I stumbled upon this, while looking at Google Finance.
Surprisingly, seems to have low gearing for a property developer.
High discount to Book , against book value of 73 cents SGD, it is trading at 19.9 cents.
Seems to have okay dividend yield, though one does not look at a property stock as a dividend yield stock.
Has anybody explored this before?
It probably has low valuation due to being a china property developer doing projects in china. Cannot trust the balance sheet how?
Red chip, S chip, potayto potaato...
This type better siam. Those people build building think they playing lego. Never trust a china ceo.
Sadly, the sales went up, but dividend cut to Zero.
Maybe you should be happy. Privatisation may be coming.
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Actually, I evaluated it and decided to wait and see for a while. As a result, I am not vested. Good point on privatization, could be a catalyst.
I had written to the Investor relations team on lack of a dividend. My mail was "I am looking to invest in Pan Hong. I was expecting a dividend of 1 cents per share in line with previous years. I saw that Pan Hong has good sales growth and NAV growth for FY 2014. However, the dividend has been cut and no dividend is being paid. Could I know why the dividend is not being paid for FY 2014?"
The mail reply was
"Thank you for your email.
The Company does not have a policy on payments of dividends.
The form, frequency and amount of dividends declared each year will take into consideration the Group's profit growth, cash position, positive cash flow generated from operations, projected capital requirements for business growth and other factors as the Board may deem appropriate.
For FY2014, no dividend is declared as the Group is prudent with its cash flow requirements for its business operations, future development and expansion."
At least there is a reply. Haha.
Pan Hong owns 900m shares of HK listed Sino Harbour Property. At current price of HK1.22, its worth about HKD 1.1b (approx. SGD 190m)..
Pan Hong has 513m shares outstanding, so that stake is already worth SGD 0.37, compared to its current market price of SGD 0.183.
Company also has properties in Zhejiang which is owned solely by the parent company. Amazing how stocks are valued in SG compared to HK.
(Vested)
HK small caps are played up on rotational basis. 1663 HK gains may be fleeting.