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Stamford Land
25-09-2016, 01:02 PM, (This post was last modified: 25-09-2016, 01:06 PM by Boon.)
Post: #1351
RE: Stamford Land
(23-09-2016, 02:58 PM)BlueKelah Wrote:
(22-09-2016, 12:05 PM)Boon Wrote:
(22-09-2016, 10:04 AM)cfa Wrote: HI boon ,

Can we assume that SL should be able to book the revenues of phase one of MPV in Q4 FY2017 , with the expected cash flows , SL will be in a better position to pay better dividend if they choose to do so ?

Thanks and Regards/CFA


""" Contributions from property development segment will be substantial on completion of Phase One
of Macquarie Park Village either in Q4 FY2017 or later. """

" Contributions from property development segment will be substantial on completion of Phase One

 of Macquarie Park Village either in Q4 FY2017 or later. "
 
Phase 1 Completion includes:
-      Demolition of all existing structures and improvements
-      Construction of the entire basement car park.
-      Construction of 4 buildings (H, W, C and Y)
-      Landscaping and public domain works; and
-      Internal roads and services connections.
 
If phase 1 construction could be completed + settlement of contract could be completed within Q4 FY2017 (from 01 Jan 2017 to 31 March 2017), substantial revenue would be booked for the FY ending 31 March 2017, otherwise, it would be booked later (in FY ending 31 march 2018).

My take is the completion of phase 1 is dependent on the timely completion of the entire basement car park (including that of the basement car park of the other 3 buildings in phase 2), which in turn is dependent on the timely approval (or disapproval) of the additional 60 units of apartment - as the addition of one more lift would affect the configuration or layout of the Melbourne tower - unless they could get away with the same number of lifts by beefing up the speed of the lifts. Whatever the outcome, a decision needs to be reached soon so that construction of phase 2 could proceed accordingly.  
 
If all revenue (Phase 1 and 2) were to be booked in FY ending 31 March 2018, it would be very lumpy.
________________________________________________________________________________________________________

Melbourne Tower? I thought that was the CES project??
Better to buy SL towards end of next year then or when the construction almost completed, then sell before they announce dividend Big Grin

If suddenly unit price plunge and foreign buyers cant settle then SL will be jialat loh next year.

“Melbourne Tower? I thought that was the CES project??”
 
How could one get CONfused with a project developed by SLC in Sydney with another project in a different city (Melbourne) by a different developer (CES)?
 
“Better to buy SL towards end of next year then or when the construction almost completed, then sell before they announce dividend
 
Is this based on TA or FA?
 
“Buy end of next year and sell before they announce dividend” sounds more like a short term speculation (hence TA) to me…………
 
If it is based on FA, it is meaningless without backing up with appropriate analysis and arguments.
 
If suddenly unit price plunge and foreign buyers cant settle then SL will be jialat loh next year. 
 
What is the probability of sudden unit price plunge in Macquarie Park, Sydney over next year?
 
Current market price is much higher than the off the plan contract price.
 
What is the probability of market price at settlement plunging below the contract price?
 
What is the probability of market price at settlement plunging below 90% of the contract price?
 
SLC roughly needs only 50% contract settlements to repay its entire construction loan.
 
Once the construction loan has been repaid, it has the holding power (without the burden of financing cost) to keep the remaining “unsettled units” and run them as serviced apartments for rental income.
 
Even under the worse case scenario of zero settlement rate, the 10% deposits forfeited from defaulting buyers + rental income is enough to service the unpaid construction loan for many years to come, probably until the price recovery in the next property cycle.
 
SLC has the track record (Auckland apartment project) to hold (run them as serviced apartment) and not selling into a depressed market.
 
If market price at settlement is higher than 90% of contract price, there exist opportunities for SLC to make more profits from unsettled contracts.
_________________________________________________________________________________________________________
Research, research and research - Please do your own due diligence (DYODD) before you invest - Any reliance on my analysis is SOLELY at your own risk.

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30-09-2016, 11:39 PM, (This post was last modified: 30-09-2016, 11:56 PM by postage paid. Edit Reason: Typo. )
Post: #1352
RE: Stamford Land
Chua Siew Hwi, Deputy CEO, CFO and company secretary quit on Monday 26 Sep to "pursue other interests".



Anyone have an idea of what happened?



She was appointed only last year . This is what they said when she was appointed. Her pay as per the latest annual report is in the 250 - 500k bank.



As part of succession planning, Ms Chua Siew Hwi has been appointed Deputy Chief Executive Officer ("Deputy CEO") of Stamford Land Corporation Ltd. The appointment marks the culmination of a year of intensive selection, performance evaluation and Board deliberation. Upon recommendation by the Nominating Committee, the Board reviewed and considered Ms Chua Siew Hwi's track record and contributions and concluded that she is suitable to assume the position of Deputy CEO.


The appointment is executive in nature. Ms Chua Siew Hwi will be responsible for and drive the business of Stamford Land Corporation Ltd as its Deputy CEO. She will also continue to maintain oversight in finance-related functions.

When she quit they only mentioned her role as CFO.

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30-09-2016, 11:47 PM,
Post: #1353
RE: Stamford Land
The previous CFO , Mr. Tay L W , promoted to COO , also quit after more than 10 years with SL.
“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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01-10-2016, 12:06 AM,
Post: #1354
RE: Stamford Land
(30-09-2016, 11:47 PM)cfa Wrote: The previous CFO , Mr. Tay L W ,  promoted to COO , also quit after more than 10 years with SL.

Mr Tay was 57 when he quit. 

Ms Chua is only 39 and is supposed to be part of the next generation management team which was selected after a rigorous process.

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01-10-2016, 12:15 AM,
Post: #1355
RE: Stamford Land
(01-10-2016, 12:06 AM)postage paid Wrote:
(30-09-2016, 11:47 PM)cfa Wrote: The previous CFO , Mr. Tay L W ,  promoted to COO , also quit after more than 10 years with SL.

Mr Tay was 57 when he quit. 

Ms Chua is only 39 and is supposed to be part of the next generation management team which was selected after a rigorous process.

Hot seat ?
“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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01-10-2016, 10:48 AM,
Post: #1356
RE: Stamford Land
She was first appointed as CFO in Sept 2013.
 
http://stamfordland.listedcompany.com/ne.../id/373407
 
Subsequently in May 2015, the role of Deputy CEO was “added”.
 
http://stamfordland.listedcompany.com/ne.../id/468268
 
So for whatever reasons, she “quit” after three years with the company.
 
I guess the Company would have to look for a new CFO or promote the current Group Financial Controller (Ms Lee Li Huang) to become the CFO.
 
With or without a Deputy CEO, it is not that critical anyway, IMO.
________________________________________________________________________________________________________________________________________
Research, research and research - Please do your own due diligence (DYODD) before you invest - Any reliance on my analysis is SOLELY at your own risk.

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01-10-2016, 12:11 PM,
Post: #1357
RE: Stamford Land
39 y.o liao could be last chance for her to make babies, maybe that's why she left the Co...
"I love Taiwan"

http://thebluefund.blogspot.com/
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01-10-2016, 10:28 PM,
Post: #1358
RE: Stamford Land
Even since Ow junior on board , 2 CFOs quite , one was considered an old veteran .
Sheer coincidence ?
“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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01-10-2016, 11:21 PM,
Post: #1359
RE: Stamford Land
Interesting info. Indeed life goes on as per what the person in charge wants

But it does reflect the culture of the company or the personality of the person in charge

So maybe OPMI has to choose whether this culture is acceptable or walk with those who walk the talk
Before you speak, listen. Before you write, think. Before you spend, earn. Before you invest, investigate. Before you criticize, wait. Before you pray, forgive. Before you quit, try. Before you retire, save. Before you die, give. –William A. Ward

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02-10-2016, 06:01 PM,
Post: #1360
RE: Stamford Land
aiyoh, it's a family biz, don't expect too much lah, Big Grin
1) Try NOT to LOSE money!
2) Do NOT SELL in BEAR, BUY-BUY-BUY! invest in managements/companies that does the same!
3) CASH in hand is KING in BEAR! 
4) In BULL, SELL-SELL-SELL! 

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