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Perennial Real Estate Holdings Limited (formerly: St. James Holdings Limited)
21-08-2018, 01:34 PM.
Post: #51
RE: Perennial Real Estate Holdings Limited (formerly: St. James Holdings Limited)
(21-08-2018, 01:22 PM)wonghw12 Wrote:
(21-08-2018, 12:08 PM)money Wrote:
(21-08-2018, 09:27 AM)AQ. Wrote: 2y paper issued @ 5.95% - in Jan18 they managed to issue 3y @ 3.9%. This is quite a large spike in borrowing costs.

There are 2 retail tranches - one maturing 2018 while the one maturing 2020 is still trading >par. Both issued couple yrs ago @ 4.55-4.65%

As of Jun18, gearing of Perennial is "just" ~80% with 1bio of debt <1y and 2bio beyond.

Overgeared developers better watch their balance sheets cos its not getting pretty.

Hi AQ, do you know what is the size for this recent 2 year paper? Thanks

The info can be found in the SGX:
http://infopub.sgx.com/FileOpen/Perennia...eID=522310
okay thanks, didnt realise that

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10-11-2018, 05:13 PM.
Post: #52
RE: Perennial Real Estate Holdings Limited (formerly: St. James Holdings Limited)
This was mainly due to fair value gain of $241.9 million from the valuation of two plots on Beijing Tongzhou Integrated Development Phase 1 which were identified for lease, following the receipt of construction permits.

Perennial's 3Q earnings nearly treble to $48.3 mil on fair value gain
https://www.theedgesingapore.com/perenni...value-gain
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14-06-2020, 11:15 AM.
Post: #53
Perennial Real Estate Holdings Limited (formerly: St. James Holdings Limited)
Another Offer:

https://links.sgx.com/1.0.0/corporate-an...7e3a0d23cf

S$0.95 per share.

There are definitely more delisting than new listing in SGX.
imho a picture of undervalued market!


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14-06-2020, 12:45 PM. (This post was last modified: 14-06-2020, 12:45 PM by karlmarx.)
Post: #54
RE: Perennial Real Estate Holdings Limited (formerly: St. James Holdings Limited)
SG and HK markets are definitely not overpriced.

So was PREH. But also many other property owners and developers.

The difference between PREH and the rest is that PREH has decided to monetise their assets during this period. Perhaps to recycle into other developments or perhaps to cover some of their other liabilities, but it doesn't matter.

PREH could well have been like Bonvest, HGC, and the many other similarly undervalued property developer/owner, where shareholders have no idea of when value will be unlocked, and the shares continue to trade at a large discount to RNAV.

I suspect Breadtalk's privatisation may also be partly motivated by advanced knowledge that their substantial investments in some of PPREH's developments are in the process of being monetised. I always wondered how BT can afford to privatise -- or why they would even want to do so -- just as their core businesses were sustaining significant damage from the pandemic.

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14-06-2020, 01:57 PM.
Post: #55
Perennial Real Estate Holdings Limited (formerly: St. James Holdings Limited)
Breadtalk privatization is just bad luck in timing, but imo, not really overpaying. They have some very profitable businesses, except perhaps, its own namesake, Breadtalk.

In particular, Dtf & toastbox are some decent biz with good followings and likely good margins.
The foodcourt as well, from the results that Kimly, Koufu are throwing out.

Their beaten down bottom line over the recent few years were just due to over expansion and ventures.
Once they streamlined, bottom lines would easily start growing back.
Their issue is never top line, but rather the high cost and perhaps unnecessary over ambitious ventures.

Concur that there are definitely some value traps in Sg and also HK. But by the fact of many delisting in Sg, at the risk of over generalisation, I’d say it should be a fav fishing spot for any Investor worth her fees.
Hk is another one, with all bad news year in year out, by now, who doesnt know it’s a “bad” market and hence a great fishing spot for any investors worth his while.


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24-06-2020, 06:50 PM.
Post: #56
RE: Perennial Real Estate Holdings Limited (formerly: St. James Holdings Limited)
Has anyone received the acceptance form already? Do you know when the is final deadline?

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26-06-2020, 11:55 PM.
Post: #57
RE: Perennial Real Estate Holdings Limited (formerly: St. James Holdings Limited)
(24-06-2020, 06:50 PM)madagnet Wrote: Has anyone received the acceptance form already? Do you know when the is final deadline?

Had not received yet. Shy

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01-07-2020, 11:14 AM.
Post: #58
RE: Perennial Real Estate Holdings Limited (formerly: St. James Holdings Limited)
hmm when will we be receiving it? want to make sure I don't miss the deadline Smile

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