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PR Newswire
06-03-2012, 01:54 PM
The following is extracted from DMG 5th March "billion&below Small/Mid Cap Weekly", Sing Holding name was mentioned together with Hiap Hoe and Roxy Pacific.
"Niche developer – Not covered
We track a broad range of other stocks that are interesting from a valuation perspective.
Worthy of mention are the small/mid cap developers, which generally turned in good results
due to the recognition of the substantial pre-sales that they have chalked up over the past
two years. Sing Holdings saw a 126% surge in net profit to $22.1m for FY11, primarily driven
by contribution from its residential project at Cairnhill (The Laurels). It still has some $473m
of revenue yet to be booked from the 94%-sold project, which will underpin its earnings for
the next two years. Roxy Pacific saw record earnings with strong contribution from both its
hospitality division and property development arm. Net profit soared 16% to a record $49.7m.
The group still has $600m worth of revenue yet to be recognized from its pre-sold projects.
Hiap Hoe, meanwhile reported a 37% growth in net profit to $47m, boosted by contribution
from its prime residential projects Waterscape at Cavenagh and Skyline 360. We continue to
like the stock and have a $0.61 target price.
"Niche developer – Not covered
We track a broad range of other stocks that are interesting from a valuation perspective.
Worthy of mention are the small/mid cap developers, which generally turned in good results
due to the recognition of the substantial pre-sales that they have chalked up over the past
two years. Sing Holdings saw a 126% surge in net profit to $22.1m for FY11, primarily driven
by contribution from its residential project at Cairnhill (The Laurels). It still has some $473m
of revenue yet to be booked from the 94%-sold project, which will underpin its earnings for
the next two years. Roxy Pacific saw record earnings with strong contribution from both its
hospitality division and property development arm. Net profit soared 16% to a record $49.7m.
The group still has $600m worth of revenue yet to be recognized from its pre-sold projects.
Hiap Hoe, meanwhile reported a 37% growth in net profit to $47m, boosted by contribution
from its prime residential projects Waterscape at Cavenagh and Skyline 360. We continue to
like the stock and have a $0.61 target price.