(15-07-2014, 01:50 PM)desmondxyz Wrote: [ -> ]Skywoods project sales up to June 2014 :
Unit launched : 420
Unit sold : 101 (24%)
Unit unsold : 319 (76%)
I checked against URA website and noted that 77 units of Skywoods were sold as of July 2014 based on the caveats filed. Am not sure if I got from the right source but anyone can help to clarify?
Good morning Valuebuddies san and all.
July 2014 not out yet. You need to check on the 15th Aug '14 after 1pm.
June 2014 as follow.
Total units - 420 units. Cumulative Units Launched to-date - 420 units. Cumulative Units Sold to-date - 101 units. Units Sold in the Month - 19 units. Median Price - $1,235.00
https://www.ura.gov.sg/realEstateIIWeb/p...1509485247
<not vested>
It is important that we learn to understand what is behind the numbers.
The web site that kbl refers to probably captures sales based on signed OTP. The one valuebuddies refers to is clearly based on caveat lodged.
Once you understand the meaning of the data, you can then decide for yourself which number to use for your analyses.
Q1 results out.
Stripping out all one-offs, NP is about $2.5mil which is similar to Q1 FY14 on 31% less revenue but much high GPM of 25% cf 15% y2y.
Orderbook of $164mil to last till 2017. Need twice of that to maintain same level of revenue as last FY.
One-off $1.36mil from KTIS dividend payout.
One-off $24mil gain from divestment of the two Thais associates. I believe KWC didn't sell any KTIS share.
Any anticipated special div from KTIS is reliant on KWC selling KTIS shares. There are not indications that they are doing it so as of now I expect it to be relying on the KTIS dividend payout and its payout schedule. Assuming 4 x KTIS EPS x 50% payout, we might be looking at just about 0.5cts and assuming KTIS paid at the end of their FY, KWC might declare this in their year end reporting which will translate to payout be mid-next year. Ofc KWC might do it differently from what I anticipated.
So in summary core ops is facing headwind from low orderbook and special div might be lower and takes longer to deliver to shareholders.
NAV does increased from 25cts to 32cts.
Still vested.
Not a call to buy/sell.
(11-08-2014, 09:16 PM)GPD Wrote: [ -> ]Q1 results out.
Stripping out all one-offs, NP is about $2.5mil which is similar to Q1 FY14 on 31% less revenue but much high GPM of 25% cf 15% y2y.
Orderbook of $164mil to last till 2017. Need twice of that to maintain same level of revenue as last FY.
One-off $1.36mil from KTIS dividend payout.
One-off $24mil gain from divestment of the two Thais associates. I believe KWC didn't sell any KTIS share.
Any anticipated special div from KTIS is reliant on KWC selling KTIS shares. There are not indications that they are doing it so as of now I expect it to be relying on the KTIS dividend payout and its payout schedule. Assuming 4 x KTIS EPS x 50% payout, we might be looking at just about 0.5cts and assuming KTIS paid at the end of their FY, KWC might declare this in their year end reporting which will translate to payout be mid-next year. Ofc KWC might do it differently from what I anticipated.
So in summary core ops is facing headwind from low orderbook and special div might be lower and takes longer to deliver to shareholders.
NAV does increased from 25cts to 32cts.
Still vested.
Not a call to buy/sell.
Any idea why the sudden large jump in GPM?
Also, the KTIS stake is carried in the balance sheet as $42,211,802. This works out to be 9.3 THB per share only, which is pretty conservative considering the current price of THB 10.6
(12-08-2014, 09:47 AM)GFG Wrote: [ -> ]Any idea why the sudden large jump in GPM?
Also, the KTIS stake is carried in the balance sheet as $42,211,802. This works out to be 9.3 THB per share only, which is pretty conservative considering the current price of THB 10.6
No idea on the jump on GPM as KWC Q1 report didn't say anything about it.
I assume KWC uses KTIS closing price on 30 June which is THB9.55. That brings you closer to that S$42mil. The x-rate on 30 Jun is 0.3864 (source Xe.com). However, if I use 0.038, I get the exact figure $42,211,802 but that seems overly conservative on KWC's part.
that's what I like about King Wan they're pretty conservative...
Having said that they categorized their KTIS share as 'available for sale' so this means they will need to post a profit or loss every quarter based on the market value of KTIS at the end of the reporting period so this means more gain from their KTIS share will be posted in the next quarter should its share price remain above 10 THB.
Also you mentioned that 4 x KTIS EPS x 50% payout, we might be looking at just about 0.5cts. How did you compute 0.5c?
By paying 30cts THB it's already 0.38cts SGD dividend per KWC share so if KTIS pays another dividend this year yep I think KWC should be able to pay now a 1c div in Dec (vs 0.5cts in 2013) which I agree would be lower than some people expectations but at least this would be more sustainable since this will not require KWC selling any of their KTIS share. Overall quite happy with their Q1 results, a bit above my expectations especially their CF from operations
(12-08-2014, 10:14 AM)ethys Wrote: [ -> ]that's what I like about King Wan they're pretty conservative...
Having said that they categorized their KTIS share as 'available for sale' so this means they will need to post a profit or loss every quarter based on the market value of KTIS at the end of the reporting period so this means more gain from their KTIS share will be posted in the next quarter should its share price remain above 10 THB.
Also you mentioned that 4 x KTIS EPS x 50% payout, we might be looking at just about 0.5cts. How did you compute 0.5c?
By paying 30cts THB it's already 0.38cts SGD dividend per KWC share so if KTIS pays another dividend this year yep I think KWC should be able to pay now a 1c div in Dec (vs 0.5cts in 2013) which I agree would be lower than some people expectations but at least this would be more sustainable since this will not require KWC selling any of their KTIS share. Overall quite happy with their Q1 results, a bit above my expectations especially their CF from operations
Ah, that "4 x KTIS EPS x 50% payout" should really by "4 x KTIS
Q1 EPS x 50% payout". KTIS Q1 EPS is 0.18baht. KTIS div policy is paying out no less than 50% eps so it might be higher. Ofc a growing KTIS eps will help as well.
Indeed if we go by the KTIS div route, KWC might pay 0.5cts(core ops) + 0.5cts(KTIS div) during their Q2. However, I am concern if they can maintain their final div of 1.5cts if their revenue doesn't keep up.
