Sing Holdings

[ngcheeki]

Another piece of information from AR 2012.

Refer to page 19

Lee Fee Huang S$2,750,000 to S$3,000,000 (FY2011 S$1,500,000 to S$1,750,000)
Lee Sze Hao (aka Boss Lee) S$2,250,000 to S$2,500,000 (FY2011 S$1,250,000 to S$1,500,000)

So dad and son has a salary increment of around 80%

For shareholder, dividend increase from 1 cents to 1.6 cents or 60%

[Behappyalways]

Page 75

(b) Compensation of key management personnel

Group
2012 2011
Comprise amounts paid/payable to:
-Directors of the Company 5,416 3,334
-Other key management personnel 450 519

(Key management personnel compensation are lower compared to previous year while directors are higher.....seems like the directors worked very 'hard' in 2012 while the key management so-so)


By the way, boss lee will be standing for re-election for director this year......Remember No 4 of resolution........how can we make boss lee work harder???

Another piece of information from AR 2012.

Refer to page 19

Lee Fee Huang S$2,750,000 to S$3,000,000 (FY2011 S$1,500,000 to S$1,750,000)
Lee Sze Hao (aka Boss Lee) S$2,250,000 to S$2,500,000 (FY2011 S$1,250,000 to S$1,500,000)

So dad and son has a salary increment of around 80%

For shareholder, dividend increase from 1 cents to 1.6 cents or 60%

Went thru a few property counters and recorded their price performance......

1. City Dev
30 Dec 2011 - 8.90
18 Jan 2013 - 11.43 (up by 28.4%)

2. Hiap Hoe
30 Dec 2011 - 0.42
18 Jan 2013 - 0.625 (up by 48.8%)

3. Heeton
30 Dec 2011 - 0.36
18 Jan 2013 - 0.61 (up by 69.4%)

4. Ho Bee
30 Dec 2011 - 1.02
18 Jan 2013 - 1.895 (up by 82.8%)

5. Koh Brothers
30 Dec 2011 - 0.18
18 Jan 2013 - 0.285 (up by 58.3%)

6. Roxy
30 Dec 2011 - 0.26
18 Jan 2013 - 0.60 (up by 130.8%)

7. SC Global
30 Dec 2011 - 0.99
18 Jan 2013 - 1.80 (up by 81.8%)

8. Sing Holdings
30 Dec 2011 - 0.28
18 Jan 2013 - 0.40 (up by 42.9%)

9. Wing Tai
30 Dec 2011 - 0.94
18 Jan 2013 - 1.87 (up by 98.9%)

As you can see from the data, Sing Holdings' share price has underperformed compared to most of the other property counters in the list although its fundamentals and PE are attractive compared to the others......why did the share price underperformed? If it continues to underperform, that is one question minority shareholders need to ponder and ask during the next AGM..........

[safetyfirst]

omg, i just found out that i cant attend the AGM today at 3pm. Should any buddy attend the meeting, can you ask management if they can be a little more proactive to have sing holdings trade at a fairer price, dont need to be overvalued like aspial, just a fair price would do thanks

[old friend]

AGM start soon........ Who is there?

[ngcheeki]

Based on the corporate presentation during the AGM, an additional unit of "The Laurels" is sold (number of unit sold is 221) or 97%!!

http://info.sgx.com/webcoranncatth.nsf/V...90035DB87/$file/presentation.pdf?openelement

[Behappyalways]

Boss said if not for the bonus issue rule, company might have issue bonus.......so need 50 cents.......any big fish want to push?

By the way, if you have been following Sing Holdings' daily trades, looks like someone is shorting this down........anyone want to squeeze them?

Based on the corporate presentation during the AGM, an additional unit of "The Laurels" is sold (number of unit sold is 221) or 97%!!

http://info.sgx.com/webcoranncatth.nsf/V...90035DB87/$file/presentation.pdf?openelement

[KopiKat]

By the way, if you have been following Sing Holdings' daily trades, looks like someone is shorting this down........anyone want to squeeze them?

You can check the SGX Daily Short Sell Report here
I looked at a few days' report and don't see Sing Hldgs appearing there.
Better still, I looked at the weekly report 1~5 Apr and only 10,000 shares shorted. 25-29 Mar, 18-22 Mar, 11-15 Mar, Nil...

[ngcheeki]

Boss said if not for the bonus issue rule, company might have issue bonus.......so need 50 cents.......any big fish want to push?

By the way, if you have been following Sing Holdings' daily trades, looks like someone is shorting this down........anyone want to squeeze them?

Boss Lee actually has thought of giving shareholder more dividends but in scrip dividend. However, the high admin cost (i.e scrip dividend is 15K compared to 2.5K) and worrying of poor subscription of scrip dividend, this idea was dropped.

Furthermore, Sing Holding intends to hold on the reminding 50 units of Biz Tech for rental income.

[Behappyalways]

Look at the time and sales.....monitor it for a few days......someone hoping that this counter to close lower.....

You can check the SGX Daily Short Sell Report here
I looked at a few days' report and don't see Sing Hldgs appearing there.
Better still, I looked at the weekly report 1~5 Apr and only 10,000 shares shorted. 25-29 Mar, 18-22 Mar, 11-15 Mar, Nil...

My friend was unhappy with the AGM venue and etc.....if u look at the venue, it is actually a vacanted office unit......so probably zero rental cost to Sing Holdings.....Boss Lee trying to save $$$ for shareholders....although I admit the AGM could be handled better.....but nevertheless a plus to me.....I have seen many directors of other listed companies trying hard to spend shareholders' money.....haa haa

From the AGM, Boss Lee expects the URA Masterplan to be out in 2Q 2013. They are waiting for the masterplan. Already demolished the site. If plot ratio is 1.4, they will start go ahead immediately. If higher than 1.4, they will proceed with plan B which I guess apply for the increased ratio....

Punggol site will be launched in 3Q2013.....

An old couple was sitting at the back....that's Mr Koh......one of the top shareholders.....on friendly terms with the Lees....

Boss said if not for the bonus issue rule, company might have issue bonus.......so need 50 cents.......any big fish want to push?

By the way, if you have been following Sing Holdings' daily trades, looks like someone is shorting this down........anyone want to squeeze them?

Boss Lee actually has thought of giving shareholder more dividends but in scrip dividend. However, the high admin cost (i.e scrip dividend is 15K compared to 2.5K) and worrying of poor subscription of scrip dividend, this idea was dropped.

Furthermore, Sing Holding intends to hold on the reminding 50 units of Biz Tech for rental income.

[ngcheeki]

On the AGM, Behappyalways has already covered the meat of the meeting. The following are some of the notes I had taken.

Sing Holdings AGM Notes
=======================

Projects sale status
====================

Senoir Lee had a fall and was abscence for the meeting. Lee Sze Leong took over as chairman for this meeting.

Refer to the following for the presentation slide

http://info.sgx.com/webcoranncatth.nsf/V...90035DB87/$file/presentation.pdf?openelement

The Laurels
===========
Number of Units Sold: 221 out of 229
Percentage Sold by Units: 97%
Number of Unit Remains: 8
TOP on Q3 of 2013.
Size of the remaining units: 1,200 to 1,300 psf
Average price : 2.9 to 3.0K psf

An additional unit was recently sold but caveat not lodge yet. Buyer is an indonesian and likely to be of size 1.2 to 1.3K psf.

Biz Tech @ Aljunied:
===================
Number of Units Sold: 39 out of 89
Percentage Sold by Units: 43.8%
Total Size 65,664 psf
Rental Rate: S$2.8 psf
average Selling price at S$850 and S$535 psf at book (balance sheet)
96% of the 50 units are rented out

Sing Holding intend to hold on the remaining units of Biz Tech for recurring rental income.

Robin
======
200m from steven MRT has to be completed by 2015 to 2016 otherwise there will be penalty
Total price is S$176.33 million
Total Size: 135,462.4 square ft
land price: S$1,302 psf
Construction Cost: Around $450
Project Completion Period (PCP): latest by FY2016
Construction plan for original plot ratio of 1.4 is ready for approval with URA and all the old buildings have already been demolished.
The company is waiting for the URA Master Plan 2013 which is expected to be in 2Q FY 2013. If there is a revised in plot ratio e.g. 2.0, the company will have to quickly come up with a new building design.
Launched date: Not Known


Pungol EC Coral Edge
====================
Launched Date: Q3 FY2013, company has already looking into renting space show flat around the EC area. Design has already finalized.
250m for coral Edge LRT
Construction Cost: 200+psf locked in price with UE E&C.



Question: Dividend given was too little only 15% payout ratio.

Answer: Compared to other listed property developers in the industry, Sing Holding is in the top 30%. Sim Lian was the top of around 10% quoted by Boss Lee. To conserve cash, the company has explored the idea of issuing Scripe dividends but because the high cost (i.e. admin cost of having scripe dividend of $15,000 compared to S$2,500 for cash dividend) as well as 'poor take up rate' , the compnay drop the plan.

Furthermore, the company had intened to issue bonus share but due to the new ruling of the share price must be 50 cents, the idea was dropped.


Question: What is the company strategy going forward as the property price is already peaking? How does the company to have recurring income?

Answer: 1. Hold the reminding unit of Biz Tech for recurring rental income + look out for Small to medium size commerical and industry property in the market at a good price for rental income. Sing Holding also holds on to share of Sing Investment and finance under the investment in quoted share equity under the non-current asset. For the current investment in quoted share equity it is MapleTree Industry REIT at the average price of $1.3 and currently it is trading at S$1.49