14-11-2013, 01:58 PM (This post was last modified: 14-11-2013, 01:59 PM by Behappyalways.)
a few years back I was in the AGM telling the mgmt. to do a share buyback. Let's say if they will do it now at $400 they can cancel off 1000 shares worth $560 in net book value although worth more in NAV. With just 1 click the company stands to gain $160 ($560-$400) or a return of 40% (160/400). Not only that the NTA will increase, ROE will increase and share price will also increase. But the mgmt refuse to listen. Sighhhh. Now you have almost $100m cash doing nothing and almost like a sitting duck.....
Last year the company's adm fee including bonus is about $7.1m. Let's said if the both Lees got a total bonus of $4m and if you take Lee's stake in the company which is about 150m shares. That is about almost 3 cents per share.......
So minority share holders got 1.6 cents....Lee got 4.5 cents if inclusive of bonus.....although people might disagree with my method of calculation.....
Hence share price performance is not important....most impt is bonus ......this is the real world
I went down to Robin road this evening. Confirmed Sing Holdings going ahead to build 5blocks of 6storey total 134units. Construction started on 1st July 2013 and expected date of completion 2nd quarter 2016. Pls see attachment.
14-11-2013, 09:06 PM (This post was last modified: 14-11-2013, 09:13 PM by Behappyalways.)
Thanks I saw that too during my last visit......my question is if they decide to do with 5 blocks why don't they launch it now? In 2013 annual report, they also show a 5 floor structure but during AGM they said they are waiting......
today house selling are.....Morgan Stanley, UOB, Philip Securities and OCBC ^^
(14-11-2013, 08:35 PM)kbl Wrote: I went down to Robin road this evening. Confirmed Sing Holdings going ahead to build 5blocks of 6storey total 134units. Construction started on 1st July 2013 and expected date of completion 2nd quarter 2016. Pls see attachment.
I think Sing holdings are still waiting for Masterplan 2014 to come, maybe they are doing some construction works that will not be affected regardless of the GFA of their project.
(14-11-2013, 09:35 PM)CY09 Wrote: I think Sing holdings are still waiting for Masterplan 2014 to come, maybe they are doing some construction works that will not be affected regardless of the GFA of their project.
why are we all guessing here when we could just write in to boss Lee and ask him. anyone has boss lee or the cfo email id?
15-11-2013, 01:26 PM (This post was last modified: 15-11-2013, 01:29 PM by kbl.)
Good afternoon every1.
1more month the foundation at Robin site will be completed. Look like Sing Holdings not waiting for the Masterplan 2014 anymore.
Update: The Laurels Oct 2013
Cumulative Units Sold to-date: 225
Median Price ($psf) in the Month: 0
Units sold in the month: 0
Cumulative Units Launched but Unsold: 4
Total Number of Units: 229
OK boss Lee has been pretty prompt and replied to my email. Thanks boss:
Below are my replies to your email.
1. SH has announced that construction on the Robin site has started. Does this mean that SH thrown in the towel and gone ahead with existing plot ratio.
The plan can only be approved based on the existing plot ratio. In the interest of time, we have to commence construction based on the approved plan with the existing plot ratio. However, we are not giving up should there be a change in plot ratio.
2. Can SH change the plan to accommodate higher plot ratio next yr if it's announced while construction is in progress.
Whilst I have reiterated that there is no assurance that the plot ratio may change, we have made all necessary provisions to cater for a higher plot ratio, if any.
3. The QC for the Robin site is issued base on the 1st purchase of the site or the last purchase of the site. In short when is the penalty expected to kick in and will SH be able to complete the construction before this happens.
Based on the contractual obligation by the contractor, we will be able to complete the construction within the stipulated date imposed under the qualifying certificate.
4.Lastly, is there any plan to do a share buy back next year or to do a special dividend since the company is loaded with cash by end of the year.
This is an old issue. The board did deliberate on this and is of the view that it is not in the best interest of the shareholders to embark on a share buy back exercise. I did explain the rationale in detail during our AGM two years ago. It is too long to explain in writing here. If you had not attended that AGM, I will be pleased to share with you again at our next AGM. Do remind me if you were to attend.
The calendar year is not over yet and the FY 2013 financial accounts is not finalised. It is too early to decide on the dividend payment or special dividend. I had also mentioned during our last AGM, so long as the company is profitable, we will continue to pay dividend.
I like to invite you to attend our AGM to understand your company and the management better and I welcome more interaction with you.
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