expect Sing Holdings to record a total cummulative GP of approx. $55.8m in 1Q through 3Q of this FY13, which should translate to approx. $30.0m in additional NP - equivalent to approx. $0.075 in additional EPS - attributable to Sing Holdings shareholders. By adding this assured EPS that is coming in by 3Q-FY13 to the latest (31Dec12) NAV/share of $0.5068, we get an adjusted NAV/share of $0.5818.

Of course, we should also try to estimate the future development profits from the yet-to-be-launched 100%-owned Robin Drive / Robin Road freehold condo project and the 70-owned Punggol Field Walk / Punggol East EC project. While this will be a more difficult task under the current market conditions, I guess the least we should bear in mind is that every $40.0m in new NP to be derived from these 2 development projects will add approx. $0.10 in EPS and to NAV/share in the next few years.

So Sing Holdings is actually quite a nice residential property developer and business!

dydx forgot to whoop with joy over the 60% jump in dividend!

Now 42 cents is cheaper than what the insiders recently bought at. Will we have to hold for as long as they before seeing a nice reward? Sigh