Sing Holdings

[kbl]

Good evening Ngcheeki san and everyone.

Sorry, I don't trust the Sing Holdings Management anymore. The Laurels is a very good example.

<not a call to buy or sell>

[ValueMushroom]

Hi Good Evening

Hope fellow buddies here can enlighten me on some accounting
rules.

I was reading the Sing Holdings 2014 Annual Report and
under the Balance Sheet, there is this item `Deferred Revenue' of $86mil as Current Liabilities.
I understand that was for the Waterwoods EC.

Q1. SingHoldigs has a 70% interest in Waterwoods EC. The $86mil amount is SingHoldigs 70% stake or 100% of what Waterwoods has collected so far?

Q2. What is the corresponding item on the Current Assets to balance this $86mil? Is it park under cash?

[Behappyalways]

Q1. 100% stake
Q2. Part of the cash collected were used to reduce waterwoods's bank loans, contractors and etc.

[ValueMushroom]

Q1. 100% stake
Q2. Part of the cash collected were used to reduce waterwoods's bank loans, contractors and etc.

Hi thanks for the reply.

Based on Q1 answer, can I then say that the Cash amount indicated in the balance sheet does not completely belong to Sing Holdings? Part of the amount belongs to its joint partner of Waterwoods EC? Similarly the current asset item Development Properties, part of it belongs to its joint partner too?

Is there a way to tell how much of the assets/liabilities belong to Sing Holdings?

: )

[Behappyalways]

If you read the end of the financial statement, it would state the debt to equity ratio. It would also state the cash that belongs to Sing Holdings.

[money]

Good evening Ngcheeki san and everyone.

Sorry, I don't trust the Sing Holdings Management anymore. The Laurels is a very good example.

<not a call to buy or sell>

Yes, agree with you. Despite attending the AGM last year and having spoken to the management, i think their words and actions do not tally, i feel that they pay lip service to shareholders only

Used to be vested

[Behappyalways]

( I knew Sing Holdings will bid for the site because Sing Inv used to have a branch nearby. So they know the place well)


Provisional Tender Results for Residential Site at Lorong 6 Toa Payoh / Lorong 4 Toa Payoh
http://www.hdb.gov.sg/fi10/fi10296p.nsf/...enDocument

[dydx]

Frankly, I am a little surprised Sing Holdings is prepared to go solo on a land tender and purchase costing $342.1m, and the top 9 bids were all above $300.0m.

With the highest bid at $345.86m giving a land cost of $755 psf ppr, the average selling price for the condo units will likely exceed $1200 psf.

[Behappyalways]

yes me too. A big bite. Market cap is around $120m and it is bidding a plot of land costing $342.1m. I think the reasons are it is cash rich, no land site after robin and waterwoods and they know the place well

[ngcheeki]

Q2 Result is out. The following are some of the highlight extracted from the result.

2Q2015
PATMI s$'000: $1,295.00
EPS: $0.0032
NAV: $0.5408
Net Gearing; 50%
Market Price per share (cents) $0.3100
Price to Book Value 0.5733


- EC waterwood is 94% sold with sales value of about S$349.5 million. Expected TOP is on Nov 2015 based on AGM info
- Robin Residence is about 37% sold with contracted sales value of about S$105.7 million. Construction is about 58% completed
- 48 owned BizTech Centre is 90% leased.

http://infopub.sgx.com/Apps?A=COW_CorpAn...2Q2015.pdf
Still vested