After reading about Eurokars' expansion and listing plans, I thought about Eurosports Global IPO a few years back and pondered whether Eurokars will face a similar fate. Probably unlikely since Eurokars has a more diverse product portfolio; being able to cater to the mass and affluent market.
http://www.businesstimes.com.sg/companie...es-listing
Then I thought about how TCIL is doing. I found its MTN 'prospectus' very informative to those interested about its business and risks involved:
http://infopub.sgx.com/FileOpen/LTN20170...eID=451417
Generally speaking, one half of TCIL's business is from Nissan (distribution in Singapore and long-term agreements with 52%-owned subsidiary Zero) and the other half is from Subaru (distribution in South East Asia, dealerships in South china, and assembly). TCIL sells much more Subaru cars as it has distribution and dealership rights over more territories. It also assembles Subaru cars in Thailand through a 75-25 JV with Subaru, and contracts its sister company Tan Chong Assembly Malaysia to perform assembly work as well. It is cheaper to assemble and sell cars in ASEAN, due to import taxes on foreign cars, so TCIL has been working towards this strategy to be able to price its cars more competitively. Nevertheless, profitability and free cash flow has been weak in recent years.
While the consensus is that it is unlikely that they are selling any of their (prime) real estate, whether it is for investment or own-use, it was noted that one of its land used as 'factory and warehouse' may be redeveloped as residential use, which could provide a small boost to earnings:
'Our factory and warehouse located at 798 and 800 Upper Bukit Timah Road has a total leasehold land area of 198,976 square feet until 6 April 2082. The property has the potential to be developed for residential use. We are considering the timing for redevelopment carefully in light of the various cooling measures in the property market promulgated by the Singapore government.'
The book value of its equity investment and property investment roughly equates to its market cap. So you get the business for free. But then, the business isn't exactly thriving.