Pollux Properties

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Guided by CEO Mr Nico Po, and Chairman Mr (Get) Timur Pradopo, Pollux Properties has released their much-improved 1H 2015 results.

1. Net Profit Margin of 13.6% resulting in 1H2015 net profit of $2.288mil which far exceeds the FY2014 net profit of $228k.

2. Expects the 2H2015 to be much better since there will be an addition of profit recognition from Mayfair Residences and operation of serviced apartment, Louis Kienne Residences.

3. Full year EPS of 2015 likely to hit $0.85, lowering its P/E ratio to 8.8x.

4. Restruturing is over, Pollux is full swing to recognise profits in the coming quarters on their lucrative profits mostly 100% sold. Pollux has appointed an upcoming property agent powerhouse, SLP Reality / SLP Scotia, to sell their units. With their expertise, I believe there will be sales movement in units.

Left unsold
Pavilion Square (residential) - 2;
Garden Park - 1;
Mayfair Residences - 6

5. Possibly expecting the astute management to look into Indonesia for the next investment property acquistion, due to their in-depth knowledge about Indonesia's hot property market. Mr Nico Po runs a successful and bigger company called Pollux Indonesia that develops iconic buildings such as Chadstone, Amarsvati, World Capital Tower, Warhol Simpang Lima, Semarang Paragon Mall, Marquis de Lafayette and The Pinnacle.

6. Investment properties are stated at book cost less depreciation / impairment losses. Possibly expecting valuation gains if fair market method is adopted.

7. With deep pockets, Mr Nico Po could extend an interest-free loan to Pollux Properties as he did in the past either via direct loan or loan from joint venture. Mr Nico Po also owns Old MacDonald House along Orchard Road, via his company "Tinifia Investment Pte Ltd", sharing the same address as Pollux Properties.

8. Checking with ACRA Biz File, there seem to be a newly incorporated company called "Pollux Holdings Pte Ltd", I am speculating there might be merger & acquisitions around the corner. I wouldn't think Mr Nico Po would get Timur Pradopo just to run a $54mil paid-up capital company. More on Mr Pradopo at http://www.hometeam.sg/multimedia.aspx?m...zHPQVuLRp6. However, my main focus would be on the fundamentals still.

All in all, I am quite happy to buy into Pollux Properties when it was in the restructuring process. Now that restructuring is over, and most marketing expenses has been accounted for, the net profit margin should improve over time. I got a good feel when Mr Nico Po expressed his commitment to put Pollux on a firmer foundation for future growth. The share price should move in tandem as the fundamentals gradually improve.

source:
1. financial results: http://infopub.sgx.com/FileOpen/Pollux_1...eID=323494
2. presentation: http://infopub.sgx.com/FileOpen/Pollux_P...eID=323496
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Analyzing its cost structure slightly deeper:

The cost of sale sare inching up quarter by quarter. What's wrong?

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http://infopub.sgx.com/FileOpen/Pollux_1...eID=323494

10. A commentary at the date of the announcement of the significant trends and competitive conditions of the industry in which the group operates and any know factors or events that may affect the group in the next reporting period and the next 12 months.

Based on a news release published by the Urban Redevelopment Authority on 1 October 2014, the private residential property index fell 1.3 points or 0.6% in 3Q 2014 from the last quarter. This is the fourth continuous quarter of price decrease. With the various property cooling measures still in place, the Group expects prices in the residential property market to continue to moderate in year 2015.

The current property market conditions remain challenging. The Group intends to explore suitable investment opportunities in Singapore and the South East Asia region moving forward.

Barring any unforeseen circumstances, the Group is also expecting to commence operation of Louis Kienne Serviced Residences at 554 Havelock Road by the end of November 2014. Hence additional rental income will be expected by the end of the financial year ending 31 March 2015. The Group believes with the operation of service apartments, this will widen its revenue streams and build up a stable recurring income in long run.


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Decent set of result, though I'm expecting a ballpark PATMI of 3~3.5m

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Slight disappointment.

Previously, I was trying to get a bit more shares at $0.073. It was a patient game. Today, after a set of good results, $0.07 was readily available to anyone who wants to grab it?

What is going on? Seller is CIMB, once again.
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(10-11-2014, 08:39 PM)kelvesy Wrote: Slight disappointment.

Previously, I was trying to get a bit more shares at $0.073. It was a patient game. Today, after a set of good results, $0.07 was readily available to anyone who wants to grab it?

What is going on? Seller is CIMB, once again.

Nico had mentioned in the AGM that they are currently working on a capital exercise within this financial year, which all evidences are pointing towards fund-raising through a RTO.

They need to step on the gas though, as many investors had lost their patience and left, despite this being a counter with great potential and clear earning visibility.

The longer than usual book building could be due to the size of the intended RTO. Meanwhile, interested parties are keeping the average trading price low in order to maximize the issuance of shares for the same amount of investment fund.

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http://translate.google.com.sg/translate...rev=search

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Condotel Property Pollux Full Operating estimated Mid of 2017

November 3, 2014

Bisnis.com, JAKARTA - The process of building towers and villas in the condotel project built by Pollux Properties, is expected to be fully operational in mid-2017.

Sales Manager Pollux Properties Indonesia Maikel Tanuwidjaja said after the construction of the two towers at the resort area development plan is completed, management will continue with the construction of villas and other supporting facilities.

"It is estimated that this project will be fully operational in mid-2017," he told Bisnis.com Sunday (11/02/2014).

The selling price of this Condotel by Maikel also still fairly affordable when compared to prices in the capital. It gives a starting price of Rp750 million to Rp900 million, depending on the location of the room and located on the floor how.

In Singapore, Pollux Properties has seven apartment towers and hotels. While in Indonesia, their assets are currently in Semarang with three towers as well as the World Capital Tower is located in Kuningan, South Jakarta.

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Warhol Residences ~ Standing Tall On Firm Foundation!

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Posted By De_Purr

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The Pinnacle ~ Nine Floors & Counting!

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Posted By De_Purr

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http://amarsvati.com/event-gallery/

Amarsvati Global Launch ~ 1 Nov 2014

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