Hotel Properties

[Louhan]

So the Fu family also thinks that the offer price of $4.05 is too low!

from one of the reports, think it was mentioned that david fu is NOT accepting the offer

[investor2014]

So the Fu family also thinks that the offer price of $4.05 is too low!

from one of the reports, think it was mentioned that david fu is NOT accepting the offer

possibly, since david fu NOT planning to accept the offer.

[Louhan]

So the Fu family also thinks that the offer price of $4.05 is too low!

from one of the reports, think it was mentioned that david fu is NOT accepting the offer

possibly, since david fu NOT planning to accept the offer.

And OBS is not increasing the offer price.... So the offer will close today.... Let's see how HPL price performs soon...

[investor2014]

So the Fu family also thinks that the offer price of $4.05 is too low!

from one of the reports, think it was mentioned that david fu is NOT accepting the offer

possibly, since david fu NOT planning to accept the offer.

And OBS is not increasing the offer price.... So the offer will close today.... Let's see how HPL price performs soon...

yes.

short term i guess its hard to say where the price will go.

but in the mid-longer term, there is a good chance that it could go higher- as wheelock and OBS enhances the value of the company.

[investor2014]

So the Fu family also thinks that the offer price of $4.05 is too low!

from one of the reports, think it was mentioned that david fu is NOT accepting the offer

possibly, since david fu NOT planning to accept the offer.

And OBS is not increasing the offer price.... So the offer will close today.... Let's see how HPL price performs soon...

Re-post:

recent case would be olam, or an older example could be wing tai.

olam's offer was 2.23.after offer closed, share price reached a high of 2.56. recently around 2.39

wing tai's case was a partial offer at $1.39. after offer closed, share priced reached a high of around 2.27. recently around $2.03.

of course all this would take time for value to be created and realised.

[Louhan]

HPL price shot up to $4.40 today!

So the Fu family also thinks that the offer price of $4.05 is too low!

from one of the reports, think it was mentioned that david fu is NOT accepting the offer

possibly, since david fu NOT planning to accept the offer.

And OBS is not increasing the offer price.... So the offer will close today.... Let's see how HPL price performs soon...

Re-post:

recent case would be olam, or an older example could be wing tai.

olam's offer was 2.23.after offer closed, share price reached a high of 2.56. recently around 2.39

wing tai's case was a partial offer at $1.39. after offer closed, share priced reached a high of around 2.27. recently around $2.03.

of course all this would take time for value to be created and realised.

[greengiraffe]

OCBC Sec:
KEY IDEA

Singapore Property: Deep value in West Orchard could be unlocked
With a dearth of upcoming projects in the Orchard retail space pipeline over 2015-17, we believe there could be a greater impetus for strategic redevelopments along the western end of Orchard Road - a neglected area with relatively dated assets. In particular, Hotel Properties Ltd (HPL), which owns a large combined site in that area, has been long reported in the media to be considering a mega-development and recently saw a general offer made by a consortium comprising strategic partners, Mr. Ong Beng Seng and Wheelock Properties Ltd. (Wheelock). Our research reveals the meaningful confluence of fundamental drivers supporting the revitalization of West Orchard ahead, and we identify four developers with key assets in the area. We initiate coverage on HPL with a BUY with fair value of S$5.32 (35% RNAV disc.), and on Wheelock with aBUY with fair value of S$2.38 (30% RNAV disc.). Other potential beneficiaries in West Orchard include Hong Fok (unrated) and Bonvests (unrated), which are trading at 35%-47% discounts to RNAV. (Eli Lee)


Hotel Properties Ltd: Much potential upside from prime Orchard assets
We initiate coverage on HPL with a BUY rating and S$5.32 fair value estimate. We employ a surplus RNAV methodology and took into account a potential redevelopment of its West Orchard assets (Forum, Hilton, Four Seasons and HPL House). From our calculations, assuming relevant approvals from authorities, a redevelopment of HPL’s assets in West Orchard could could yield as much as S$1.25bn in surplus net present value. In particular, given the recent general offer for HPL made by a consortium of strategic shareholders, it seems plausible that unlocking value from HPL’s prime Orchard assets could feature in management’s plans ahead. To reflect the uncertainty of the redevelopment scenario, however, we opt to assign a punitive 35% discount to HPL’s RNAV of S$8.20 per share. (Eli Lee)

Wheelock Properties (S) Ltd: Buying solid value with decent yield
We initiate coverage on Wheelock Properties Ltd (Wheelock) with a BUYrating and S$2.38 fair value estimate (30% RNAV disc). With a solid balance sheet with ~S$451m in cash and a low net gearing of 6% at end 1Q14, Wheelock is in good stead to ride out the domestic residential downturn. In addition, with the stock currently priced at 0.5x RNAV and 0.7x book value, we believe that Wheelock offers investors solid value on top of a steady yield of 3.4%. We view the group's recent participation with Ong Beng Seng in a consortium offering for HPL shares as another strong positive; the move has allowed Wheelock to accumulate undervalued HPL shares and will precipitate further upside should HPL decide to undertake a value-accretive redevelopment combining its large freehold / 999-year sites in the west Orchard area. (Eli Lee)

[chialc88]

Singapore Property: Deep value in West Orchard could be unlocked

fr Straits Time:
   

LC



Earth day - save the world everyday.

[investor2014]

HPL price shot up to $4.40 today!

So the Fu family also thinks that the offer price of $4.05 is too low!

possibly, since david fu NOT planning to accept the offer.

And OBS is not increasing the offer price.... So the offer will close today.... Let's see how HPL price performs soon...

Re-post:

recent case would be olam, or an older example could be wing tai.

olam's offer was 2.23.after offer closed, share price reached a high of 2.56. recently around 2.39

wing tai's case was a partial offer at $1.39. after offer closed, share priced reached a high of around 2.27. recently around $2.03.

of course all this would take time for value to be created and realised.

Yes!

it has gone up a fair bit. u kept your shares too right?

[investor2014]

ocbc report has buy call with target of $5.32