Singapore Land

[cyborg]

Browsing this counter last 3 months announcement, most of them are "NOTICE OF A DIRECTOR'S (INCLUDING A DIRECTOR WHO IS A SUBSTANTIAL SHAREHOLDER) INTEREST AND CHANGE IN INTEREST."

NAV as at 30 June 2010 is 8.66. Last done price today (1 November 2010) is 7.13, about 18% discount to book value.

Dividend yield about 2.8% based on current price.

Largest shareholder is UIC Enterprise Pte Ltd ( holding 55.42 % as at 30 Sept 2010). Second largest shareholder is UIC DEVELOPMENT PTE LTD, about 21%.

[pianist]

uic is it linked to mr wee family?

[Nick]

Prospective investors seeking to capitalize on rising office rental rates may seek to keep this company in their investment watch-list. Singapore Land owns local office properties while having exposure to the hospitality segment through its stake in Pan Pacific Singapore hotel. It also deals with residential property development. The bulk of its shares are held by UIC.

Singapore Land owns 8 local properties valued at $3.815 billion. The latest valuation summary is available here: http://info.sgx.com/webcoranncatth.nsf/V...5002C7DA4/$file/sllpropertiesvaln30Jun10L.pdf?openelement These assets generated a total rental revenue of $185 million for 9M 10.

The company has paid out $0.20 dividend annually over the past few years. It trades at $7.46 which is at a discount to its NAV of $8.78. Surprisingly, the company has very small debt levels with a net debt to equity ratio of merely 6.6%. Its strong cash-flow should be sufficient to cover the remaining net debt.

However, I don't think it is cheap at current prices unless one is extremely bullish on the recovery of the office property market. A potential take-over is always possible.

(Not Vested)

[freedom]

still not privatized yet?

[Nick]

still not privatized yet?

Maybe our children will be asking the same question !

[Zip113]

any words for the recent surge in stock price?

[Louhan]

The public float of Singapore Land is currently 12%, which makes it a likely candidate for privatization. Its net asset value per share is more than $11. Price shot up on Friday, 21 Dec 2012.

Browsing this counter last 3 months announcement, most of them are "NOTICE OF A DIRECTOR'S (INCLUDING A DIRECTOR WHO IS A SUBSTANTIAL SHAREHOLDER) INTEREST AND CHANGE IN INTEREST."

NAV as at 30 June 2010 is 8.66. Last done price today (1 November 2010) is 7.13, about 18% discount to book value.

Dividend yield about 2.8% based on current price.

Largest shareholder is UIC Enterprise Pte Ltd ( holding 55.42 % as at 30 Sept 2010). Second largest shareholder is UIC DEVELOPMENT PTE LTD, about 21%.

[a74henry]

John Gokongwei, Jr deemed interest is 79.95%. 37,000 Singapore Land Limited ('Singland') shares purchased by UIC Enterprise Pte Ltd at $8.27 per share.

Slow and steady accumulation since year 2010.

[a74henry]

Significant shares traded today. Price is higher with higher volume.

I wonder if John Gokongwei, Jr bought again.

[mosi]

To buy into Singapore Land without checking her history is a big mistake.

The fate of UIC, Singapore Land and UOL are intertwined. UOL owns 43.2% of UIC. UIC holds close to 80% of SingLand.

UIC itself is "controlled" by Mr Wee (through various vehicle including UOL and Haw Par) and Mr John Gokongwei's Telegraph Developments.

To say that Mr John Gokongwei is buying is misleading, and outright wrong. Part III (5) of the series of disclosures clearly state that the shares are purchased by UIC Enterprise Pte Ltd.

And UIC Enterprise Pte Ltd is a wholly-owned subsidiary of UIC.

So it is actually UIC that is buying up the share of SingLand.

And because Gokongwei has interest of not less than 20% of the voting shares in JGSH, which is the ultimate holding company for him, the changes in Singland shares under UIC flow through all the way to him.

And probably due to the complex shareholding structure in the UOB group, no single entity controls more than 20% and hence changes in UIC's ownership of Singland do not affect the directors on Wee's side.

So let me put it absolutely clear here: Mr John Gokongwei, Jr has NOT been buying Singland shares.


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My Margin Of Safety Investing thoughts http://www.mosi.sg