Sing Holdings

Good The Gong Xi Fa Cai Morning Everyone.

RR -
1 unit 538 sq ft sold.

<Not a call to Buy or Sell>

Revenue for the quarter arose mainly from the recognition of sales proceeds from those units in Waterwoods which had been served with Notice of Vacant Possession ("NVP") in 4Q2015. Such units accounted for about 43% of all sold units, the balance of which would be served with NVP when the units become ready for handing over to purchasers. Robin Residences also obtained Temporary Occupation Permit ("TOP") in 4Q2015 and as such, the balance 24% of contracted sales was recognised as revenue in the quarter.

FY2014
http://infopub.sgx.com/FileOpen/SHL_4Q20...eID=389654

I think many SH investor will be disappointed with the dividend of 1.25 cents only given the huge profit from the TOP of the 2 projects. OPMI is expecting a big special div. It has proven once again that mgt is not sharing with minority shareholders. Tomorrow share price will be under pressure as there is nothing else to look forward to after this, just slowly selling Robin Res.....maybe a possible delisting in couple of yrs time?

The dividend will only come in after 1q2016 result. Cash on hand is only $30m. Company will only receive the cashflow in 1q2016. Notice that there are $123m receivables. That's for 43% of waterwoods and robin residences. They will also receive the remaining 57% of waterwoods in 1q2016. Only then the company will have the cash hoard to reward.

(16-02-2016, 10:25 PM)Jacmar Wrote: I think many SH investor will be disappointed with the dividend of 1.25 cents only given the huge profit from the TOP of the 2 projects. OPMI is expecting a big special div. It has proven once again that mgt is not sharing with minority shareholders. Tomorrow share price will be under pressure as there is nothing else to look forward to after this, just slowly selling Robin Res.....maybe a possible delisting in couple of yrs time?

Harder for property developers to share cash div with minority shareholders coz property devt is capital-intensive business. They whole day want to use the capital to do
bigger and bigger projects.

I cannot name a SG property developer that pays high dividends. Or even a high special div.

(17-02-2016, 01:01 AM)opmi Wrote: Harder for property developers to share cash div with minority shareholders coz property devt is capital-intensive business. They whole day want to use the capital to do
bigger and bigger projects.

I cannot name a SG property developer that pays high dividends. Or even a high special div.

Yes there is one that I know off. go look at LKH. BTW when I said OPMI I was not referring to you but to minority shareholders.

If you look at the smaller developers and some large ones, there are a few which gives decent dividend yield (above 4%) - KSH, LKH, Chip Eng Seng, Wheelock, oxley, fraser cpt

Its worth noting cash is not an issue. This is because the date of dividends for this coming FY has not been decided as well. And with majority of receivables being received in the coming 2-3 months from now, the company is definitely able to pay more. It's just that what for. They can raise director's fee which will be a better option. For current investors, do watch the difference in director's fee and top mgmt bonus change wrt to the increase in dividends. It will be a huge signal of mgmt's intention

(17-02-2016, 01:01 AM)opmi Wrote: Harder for property developers to share cash div with minority shareholders coz property devt is capital-intensive business. They whole day want to use the capital to do
bigger and bigger projects.

I cannot name a SG property developer that pays high dividends. Or even a high special div.

Good afternoon everyone.

There is One - Sim Lian Group.(not vested)

both S...one is super one is shxt.

UE E&C owns 30% stake in Waterwoods EC. Minority interest is $5.919m in 4Q2015. Hence Waterwoods contribution to Sing Holdings (70% stake) for 4Q2015 is $13.811m($5.919m/0.3 * 0.7). The majority of the other earnings came from Robin Residences.

If 43% units in Waterwoods had been served with NVP in 4Q2015, then 57% in 1Q2016 will bring in $18.31m( $13.811/43 * 57) . Just an estimation.

(16-02-2016, 09:12 PM)Behappyalways Wrote: Revenue for the quarter arose mainly from the recognition of sales proceeds from those units in Waterwoods which had been served with Notice of Vacant Possession ("NVP") in 4Q2015. Such units accounted for about 43% of all sold units, the balance of which would be served with NVP when the units become ready for handing over to purchasers. Robin Residences also obtained Temporary Occupation Permit ("TOP") in 4Q2015 and as such, the balance 24% of contracted sales was recognised as revenue in the quarter.

FY2014
http://infopub.sgx.com/FileOpen/SHL_4Q20...eID=389654

Good afternoon.

Someone texted me this morning.

Mr Lee FH passed away on 12 Mar.

Today ZB obituary pg 10.

RIP Mr Lee FH.