ValueBuddies.com : Value Investing Forum - Singapore, Hong Kong, U.S.

(04-03-2014, 10:37 AM)kbl Wrote: [ -> ]my fren support 1 vote.

total heads count by VB = 30

Count me in...thanks to all the drivers.

(04-03-2014, 10:37 AM)kbl Wrote: [ -> ]my fren support 1 vote.

total heads count by VB = 30

count me in. Thanks

(04-03-2014, 10:37 AM)kbl Wrote: [ -> ]my fren support 1 vote.

total heads count by VB = 30

Thank you Mr Kbl

(04-03-2014, 09:39 AM)Behappyalways Wrote: [ -> ]Updates

there are still many people sitting by the fence waiting to reap......

It is like that. Sometimes they are not sitting on the fences. They feel that they cannot do anything about it (defeatist attitude). Some will mock your efforts saying it is useless la...they control majority...blah blah...

But if nobody KP, minority shareholders wont get any respect. So I support you guys.

I dont have Sing Holdings. If I buy odd lot, can I join you? For moral support only....

Updates

Cyclone - 3
safetyfirst - 6
nitro - 1
koh_52 - 2
ngcheeki - 1
ichew - 2
Kyle - 1
Behappyalways - 4
Best price - 1
CY09 - 1
www - 1
kbl - 3
Swinger - 1
Jacmar - 1
old friend - 1
kbl's friend - 1
wysiwyg - 1
pwgc99 - 1
total = 32

Maybe not sitting on the fence, they may not have read our article, some people dont come online everyday.

As for opmi, why buy odd lot, you waste service charge leh! Just buy 30 lots, it is about 10k ++ , dividends coming in May, just 2 more months

count me in as well. thanks.

safetyfirst, dont know the stock.

moral support only for proactive minority shareholders.

Count me in too Thanks

(04-03-2014, 02:51 PM)opmi Wrote: [ -> ]

(04-03-2014, 09:39 AM)Behappyalways Wrote: [ -> ]Updates

there are still many people sitting by the fence waiting to reap......

It is like that. Sometimes they are not sitting on the fences. They feel that they cannot do anything about it (defeatist attitude). Some will mock your efforts saying it is useless la...they control majority...blah blah...

But if nobody KP, minority shareholders get any respect. So I support you guys.

I dont have Sing Holdings. If I buy odd lot, can I join you? For moral support only....

No problem, it is the thought that counts, owning 1 share is also a shareholder

Q: Do you expect the gearing to come down by the end of the current financial year?

Lee Sze Hao: With the TOP of The Laurels, we expect our gearing to come down a lot. What level it goes down to depends on whether we reinvest the money into another project. As it is, our gearing is actually at a comfortable level.

For the Robin site, our purchase price was $177 million. We used $70-80 million cash to pay for it. For the Punggol project, the financing is also not very high

http://nextinsight.net/index.php/story-a...g-holdings-


Hi CC Low

Thanks for your input.

As of 31/12/2013. The company's has a long term debt of $215m which is due to 2 plots of land, Waterwoods and Robin and construction cost. Both plots of land cost around $175m each bringing a total of $350m. The long term debt is pegged to the TOP of both projects of which Waterwoods has been launched and Robin expected to be launched in mid 2014. Looking at the long term debts and the cost of both plot of land, I can quote what Mr Lee said that the company gearing is at a comfortable level.

The company as at 31/12/2013 has a $117m receivables and $26.5m cash. A significant proportion of the $117m receivables are mainly due to The Laurels Project which TOP in 3Q2013. Based on 400m shares in the company, $117m is around 29 cents per share. Not to forget the $26.5m on hand.

A share buyback mandate of 5% of the total amount of shares would meant the company buying back 20m shares(5% of 400m shares). At 40 cents per share for example, that would cost around $8m.

To quote what Warren Buffet said, there is no surer way to make money for continuing shareholders than by buying own stock when you know it is worth at least the amount you paid for. Sing Holdings is definitely worth more than the present share price.

Land prices around the world has been surging. Quoting what Hong Kong Billionaire Li Ka-shing said, flour is becoming more expensive than the bread. Why go in pursuit of expensive flour and not return part of the cash back to the shareholders by doing a capital distribution and share buyback.


CC Low wrote:
The idea of "passive" minority shareholders getting together to give the management a wake up call is commendable. While its previous compatriots in the industry have been very active in adding value to the share price of their counters for the benefit of their shareholders, Sing Holdings has been sitting on the "laurel" of its crown and maintaining status quo, much to the displeasure of minority shareholders. They have watched Heeton, Hiap Hoe, and Roxy-Pacific grew from strength to strength over the past 5 years and distancing themselves further from Sing Holdings which remains in the "doldrums".

In the "draft" letter it was proposed that a higher dividend payout be made from income receivable from "The Laurels". There are 2 things to note, viz.:

(1) All the income (i.e. Sing Holdings' share of the project sales) has already been fully realised into its P&L since Sep 2013. The only income yet to be realised is from its share of project sales in the Waterwoods EC project (about 42 % sold amounting to $157m). However, this can only be recognised as income upon issuance of vacant possession after TOP is obtained (possibly in 2015). Sales for the development at Robin Road (Robin Residences) would only be launched in mid 2014 although construction works have already commenced in second quarter of 2013.

(2) Dividend of 1 cent (final dividend - tax exempt) and 0.5 cent (special dividend - tax exempt) have already been proposed for FY 2013.

As to the idea of using available funds to do share buy back (treasury shares), it may not necessarily be a good financial proposal. It all depends on the liquidity and cash situation of each individual company. Sing Holdings is not in a net cash position, and with a heavy burden of bank debts, such an exercise may not be appropriate since it has only a small cash float (vis-a-vis the aggregate bank debt).

One way of adding value for shareholders is to issue a warrant exercise at, say 1 for 2, at a very nominal price ( 1 or 2 cents per warrant) with conversion at 50 % of the price of its mother share. That way the benefits would be "win win" for both the group as well as shareholders. The group would receive funds from the warrant exercise as well as from the conversion at a later date, which would provide it with additional funds without the need for further drawdown on bank facilities ; and shareholders would have immediate benefit because the price of its warrant would have risen to half of the value of its mother share.

Just my two cents worth.

http://www.nextinsight.net/index.php/for...ings#19302