Sinarmas Land

[Greenrookie]

Anyone vested in this counter or have a opinon?

The counter has fallen heavily over the past few days due to worries over indonesia's currency and economy despite posting a rather strong Q2 results.

Not actually cheap, since NAV is 52 cents,

but
1) cash of 813 million is more than loans of 581 million
2) A property company that actually generate FCF of 79million, 156 million, 115 million, 151 million in 2012, 2011, 2010 and 2009 respectively. No mean feat for a property company (Due to recurring income from commercial properties and hotels)
3) In the midst of developing 2 townships in Indonesia BSD city and grandwisata.
http://www.sinarmasland.com/site/file/BS..._05_LR.pdf (slide6), what is interesting is the reason why 1H 2013 results is so good is because BSD city sell land to subsidiaries for joint development. (Business model sound very much like recycling capital into reits??), and they still have plenty of land from this 2 townships to develop.
4) Properties owned are rather of high quality/ well known.
http://www.sinarmasland.com/site/file/Si...202012.pdf (slide 18-22), HOtel include Grand Hyatt Jarkarta, and several wisma malls in indonesia.
5) They have finally start giving dividends, but I would rather not talk about the yield.

Maybe a counter worth digging deeper, especially if the price continue to freefall due to the current capital flow out of Indonesia.

Any comments ?

(NOt vested)

[a74henry]

Anyone vested in this counter or have a opinon?

The counter has fallen heavily over the past few days due to worries over indonesia's currency and economy despite posting a rather strong Q2 results.

Not actually cheap, since NAV is 52 cents,

but
1) cash of 813 million is more than loans of 581 million
2) A property company that actually generate FCF of 79million, 156 million, 115 million, 151 million in 2012, 2011, 2010 and 2009 respectively. No mean feat for a property company (Due to recurring income from commercial properties and hotels)
3) In the midst of developing 2 townships in Indonesia BSD city and grandwisata.
http://www.sinarmasland.com/site/file/BS..._05_LR.pdf (slide6), what is interesting is the reason why 1H 2013 results is so good is because BSD city sell land to subsidiaries for joint development. (Business model sound very much like recycling capital into reits??), and they still have plenty of land from this 2 townships to develop.
4) Properties owned are rather of high quality/ well known.
http://www.sinarmasland.com/site/file/Si...202012.pdf (slide 18-22), HOtel include Grand Hyatt Jarkarta, and several wisma malls in indonesia.
5) They have finally start giving dividends, but I would rather not talk about the yield.

Maybe a counter worth digging deeper, especially if the price continue to freefall due to the current capital flow out of Indonesia.

Any comments ?

(NOt vested)

Last done price $0.53. Not below NAV. No discount to NAV.

With projected EPS of $0.068, forward PE is 7.8x.

Dividend yield of 0.7% p.a. is not attractive.

In conclusion, your money can be invested in other counters on the SGX based on available data unless there are new positive catalysts.

[greengiraffe]

http://www.businesstimes.com.sg/premium/...g-20140819

PUBLISHED AUGUST 19, 2014
Sinarmas Land buys London building

SINARMAS Land yesterday said it would acquire a freehold prime commercial building in London for £57.28 million (S$119 million) through a sale and purchase agreement with GE Real Estate.
The building - 10 Great Pulteney Street (10 GPS) - is in the heart of Soho, and in a location that has traditionally attracted media companies including M&C Saatchi, Sony Pictures and 20th Century Fox, the company said in a press release.
The property is fully leased to Creston plc, a global communications group, on a "triple net lease" agreement. This means Creston is solely responsible for all the costs relating to the asset being leased, including real estate taxes on the leased asset, building insurance and common area maintenance, Sinarmas Land said.
The lessor would also receive a net rental from the lessee with a weighted average lease expiry of over five years.

[Louhan]

Sinarmas announced yesterday that they've sold a property in London, reaping a profit of more than S$70M.
There may be other properties which are at low historical costs in the balance sheet.

http://www.businesstimes.com.sg/premium/...g-20140819

PUBLISHED AUGUST 19, 2014
Sinarmas Land buys London building

SINARMAS Land yesterday said it would acquire a freehold prime commercial building in London for £57.28 million (S$119 million) through a sale and purchase agreement with GE Real Estate.
The building - 10 Great Pulteney Street (10 GPS) - is in the heart of Soho, and in a location that has traditionally attracted media companies including M&C Saatchi, Sony Pictures and 20th Century Fox, the company said in a press release.
The property is fully leased to Creston plc, a global communications group, on a "triple net lease" agreement. This means Creston is solely responsible for all the costs relating to the asset being leased, including real estate taxes on the leased asset, building insurance and common area maintenance, Sinarmas Land said.
The lessor would also receive a net rental from the lessee with a weighted average lease expiry of over five years.

[opmi]

^^ Indonesian-controlled companies dont have a habit of returning cash to shareholders. Probably they like better to sell IPT assets to their listed companies.
Or worse, put money in some funny bank and money disappear.....or borrow lots of money and dont repaid...just read the history of Golden Star group...

[greengiraffe]

http://www.businesstimes.com.sg/companie...china-reit

http://www.wsj.com/articles/china-busine...1430382280

[greengiraffe]

As long as one is willing to write off their investment from the onset, Indonesia prop should be fine...

Jul 24 2015 at 5:42 PM Updated Jul 25 2015 at 3:55 AM
Bali beckons as retirement hotspot as Indonesia relaxes foreign ownership rules

Suddenly Bali is more accessible to Australian retirees. AFR


by Larry Schlesinger
Forget Queensland's Sunshine Coast or the NSW Central Coast, Bali could become the next retirement hotspot for cashed-up Australians.

That comes as Jakarta relaxes rules allowing foreigners to buy luxury apartments in Indonesia coming into effect later this year.

But, it won't be a free-for-all. The Indonesian government plans to set conditions, including size restrictions, and property that stands on its own block of land won't be included, meaning palm tree-shaded Balinese villas won't be included.

Instead the government wants to steer foreign buyers into apartments in new high-rise projects as part of plans to revive growth in South East Asia's biggest economy.

Bali remains the nation's favourite holiday destination despite a recent tourism backlash following the executions of drug smugglers Andrew Chan and Myuran Sukumaran. Many Australians also hold ambitions of buying a holiday pad on the resort island.

Ray White chairman Brian White described the news as "wonderful" and tipped many Australians to take up the opportunity to own a small piece of island paradise.

"As people get to retirement age, they want to know where they can get the best bang for their buck, not just in terms of property, but in terms of lifestyle and cost of living. Asian countries score highly.

"Lot of Australians have moved to Thailand and Malaysia. The number of Australians visiting our offices in Bali suggest similar appetite for real estate, but the current ownership structure could not be more unattractive," he said.

Under current rules only Indonesians can own freehold property. Foreigners can get around these restrictions by using local citizens as proxies or by structuring the purchase as a long-term lease.

Coordinating economic minister Sofyan Djalil said the regulations would allow foreigners to own an apartment with a value of more than Rp 5 billion ($509,000).

"If people from developed nations want to retire here or spend their winters here, then that will create jobs and boost spending power," Djalil said. "It will make the property market live again."

The relaxation of restrictions will also benefit developers with exposure to high-rise projects.

[cyclone]

Sinarmas Land signs MOU with KOP Properties to jointly develop Nuvasa Bay

Highlights :
1. The 228 hectares Nuvasa Bay is strategically located in Nongsa, a district within the largest city in the Riau Islands Province of Indonesia. Surrounded by an 18-hole international championship golf course along a 1.2 km long spectacular beachfront, the development combines the scenic natural beauty of the island with modern conveniences creating the best upscale integrated residential development in Batam.

2. In the first development phase, Nuvasa Bay will incur a development capital expenditure of approximately Rp. 4 trillion (S$400 million based on exchange rate of 1 SGD = Rp. 10.000) over the next five years with a plan to market 200 residential houses and 550 condominium units in the first launch, starting at the end of 2016. Construction will commence in 1Q 2017.

3. KOP Properties to come on board with its expertise in luxury residential real estate development and hospitality management

[cyclone]

Sinarmas Land announced that SML Victoria Limited, a wholly-owned subsidiary of the Group, has acquired from Horseferry Holdings Limited, the entire shareholding of Horseferry Property Limited, a company incorporated in Guernsey, which owns the freehold property known as 33 Horseferry Road, Victoria, London, United Kingdom, for a net consideration of GBP188.6 million (equivalent to approximately SGD337.6 million).

More details in http://infopub.sgx.com/FileOpen/SML%20-%...eID=459949

[cyclone]

Strategic collaboration between Sinarmas Land and Rong Qiao Group

Sinarmas Land Limited ("SML") has, on 6 June 2018, entered into a strategic collaboration framework agreement with Rong Qiao Group Co. Ltd., a Fuzhou-based real estate group. The collaboration will open up opportunities for subsidiaries of SML and Rong Qiao Group to enter into strategic alliances through acquisitions, mergers, land auctions or joint operations and development of real estate and related projects both inside and outside of China.

The specific terms and structure of collaboration will depend on the individual project, and relevant announcements will be made in future where there is a binding agreement entered into.

About Rong Qiao Group
Rong Qiao Group was founded in 1989 by Sutanto Djuhar, a well-known Chinese entrepreneur born in Fuzhou, China. The core business of Rong Qiao Group focuses on real estate development in China with a strategy to provide integrated urban living facilities and it also has businesses in education, hotels, logistics management, port development and medical care. The "Rong Qiao" brand has been appraised as one of China's 'renowned brand' by the State Administration for Industry and Commerce and has won numerous awards and accolades in China. Rong Qiao is presently one of the top 18 brands amongst China's real estate enterprises and is ranked No. 28 amongst all of China's real estate enterprises. It is the 2nd largest and 138th largest private enterprise in Fujian province and in China nationwide respectively. 

Website : www.rongqiao.com.cn