Thread Rating:
  • 0 Vote(s) - 0 Average
  • 1
  • 2
  • 3
  • 4
  • 5
Figtree Holdings
21-02-2014, 07:33 PM. (This post was last modified: 21-02-2014, 07:36 PM by cyclone.)
Post: #1
Figtree Holdings
Background :
The Company (together with its subsidiaries and associated company, the “Group”) specializes in the design and building of commercial and industrial facilities. As a secondary activity, the Group is also engaged in property development. The Group’s scope of services covers the full spectrum of the project development process including land search and authority liaison, feasibility studies, design and construction.

The Group typically acts as the main contractor for its projects in Singapore, covering new construction, A&A works on existing buildings as well as refurbishment and upgrading of existing buildings. In the PRC and Malaysia, the Group typically provides design and project and construction management consulting services.

As at 31/12/2013 :
Order Book => S$ 249.72 million
NAV => 8.44 cents
NPM => 8.45%

For full FY 2013 :
Revenue => S$ 101.82 million

As at today's closing price of 33 cents which translates to a P/B of 3.9, Mr Market seems to award a very lofty valuation for the company, compared with other contruction or property counters.
Specuvestor: Asset - Business - Structure.

http://www.valuebuddies.com
Website Find Reply
16-10-2014, 01:39 PM.
Post: #2
RE: Figtree Holdings
I wonder if Mr. Market is correct on this. Both Danny and Tan Chiew Joo have been increasing their stakes since March (at 26c) till now (at 17c), but the price keep going lower and lower with absence of negative news?

Danny's stake was 22.93% in March and now it was 23.5%
TCJ's stake was 13.39% in March and now it was 14.16%

Though the insiders' buying are not substantial over the period, but I don't see anything negative.

The company is now trading at 6.72 PE, 7.06% yield, no debts and with 44% market capitalisation in cash. Though, the PB is on high side for property sector at 2.01.

(p/s: data extracted from Google)

What do you guys think about this?

[ not vested ]

Find Reply
17-10-2014, 01:06 AM.
Post: #3
RE: Figtree Holdings
(16-10-2014, 01:39 PM)valuebuddies Wrote: I wonder if Mr. Market is correct on this. Both Danny and Tan Chiew Joo have been increasing their stakes since March (at 26c) till now (at 17c), but the price keep going lower and lower with absence of negative news?

Danny's stake was 22.93% in March and now it was 23.5%
TCJ's stake was 13.39% in March and now it was 14.16%

Though the insiders' buying are not substantial over the period, but I don't see anything negative.

The company is now trading at 6.72 PE, 7.06% yield, no debts and with 44% market capitalisation in cash. Though, the PB is on high side for property sector at 2.01.

(p/s: data extracted from Google)

What do you guys think about this?

[ not vested ]

The way I see PE value is "years to break even".

If figtree can make the same EPS here after, they will give you $1 for $1 you have invested after 6.72 years (paid out as dividend, or retain as asset, which will be reflected in stock price). The question is, can they consistently produce the same EPS? If they can, PE 6.72 is ca. 14.88% return. Even better if the EPS increases. This is the optimistic prediction. It's really ok to think that Figtree could maintain/increase EPS based on current increase demand in commercial/industry properties - whether they can get contract is another issue.

However, the down side, it could get ugly when EPS decreases - It's like after investing in a firm that initially promise to breakeven after 6.72 years, the management tells you now it takes 10, 20, 30... years to breakeven.

That's why sometimes PE is low for sector that's deem cyclical. PE can increase very very fast when earnings drop, which makes a stock suddenly look too expensive. PB however, can only drop to so much. Especially when it goes down to Current assest per share > Total liability per share, it's difficult to fall much lower than that. PB is probably more defensive in this situation. About how much I could lose, if I were to invest in Figtree today, I will tell myself that it could drop to 0.5 PB.

Some of my greatest losses were buying cyclicals @ low PE. Some of my friends bought Golden Agri at PE 6 Dodgy . The lowest P/E for STI blue chip stocks!! I did my job as a friend.

Find Reply
08-04-2015, 10:25 AM.
Post: #4
RE: Figtree Holdings
the ROE of this company is very high 28%, with a P/B of 1, not much capex, this is definitely a undervalued stock. and the management seem to be quite shareholder friendly, good dividend, the only problem I dont know how profitable the business is going to be going forward. But the management large shareholding and high insider stock purchase should indicate they are very confident in the business. I think as long as you are not committing alot of funds to it, buying abit should be a good bet

Find Reply
08-04-2015, 02:17 PM.
Post: #5
RE: Figtree Holdings
https://sg.finance.yahoo.com/news/figtre...00759.html

Some background to Figtree. It seem Freight Links is their major shareholder and also their major customer.
The toughest thing to do is have to wait for the opportunity patiently.

Find Reply
13-08-2015, 11:00 PM. (This post was last modified: 13-08-2015, 11:02 PM by SLC81.)
Post: #6
RE: Figtree Holdings
At 0.134 Figtree is a very good buy.
Dividend yield is around 7.5%.
One exciting prospect is they are also stepping into good property development with a plan for $120 mil residential project at prime location in Melbourne.
The had spent $18 mil so far for land and is waiting for development plan approval.

Find Reply
08-09-2015, 09:55 PM.
Post: #7
RE: Figtree Holdings
ingapore-listed Figtree to develop maiden project in Melbourne, eyes China
Danny Siaw, executive chairman and managing director of design-and-build company Figtree, is looking forward to the launch of its first property development project in Melbourne. Last year, the company established wholly-owned subsidiary Figtree Real Estate in Australia to explore property development opportunities in the nation’s major cities. Figtree boosted this business with two site purchases in Melbourne in August and November 2014.
[Image: C%26C_681_Figtree_p1.jpg]
Siaw: Many high-rise apartments in Melbourne are targeted as Asian investors, and not locals
 
Occupying the prime address of 293 to 303 La Trobe Street, the adjoining plots have a combined land area of 7,211 sq ft and builtup area of 350,000 sq ft. The aggregate purchase price for both sites therefore amounts to A$17.43 million ($23.4 million). The acquisitions were funded by internal resources and completed on Feb 16.
The plots are located in “Capital City Zone 1”, in close proximity to the Melbourne Central Railway Station, Melbourne Central Mall, as well as universities such as the Royal Melbourne Institute of Technology and University of Melbourne. Other landmarks nearby include Queen Victoria Market, Chinatown and Flagstaff Gardens.
Now, Siaw wants to develop a 67-storey, freehold mixed-use development on the site. According to him, the first two storeys of the project will be reserved for retail and F&B outlets, while the remaining floors will be reserved for 370 to 440 residential units, ranging from one- to three-bedroom apartments, and penthouses. Unit sizes will start at approximately 484 sq ft for a one-bedroom apartment. The total development cost for the project is A$120 million.
Figtree has submitted its planning application to the Victoria Department of Land Water and Planning and hopes to obtain approval by 4Q2015. “We are most likely to get the planning permit by October and will launch the project off the plan,” he says.
 
Appealing to Asian investors
Siaw declines to reveal the indicative pricing for the project, but says he is targeting foreign investors. “Many high-rise apartments in Melbourne are targeted at Asian investors, and not locals. Buyers from China, Hong Kong and Singapore are the most active investors there.”
He cites the example of UEM Sunrise’s 92-storey Aurora Melbourne Central, located just a few metres from Figtree’s upcoming development. The integrated project offers 941 residential apartments, a potential hotel or serviced apartment, retail units and strata offices. “They sold out their residential units within a month, [mostly] to Asian investors,” he says.
Despite concerns about a property bubble in Australia, Siaw believes the situation varies from city to city. He notes that Melbourne is vibrant and conducive for residential developments. The decision to develop property in the city was also partially informed by his experience studying and working there.
Siaw graduated from the University of Melbourne in 1990 with a bachelor of planning and design, as well as a bachelor of building. While much of Melbourne has changed since his student days, he points out that its large student population remains and this will drive demand for apartments in the city. He cannot wait for his project to be launched for sale so he can purchase a three-bedroom apartment there.
In January this year, Yarra Trams, which operates Melbourne’s tram network, announced that travel on trams within the CBD and Docklands would be free. “This is ideal for residents in our project because they won’t have to pay for transport to get to work or the university,” Siaw says. “Location is everything when it comes to property development. Now that we have secured the La Trobe Street site, we are taking our time to look around for another right site.”
Generating recurring income
Besides Australia, Figtree is also involved in two property development projects in China through its 40%-owned associate company, Vibrant Properties. The first project, which started in March, involves a 957,103 sq ft, prime high-tech industrial park development site in Changshu High Tech Industrial Park in Jiangsu.
To be named Changshu Fervent Industrial Park, it will have a gross floor area of about 725,500 sq ft, consisting of six blocks of standard light industrial factory and a five-storey multi-purpose facility. Construction of this project is on schedule and it will be completed by end-June, to the tune of RMB150 million ($32.47 million).
Figtree will then lease out the industrial space for recurring income. “Last year, we did road shows for this project in Stuttgart, Frankfurt and Hamburg in Germany and the response was pretty good. We have a list of potential tenants interested in leasing the space. We hope to get more than 60% of the project leased out within six months of completion,” says Siaw. The rental rate for the project will be RMB2.04 per sq ft per day, he adds.
Chery Jaguar Land Rover — a 50:50 joint venture (JV) between Chinese auto manufacturer Chery Automotive and UK auto manufacturer Jaguar Land Rover — has set up an assembly plant in Changshu. Siaw believes Chery Jaguar Land Rover’s presence will encourage more downstream suppliers to set up shop there and lease the space at Changshu Fervent Industrial Park.
 
Bidding for government projects in China
Meanwhile, Figtree announced last month that it has been awarded a second governmentapproved settlement housing development project in China through its JV company, Master Real Estate, which is 60%- owned by Vibrant Properties. Located in Jiangyin province, the build-and-transfer project will comprise five blocks each of 11- and 18-storey residential flats, with a total of 928 units and an estimated built-up area of 1.34 million sq ft. Under the build-and-transfer model, the project has a government- guaranteed buy-back upon its completion, by end-2016.
In May 2014, Figtree was awarded its first Jiangyin project for a 384,296 sq ft government- approved resettlement housing development site by way of public auction. The project consists of two residential blocks, of 14 and 33 storeys. Construction commenced last June and the buildings were completed ahead of schedule, in November 2014, and February this year.
Siaw is looking to clinch more of such projects to boost Figtree’s property development business in China. While it has to bid for them, he believes the company’s efficiency in completing the first project stands it in good stead to win more projects.
 
“The good thing about such projects is that the government will buy them back in the end. We don’t need to sell them in the market and worry about unsold units. We’re looking for at least a 10% return for such projects,” he says.
 
Boosting design-and-build pipeline
While Figtree has been expanding into property development, Siaw highlights that the company’s core business is still design-and-build. In 2014, it commenced work on two new major projects in Singapore — LF Logistics Distribution Centre for Development 8, in April and the Chemical Warehouse at Gul Circle for Crystal Freight Services Distripark, in Septem ber. The former has a contract value of $178 million and is expected to be completed in 4Q2015. The latter is valued at $63 million and will be completed in 1Q2016.
As at end-March, Figtree’s order book for design-and-build projects stands at $76.9 million. As part of its growth plans, Siaw says the company will continue to explore and negotiate new, potential industrial design-and-build projects in Singapore, China and the surrounding region.
This segment of the business is also driven by repeat clients who approach Figtree whenever they have a new project. “They want to use us because they know how we operate and they can rest assured that we can deliver,” says Siaw.
He observes that there is still plenty of opportunity for Figtree in the industrial space here. “A lot of JTC factories are approaching the end of their 30-year lease. Companies can either renew the lease and redevelop the existing property to a new one with a maximum plot ratio of 2.5, or they can request for a lease extension from JTC and upgrade the existing premises,” he says. “And that’s where we come in.”
 
This article appeared in the City & Country of Issue 681 (June 15) of The Edge Singapore.

Find Reply
09-11-2015, 11:26 PM.
Post: #8
RE: Figtree Holdings
Plan for tower on tiny Duke of Kent Hotel site in CBD condemned by council report as too big
DateNovember 9, 2015 - 6:47PM
  • 16 reading now

  • Read later

Aisha Dow
City Reporter for The Age

[Image: 1447055260658.jpg]
The Duke of Kent Hotel site, which developers want to turn into a 228-metre skyscraper. Photo: Pat Scala

A plan to squeeze a 228-metre skyscraper onto a city block the size of a large tennis court has been condemned by a Melbourne City Council report, which labelled the high-rise an "overdevelopment".
The Duke of Kent Hotel, one of Melbourne's oldest continuously licensed city hotels, would be demolished to make way for the 353-apartment tower.
The 66-storey building at 293-303 La Trobe Street would also violate new Victorian laws restricting tower density, but the rules will not apply because they were introduced after the apartment proposal was submitted.

[Image: 1447055260658.jpg]
An artist's impression of the proposed tower. Photo: katsul

Under the recently-introduced laws, the high-rise by Singaporean developer Figtree Holdings, could only reach about 33-levels, or half of its proposed size.
But the council report argues that any significant tower would be inappropriate, because the 670-square-metre block is too small.
"To achieve reasonable street interfaces and tower separation, the tower needs to be set back an average of at least 10 metres from all boundaries," it said.
"Given that the site's depth is only 21.5 metres, this site is therefore not able to accommodate a significant tower without unduly compromising the surrounding streetscapes and the low-rise Guildford Lane precinct."'
The $116-million skyscraper would contribute to "a wall of towers" along La Trobe Street and create a 228-metre wall where it backs onto narrow Flanigan Lane, according council's report.
It also criticised the design of some apartments where the bedrooms only had access to natural light via a window positioned at the end of a corridor in the room, in a "saddle bag" design.
The Duke of Kent Hotel, built in 1929, is "C graded", but is not protected within a heritage overlay and council officers made no objections to the development on heritage grounds.
However Melbourne Heritage Action president Tristan Davies said the absence of enforceable heritage status was a result of a rating system for the Hoddle Grid, which is now more than 30 years out of date.
He said that, at the very least, the front eight metres of the hotel should be retained to preserve the traditional character of the Guildford Lane precinct.
Mr Davies said the hotel boasted an important social history. Its beer garden was, in the 1930s, home to an avant-garde theatre group New Theatre, which espoused communist ideas and was noted for its early public opposition of fascism in the lead up to World War II.
The hotel was bought for about $14 million last year after being owned by Yankos family members since 1965.
Councillors will vote on whether to support the skyscraper plan on Tuesday night, but Planning Minister Richard Wynne has the final say on whether it will be approved.
The council will also discuss a motion by Greens councillor Rohan Leppert for a review of graded buildings in the Hoddle Grid for possible inclusion in a heritage overlay.

Find Reply
14-11-2015, 02:10 PM.
Post: #9
RE: Figtree Holdings
Figtree holding has delivered a strong Q3.   EPS for 9m already 3.44 cents with strong cash inflow generated from operations.

The company has 17.5 mil in cash, NO debt, another 15 mils loan to subsidiaries + 18 mils investment property in prime MelbourneCBD location.
If the plan for the tower at Latrobe approved, this will bring in 20 mils net profit in Q4 2018.


http://infopub.sgx.com/FileOpen/Figtree_...eID=378175

Find Reply
28-02-2016, 12:30 PM.
Post: #10
RE: Figtree Holdings
(14-11-2015, 02:10 PM)SLC81 Wrote: Figtree holding has delivered a strong Q3.   EPS for 9m already 3.44 cents with strong cash inflow generated from operations.

The company has 17.5 mil in cash, NO debt, another 15 mils loan to subsidiaries + 18 mils investment property in prime MelbourneCBD location.
If the plan for the tower at Latrobe approved, this will bring in 20 mils net profit in Q4 2018.


http://infopub.sgx.com/FileOpen/Figtree_...eID=378175

Find Reply


Forum Jump:


Users browsing this thread: 1 Guest(s)
Valuebuddies.com | Return to Top | Lite (Archive) Mode | RSS Syndication | CONTACT US: nas......@valuebuddies.com | | Share Buy-Back | Disclosure of Interest