Sing Holdings

[bargainhunter]

Yes bargainhunter,

You are correct. Thanks for pointing out my mistakes.

It should look like this

The balance sheet is pretty so there are many ways the company can play around.
Trade Receivables after deduction minority interest($92.558m) + Cash($41.877m) = $134m ('cash')

Current Liabilities and Non-Current Liabilities = $36.734m + $11.706m = $48m

'cash' minus Total liabilities = $134m - $48m = $86m or 21 cents per share (401m shares)

then again, u need not deduct the 7.1m deferred revenue because that is also for the EC and we have accounted for it when we deducted the minority interest.  so the company now has 93.4m in net cash $0.233.  the net cash number will increase as the 5% of waterwoods which was sold but not collected keys will do so this quarter.  Presumably, this IS the $7.1m!  In addition, 3 units of waterwoods (including a returned unit) and 5 units of robin residences (including 2 returned units) were sold in april.  so net cash could go up by at least 3.7c to a conservative 27c by june?     through this discussion u actually helped me to refine my calculations for the net cash figure.

[bargainhunter]

Based on caveats lodged.  In April, only #03-24 and #01-14 were sold for Robin Residences.  Total Sales Value $3.495m.  The other units we resold units which were already previously listed as sold.

For Waterwoods, only #02-14 and #13-08 were sold.  Their 70% share of Total Sales Value is $1.622m.
The other unit was a resold unit.

The net effect will increase net cash by 1.27c per share as of now.

Based on the balance sheet, net cash =$110m (receivables) + $42m (cash) - $20m (payables) - $9m loans - $12m (non current liabilities) -$18m (non-controlling interests) = $93.5m or $0.233.

Adding the sales since end of March,  net cash will increase to around $0.245.

[bargainhunter]

oops, forgot to less off the 1.25c dividend paid out. net cash 0.2325.

[TUBInvesting]

Wrote a short post on it.

Sing Holdings Ltd - Another debt-free property developer that pass the Enhanced Triple S Scorecard

Pros:
- No Debt
- Future Revenue without much cost
- Future "Cash and Cash Equivalent"

Cons
- No Future Plans

http://tubinvesting.blogspot.sg/2016/08/...perty.html

<vested>

[bargainhunter]

Latest Q2 Results NAV breakdown $0.6292

Properties including Ind property: $0.3537
Cash + AR - Liabilities (excluding deferred Revenue) - MI = $0.26
Investment in Equities: $0.0132
PPE: $0.0015
Misc: $0.008

Current Share price $0.295 buys you $0.26 in cash + 40 units of Freehold Robin Residences + Freehold Industrial Property + some remaining units of Waterwoods EC ($0.3537 book value) at $0.035.

[TUBInvesting]

Wrote on the review of the latest financials. Basically there were some changes in the reporting of the financials. But I will continue to stay vested as I felt its fundamental did not change.

http://tubinvesting.blogspot.sg/2016/08/...atest.html

Like what barginhunter say, you are buying a whole lot of free stuff for such a cheap price now.

<vested>

[dydx]

Based on the unusually long 'BUY' queue this morning before the market opens, it appears Mr Market has suddenly woken up to the gross underpriced situation of this high-quality company.

[brattzz]

Based on the unusually long 'BUY' queue this morning before the market opens, it appears Mr Market has suddenly woken up to the gross underpriced situation of this high-quality company.

they certainly need more operating cash to buy new lands and develop new projects, fundamental still good, just don't expect any friendly dividends, rather, a reasonable and steady roi family biz..

[money]

This is another value trap. The boss is never kind to shareholders, very good at paying lip service only. Dont bank too much on the special dividend. They will most likely use the cash reserve to bid for some pricey land. They are that stupid because they have lots of opportunities to buyback their shares for 50cents on a dollar but they have failed to do that for a LONG period of time.

In conclusion, shareholder unfriendly + poor financial acumen = do not invest

[bargainhunter]

This is another value trap. The boss is never kind to shareholders, very good at paying lip service only. Dont bank too much on the special dividend. They will most likely use the cash reserve to bid for some pricey land. They are that stupid because they have lots of opportunities to buyback their shares for 50cents on a dollar but they have failed to do that for a LONG period of time.

In conclusion, shareholder unfriendly + poor financial acumen = do not invest

but the company has never been in this situation where it is in a strong net cash position?  perhaps they may reconsider what are their options for this company?

previously the company's financial position had ranged from leveraged to over leveraged.