Wheelock Properties

Wow up so much now 1.645 1.65. No news released yet. Maybe have to wait till SGX query...

The company had $399 Mil is cash at end of Sept 2016 ( from the 3rd quarter accounts ) :

http://www.wheelockproperties.com.sg/inv...tions.html

I cannot see how the cash holdings can rise to SGD $1 Bil at end of 2017 ?

(20-01-2017, 11:13 PM)soros Wrote: The company had $399 Mil is cash at end of Sept 2016 (  from the 3rd quarter accounts ) :

http://www.wheelockproperties.com.sg/inv...tions.html

I cannot see how the cash holdings can  rise to SGD $1 Bil at end of 2017 ?

A glimpse at their balance sheet will give you the answer to that(cash + development properties). Cash mainly coming in from panaroma TOP and ardmore three progress billing.

http://sbr.com.sg/commercial-property/ne...op-1b-1h17

(21-01-2017, 06:01 AM)Scg8866t Wrote:

(20-01-2017, 11:13 PM)soros Wrote: The company had $399 Mil is cash at end of Sept 2016 (  from the 3rd quarter accounts ) :

http://www.wheelockproperties.com.sg/inv...tions.html

I cannot see how the cash holdings can  rise to SGD $1 Bil at end of 2017 ?

A glimpse at their balance sheet will give you the answer to that(cash + development properties). Cash mainly coming in from panaroma TOP and ardmore three progress billing.

http://sbr.com.sg/commercial-property/ne...op-1b-1h17

I have my doubts too.

Anyway, Panaroma is under progress billing and projected TOP is 2017. Ardmore 3 already TOPed. So basically there will no huge surge(cashflow and recognition of revenues)  when Panaroma TOP because of progress billing and Ardmore 3 is recognize as and when a unit sold. And Fuyang project is like almost SGD355M(dated 31 Dec 15, so will be more in 30 Sep 16) and included in the development properties.

At this point, the recognition of revenues and cashflow of Panaroma, Ardmore 3 and Fuyang is a text book example of despite all being development properties, there are 3 recognition methods.

Even if the company finances is flush with cash , the company is not known to be generous with its public investors.

Just look at the dvd track records , paid 3 cents despite having so much cash balance !

http://infopub.sgx.com/FileOpen/WPSL_ANN...eID=436527

(21-01-2017, 03:41 PM)tonylim Wrote: Just look at the dvd track records , paid 3 cents despite having so much cash balance !

Erm, they pay 6cts every year very consistent. Cash per share wise they only have 31cts per share.

Fuyang Project (Phase 1) Revenue estimate :
 
For the Fuyang project (雍景山) in the People’s Republic of China (“PRC”), revenue from sale of the development property will be recognised upon the transfer of significant risks and rewards of ownership of the property to the purchasers. 

http://www.wtoutiao.com/p/5098uYH.html
 
http://chuansong.me/n/380601251480
 
According to the above links:
 
Phase 1 of Fuyang project is about 100,000 sqm - it had been completed and handed over to buyers in 4Q2016.
 
Estimated revenue to be recognized in 4Q2016:

= (Average sales price =  RMB 9,546 per sqm) x 100,000 sqm / (Exchange rate of 4.8) = about SGD 200 million
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Overall, would revenue to be recognised from Panorama (~ 335 m) + Fuyang project phase 1(~ 200m ) + Ardmore Three (???) +  Scotts Square (???) exceed 600 m by end of FY2017 ?

I would say close !

Question remains: If cash level reaches a billion, so what? Would DPS be increased? 
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(22-01-2017, 11:58 AM)Boon Wrote: Question remains: If cash level reaches a billion, so what? Would DPS be increased? 

Precisely. If this amount is going to be distributed then we are on to something. Next question is when

If this amount is not going to be distributed then what next? Looking at Wheelock as a property company and start valuing it as such. Never forget the management in the process.

So far OMPIs share the same fate as the Hongkie shareholder. Getting pretty good deal from dividends from trading stocks(cash -> property -> cash).