BBR Holdings

Some interesting movements in BBR's share price in the first couple of hours of trading this morning .........in quite some volume ..............

BBR's share price is up ~ 7% to S$ 0.23, volume 162,000 shares (very high by BBR standards). I haven't seen any announcements or broker calls in the last day or so. Am I missing something?

Vested

.................... "and the old man touched upon the flower and made the petals fray"..............

Sorry if my posting on this VB thread late this morning raised expectations for existing BBR shareholders. Only a further 19,000 BBR shares were traded in the remainder of the session, after my posting. At least BBR's share price showed a respectable ~ 4.6% gain over Thursday's close, up one cent.

Vested

(24-08-2012, 11:17 AM)RBM Wrote: Some interesting movements in BBR's share price in the first couple of hours of trading this morning .........in quite some volume ..............

BBR's share price is up ~ 7% to S$ 0.23, volume 162,000 shares (very high by BBR standards). I haven't seen any announcements or broker calls in the last day or so. Am I missing something?

Vested

Based on the analyst report from DMG on today, BBR will be recognizing 25% of sale revenue of "Lush on Holland Hill," in Q3 2012. See the following for more information.

Scoop of the Day: We met up with BBR’s management recently with the
following key takeaways: 1) Management is optimistic on its general
construction and specialized engineering businesses, given the positive
construction demand, especially from the public sector segment as the
government ramps up educational facilities, rail infrastructure and public
housing projects. The group is currently sitting on a healthy orderbook of
$773m for delivery through 2015. More recently, the group clinched a
$153m contract from Ascendas Land for the construction of a mixed use
development at Fusionoplis Place in Buona Vista, 2) On the property front,
the group has completed Lush on Holland Hill, with T.O.P. obtained in 3Q12
while its other development project, Bliss@Kovan, is 85% sold. Revenue
recognition, however, will only commence when construction gets
underway, 3) BBR is gunning for a share of the contract pie in the upcoming
tender award for the Thomson Line. Given its track record in the civil
engineering field, we are optimistic that it could add to its orderbook from
potential contract wins. We see a stronger year ahead for the group in FY13
(net profit + 75% y/y) on the back on higher contributions from construction
and property. The stock is trading at attractive valuation of 3.1x FY13 P/E.
We maintain BUY with a TP of $0.35, based on 5x FY13 P/E. (Lynette Tan)

http://www.remisiers.org/cms_images/rese...atters.pdf

Vested

Thank you for this ngcheeki - maybe this broker analyst report explains why today's traded volumes of BBR's shares was the highest in over 13 months, i.e. since the dark days of August 2011. Can't see another driver for such volumes.

Vested

(03-10-2012, 08:45 PM)ngcheeki Wrote: Based on the analyst report from DMG on today, BBR will be recognizing 25% of sale revenue of "Lush on Holland Hill," in Q3 2012. See the following for more information.

Scoop of the Day: We met up with BBR’s management recently with the following key takeaways: 1) Management is optimistic on its general construction and specialized engineering businesses, given the positive construction demand, especially from the public sector segment as the government ramps up educational facilities, rail infrastructure and public housing projects. The group is currently sitting on a healthy orderbook of $773m for delivery through 2015. More recently, the group clinched a $153m contract from Ascendas Land for the construction of a mixed use development at Fusionoplis Place in Buona Vista, 2) On the property front, the group has completed Lush on Holland Hill, with T.O.P. obtained in 3Q12 while its other development project, Bliss@Kovan, is 85% sold. Revenue recognition, however, will only commence when construction gets underway, 3) BBR is gunning for a share of the contract pie in the upcoming tender award for the Thomson Line. Given its track record in the civil engineering field, we are optimistic that it could add to its orderbook from potential contract wins. We see a stronger year ahead for the group in FY13 (net profit + 75% y/y) on the back on higher contributions from construction and property. The stock is trading at attractive valuation of 3.1x FY13 P/E. We maintain BUY with a TP of $0.35, based on 5x FY13 P/E. (Lynette Tan)

http://www.remisiers.org/cms_images/rese...atters.pdf

Vested

Having taken a good look into DMG's latest report dated 2Oct12.....
http://www.remisiers.org/cms_images/rese...12-BBR.pdf
I actually find the writer Lynette Tan's target price pegged at $0.35 on the low side, as BBR as a well-established and reputable construction company with specialised engineering expertise and a large backlog of contracts, and quite a lot of assured and yet-to-be-booked profits from its 3 residential property projects - the remaining unsold units in the completed Nassim Hill, the fully-sold Lush on Holland Hill, and the substantially sold Bliss @ Kovan - should have a fair value of at least at a reasonable premium above its latest (30Jun12) NAV at $0.33/share.

While I very much agree with dydx's views on Lynette Tan's understated BBR target price (and I don't understand why OSK-DMG have reduced the TP from their previous review and I note they don't give a reason either), I also feel compelled to acknowledge the profound and positive impact her OSK-DMG Analyst report appears to have had on the liquidity of BBR's shares. During today's SGX trading session, for example, some 937,000 BBR shares changed hands - easily the highest in almost fourteen months. Until this week, recent daily volumes averaged in the 50,000 - 60,000 shares range - so this week's liquidity is a marked improvement.

I found it interesting that Lynette is positive regarding dividend prospects and for further order-book building.

Vested, forgive my bias please.

September 2012 Bliss@Kovan

Cumulative Units Launched to-date: 140
Cumulative Units Sold to-date: 123
Median Price ($psf): S$1,259
Units sold in the month: 6
Percentage sold to date: 87.8%

Order book increased by another S$50 million from 40 projects secured over at both Singapore and Malaysia over the last 6 months.

http://info.sgx.com/webcoranncatth.nsf/V...900337924/$file/BBR_MiscellaneousProjectsAwarded.pdf?openelement

October 2012 Bliss@Kovan

Cumulative Units Launched to-date: 140
Cumulative Units Sold to-date: 126
Median Price ($psf): S$971
Units sold in the month: 3
Percentage sold to date: 90.0%

Q3 FY2012 result was out on 5th Nov 2012. The following is a short summary:

Q3FY2012
Revenue (S$'000) $199,454.00
Net Profit (S$'000) $8,797.00
EPS: $0.0288
Equity attr to shareholder: $103,381.00
NAV: $0.3381
Gearing: 0.124X
Price to Book Value= 0.680X

Prospect Q3 FY2012:
The Group will continue to focus on its core business by leveraging its strong track record and competency in building
construction and civil engineering to secure more public sector projects as well as to explore ways of enhancing cost
effectiveness and optimise its efficiency in the management of potential and on-going projects. The Group continues to
conduct feasibility studies to undertake new property development projects.
As at the date of this announcement, the Group has an order book of approximately $770 million, predominantly in Singapore and Malaysia. The Group expects to remain profitable for FY 2012.

http://info.sgx.com/webcoranncatth.nsf/V...D0036A520/$file/BBR_3Q12ProfitAnnouncement.pdf?openelement

Order book increased by another S$182.9m for building 1,282 units of HDB flats. Current order book increased to S$953 millions.

http://info.sgx.com/webcoranncatth.nsf/V...90038763C/$file/BBR_KallangWhampoa_and_Sengkang.pdf?openelement

Update on property development project Bliss@Kovan on October.

November 2012

BLISS@KOVAN
Total Number of Units 140
Number of units sold 127
Percentage of sale 90.71%

1 Unit sold this month with median price of $971