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(07-12-2014, 03:57 PM)wahkao Wrote: (06-12-2014, 09:52 PM)Curiousparty Wrote: Tuan Sing has fallen back to where it came from...Any reasons?
Its due to selling pressure from makret
They are redeveloping TuanSing Tower and the TOP should be around 2017/18 , this is the time that many huge supply of office space that will hit the market.
“risk comes from not knowing what you’re doing.”
I don’t look to jump over 7-foot bars: I look around for 1-foot bars that I can step over.
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But how can the Geylang towkay with 5% stake control the Indonesian towkay a?
(11-12-2014, 05:26 PM)kikababoo Wrote: and towkay koh picked up some more...
http://infopub.sgx.com/FileOpen/_eFORM3V...eID=327801
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You can look at Tuan Sing shareholders list. The major shareholder owns only 54% of the shares. So many of the shares is in retail players. But now its good that Mr & Mrs. Koh are mopping up the cheap share. Should make Tuan Sing shareholder nervous what The Koh intentions is.
Property companies that have high asset value or profits coming in - the major shareholder need to defend their stake if they don't own a high majority of the share. Those who already own a high majority like Hiap Hoe, LKH, Heeton don't have to worry.
Those who don't own have to worry.. like Tuan Sing, Chip Eng Seng.
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He might end up in the same situation as his cousin if he's deem "hostile" by the Indon owners.
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profitability alone is not sufficient.
EPS > 0 means profitable?
When its Robinson Pt TOPs, there might already be oversupply of office space. This is the big overhanging risk..
(23-08-2014, 11:21 PM)propertyinvestor Wrote: (23-08-2014, 10:49 PM)Curiousparty Wrote: Tks.
Is there any near term catalyst that will prop up the interest?
(23-08-2014, 09:49 PM)propertyinvestor Wrote: (23-08-2014, 03:57 PM)Curiousparty Wrote: Hi Muser
Could u kindly share the RNAV of Tuan Sing (if u have worked out)?
many tks.
(06-05-2014, 09:28 AM)Muser Wrote: why buy
- selling close to cash. 23cents of cash in balance sheet & stock quoting at 32cents
- stock quoting at 50% of book value
- diversified income from rental property, hotels, and few other biz
- net gearing below 1 (conservative for a property developer??)
- yet to be recognized revenue & profit pipeline from development properties (robinson tower, cluny, sennet etc.)
what can go wrong
- gearing goes up
- asset purchase spree at high prices
- property market slumps. NAV goes down
Catalyst to sell
- rev recognition from development projects in pipeline as they get completed in FY 14 & FY15
- sale of non-core assets (not related to core property biz)
- P/B goes closer to 1
- net gearing goes beyond 1 (now 0.8)
- price goes up 20%
RNAV is close to 80cents according to NRA Research. But its likely to be much higher than that going forward due to increasing commercial property prices in CBD area.
Tuan Sing is guaranteed to be profitable till 2016 Q1 thanks to profit recognition. Robinson Point can also now be sold at a profit if TS chooses to flip it.
Watch out for Prudential Tower resale prices when it hits the market next quarter.
[I am not here to promote any stocks. Please always do your own research before embarking on any investment decision. I will not be liable for any of your own decisions. Your use of any information or materials is entirely at your own risk. It is your responsibility to ensure that any products, services or information meet your specific requirements. I do not produce material which meets the objectives of any specific financial and risk profile of investors.]
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13-12-2014, 09:11 AM
(This post was last modified: 13-12-2014, 09:34 AM by opmi.)
(12-12-2014, 12:46 PM)revelationofpyramids Wrote: You can look at Tuan Sing shareholders list. The major shareholder owns only 54% of the shares. So many of the shares is in retail players. But now its good that Mr & Mrs. Koh are mopping up the cheap share. Should make Tuan Sing shareholder nervous what The Koh intentions is.
Property companies that have high asset value or profits coming in - the major shareholder need to defend their stake if they don't own a high majority of the share. Those who already own a high majority like Hiap Hoe, LKH, Heeton don't have to worry.
Those who don't own have to worry.. like Tuan Sing, Chip Eng Seng.
>50% shareholders cannot be kicked out. dont really need to worry.
>10% minority can do requisition, no CA (ie lower chance of successful privatisation), block IPTs, lead minority to KPKB activism etc. BUT CANNOT kick out
majority:
failed KPKB activism - Laxey-UOL saga.
successful KPKB activism. http://www.gurufocus.com/news/290148/pau...nder-offer-
"... but quitting while you're ahead is not the same as quitting." - Quote from the movie American Gangster
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03-03-2015, 10:52 PM
(This post was last modified: 03-03-2015, 10:54 PM by vesfreq.)
(13-12-2014, 09:03 AM)Curiousparty Wrote: profitability alone is not sufficient.
EPS > 0 means profitable?
When its Robinson Pt TOPs, there might already be oversupply of office space. This is the big overhanging risk..
(23-08-2014, 11:21 PM)propertyinvestor Wrote: (23-08-2014, 10:49 PM)Curiousparty Wrote: Tks.
Is there any near term catalyst that will prop up the interest?
(23-08-2014, 09:49 PM)propertyinvestor Wrote: (23-08-2014, 03:57 PM)Curiousparty Wrote: Hi Muser
Could u kindly share the RNAV of Tuan Sing (if u have worked out)?
many tks.
RNAV is close to 80cents according to NRA Research. But its likely to be much higher than that going forward due to increasing commercial property prices in CBD area.
Tuan Sing is guaranteed to be profitable till 2016 Q1 thanks to profit recognition. Robinson Point can also now be sold at a profit if TS chooses to flip it.
Watch out for Prudential Tower resale prices when it hits the market next quarter. Let me try to add this other consideration. That part of singapore is next to the redevelopment of the location of city terminal and pasir panjang terminal to tuas. This place will experienced more vibrancy especially when this happens. Its on ura http://www.ura.gov.sg/uol/master-plan/Vi...ntral-area
Aside from the vibrancy, value of the nearby property should enjoy a boost too. But that wont happen in this few mths time.
2017 is still sometime away. Its still sufficient time for tuan sing to start looking for lessees. Once its up, it seems more attractive for offices to be located there, compared to nearby hong leong building (for eg) n assuming rentals r interesting enough to.draw crowd. Apparently, with the carpark build in, it is a bargaining chip to ask for higher rents.
And the retail units should have very good demand. Hearsay from agents, high demand from f&b operators n psf is like 40 at least. Correct me if i m wrong.
I am not an expert in commercial property. But the agents i talked to led me to the conclusion. Still uncertain at this moment. Just my view. Tuan sing should be a waiting game, not so "thrilling" like ces.
Vested.
The thing I am scared most is not nightmares or market crashes..... Its my greed that I fear the most.
When people ask what is my target price, I never have any good answer for it because Philip Fisher said before (in Common Stock Uncommon Profit) that the best time to sell is never. Equity investment is buying into ownership, not betting slips.
The path to greatness and wealth is necessarily dangerous.... because greed is a fearsome fore that threatens your success at every step.
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As long as dividend yield is so low, share price will continue to languish, despite the huge disparity between share price and NAV or RNAV..
[I am not here to promote any stocks. Please always do your own research before embarking on any investment decision. I will not be liable for any of your own decisions. Your use of any information or materials is entirely at your own risk. It is your responsibility to ensure that any products, services or information meet your specific requirements. I do not produce material which meets the objectives of any specific financial and risk profile of investors.]
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Tuan Sing said yesterday the court appeal of CKR Contract Services Pte Ltd to bring an injunction against Tuan Sing's call on its performance bond was dismissed.
The result is TS received nearly $7.7m cash and this could be booked in the Q1 2015 result.
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