Boustead Projects

[Curiousparty]

comparison is made across the board on the same basis, i.e. recurrent revenue (i.e. top line level).

~$35.5 mil of recurrent income should be realized in this upcoming FY16 [Simple math]
~$36.9mil of recurrent income should be realized by FY17. [simple math]

$26.5mil was collected last year because

"Leasing revenue came in at S$26.5 million, rising 21%. This was mainly due to the
expansion of the industrial leasehold portfolio, which benefitted from the partial
contribution of two design-build-and-lease projects completed during FY2015 and three
other industrial leasehold properties which provided full-year rental in FY2015. The BP
Group continued to focus on its ongoing strategy to expand the industrial leasehold
portfolio, which will increase future recurring rental income.


Many might have missed the recent 200% "Stratech Surge" would have made the same remark previously...haha - "amazing"...

Yo CP,

Like I always say your model is a dreamland model... recurrent revenue without any costs - super fantastic.

Rev last yr was S$26.5m and you raised your forecast to S$36.9m and you booked that straight into net profit... very amazing...

Caveat Emptor...
GG

some thoughts on BP.

[greengiraffe]

Its always easy to see from the bottom but I think u conveniently forgotten the carnage seen by the Stratech holders over the years.

Anyway, BP and Boustead Sing results are round the corner and we shall see.

comparison is made across the board on the same basis, i.e. recurrent revenue (i.e. top line level).

~$35.5 mil of recurrent income should be realized in this upcoming FY16 [Simple math]
~$36.9mil of recurrent income should be realized by FY17. [simple math]

$26.5mil was collected last year because

"Leasing revenue came in at S$26.5 million, rising 21%. This was mainly due to the
expansion of the industrial leasehold portfolio, which benefitted from the partial
contribution of two design-build-and-lease projects completed during FY2015 and three
other industrial leasehold properties which provided full-year rental in FY2015. The BP
Group continued to focus on its ongoing strategy to expand the industrial leasehold
portfolio, which will increase future recurring rental income.


Many might have missed the recent 200% "Stratech Surge" would have made the same remark previously...haha - "amazing"...

Yo CP,

Like I always say your model is a dreamland model... recurrent revenue without any costs - super fantastic.

Rev last yr was S$26.5m and you raised your forecast to S$36.9m and you booked that straight into net profit... very amazing...

Caveat Emptor...
GG

some thoughts on BP.

[Curiousparty]

From Annual Report

"For FY15, leasing revenue came in at S$26.5 million, rising 21% (from FY14). During FY15, BP completed four design-build-and-lease projects for Edward Boustead Centre, Continental Automotive, Energy Alloys and MTU, with two of these projects partially contributing to leasing revenue. . The focus on the ongoing strategy to expand our industrial leasehold portfolio has gained traction and is bearing fruit. Leasing PBT grew by 23% to S$13.9 million, helping to partially offset the larger challenges confronting our design-and-build business."

_______________

10 Tukang Innovation Drive and 31 Tuas South Ave 10 did not contribute to the $26.5mil recurrent revenue in FY15. Continental building phase 2 and Edward Boustead centre only partially contributed to recurrent revenue in FY15. Hence, all these 4 projects should contribute significantly to FY16 recurrent income, lifting it significantly from $26.5 mil to ~$36mil.

Expect PBT for FY16 to come in at ~$18.9 mil or 5.9 cents EPS (pre-tax).

This is just leasing income BEFORE design and build business, and other segments.

[CityFarmer]

Moderator Log:

I have removed a post, which is too aggressive.

All buddies are allowed to post their view/opinion, as long as posting guideline obeyed. You can disagree, and post yours. Both should co-exist in VB, and allow others to make judgement among them.

Regards
Moderator

[vesfreq]

Thanks for the sharing CP.

I liked the idea about comparing market cap against rental revenue. It illustrates the attractiveness of the "cost" to participate in BP's rental revenues.

Did you attend the agm? Wondering if there were any interesting topics highlighted during the agm.

From Annual Report

"For FY15, leasing revenue came in at S$26.5 million, rising 21% (from FY14). During FY15, BP completed four design-build-and-lease projects for Edward Boustead Centre, Continental Automotive, Energy Alloys and MTU, with two of these projects partially contributing to leasing revenue. . The focus on the ongoing strategy to expand our industrial leasehold portfolio has gained traction and is bearing fruit. Leasing PBT grew by 23% to S$13.9 million, helping to partially offset the larger challenges confronting our design-and-build business."

_______________

10 Tukang Innovation Drive and 31 Tuas South Ave 10 did not contribute to the $26.5mil recurrent revenue in FY15. Continental building phase 2 and Edward Boustead centre only partially contributed to recurrent revenue in FY15. Hence, all these 4 projects should contribute significantly to FY16 recurrent income, lifting it significantly from $26.5 mil to ~$36mil.

Expect PBT for FY16 to come in at ~$18.9 mil or 5.9 cents EPS (pre-tax).

This is just leasing income BEFORE design and build business, and other segments.

[greengiraffe]

http://infopub.sgx.com/FileOpen/BPL_SGXN...eID=364310

I have already cautioned as much as I could... nothing more to add here except the following:

BPL now reflects costs of funds as cash hoard has since been streamed up to Boustead Sing. In addition the costs of having a separate board and other listing costs probably affected profitability further.

GG
Certificate, Odd Lots Vested

[greengiraffe]

Good analysis should have follow through updates.

GG still suffering from concussion as a result of the "negative 1Q earnings surprises" at BP's maiden quarterly releases.

Would CP and other vested buddies care to shed some light on BP... any changes in views?

My angmo research head always tell me - Good Analysts need to stand by their views even if there are changes...

Vested
Certificate and Odd Lots
GG

Thanks for the sharing CP.

I liked the idea about comparing market cap against rental revenue. It illustrates the attractiveness of the "cost" to participate in BP's rental revenues.

Did you attend the agm? Wondering if there were any interesting topics highlighted during the agm.

From Annual Report

"For FY15, leasing revenue came in at S$26.5 million, rising 21% (from FY14). During FY15, BP completed four design-build-and-lease projects for Edward Boustead Centre, Continental Automotive, Energy Alloys and MTU, with two of these projects partially contributing to leasing revenue. . The focus on the ongoing strategy to expand our industrial leasehold portfolio has gained traction and is bearing fruit. Leasing PBT grew by 23% to S$13.9 million, helping to partially offset the larger challenges confronting our design-and-build business."

_______________

10 Tukang Innovation Drive and 31 Tuas South Ave 10 did not contribute to the $26.5mil recurrent revenue in FY15. Continental building phase 2 and Edward Boustead centre only partially contributed to recurrent revenue in FY15. Hence, all these 4 projects should contribute significantly to FY16 recurrent income, lifting it significantly from $26.5 mil to ~$36mil.

Expect PBT for FY16 to come in at ~$18.9 mil or 5.9 cents EPS (pre-tax).

This is just leasing income BEFORE design and build business, and other segments.

[greengiraffe]

Hi CF,

I do apologised for my occasional aggressiveness.

However, I seldom come out swinging unless there is a need to.

For companies that I know well enough and can contribute, I do hope that many buddies could tolerate my occasional temperament.

I have been waiting for many days for several active members on BP thread to state their views post BP's results. I m still awaiting and largely due to the issue of "accountability".

VB is a high quality value investment forum and I m doing my very best as a positive member to upheld the spirit. I do hope that through this entire BP episode many buddies can differentiate the truths and the rants that I am aware many of the silent readers out there knows.

In stock markets, truths are rare as greed will breed many with bad intentions to take advantage of human weaknesses.

At the appropriate time, I will have in depth analysis of BP which incidentally is getting increasingly interesting on valuation yardsticks.

GG

Moderator Log:

I have removed a post, which is too aggressive.

All buddies are allowed to post their view/opinion, as long as posting guideline obeyed. You can disagree, and post yours. Both should co-exist in VB, and allow others to make judgement among them.

Regards
Moderator

[Musicwhiz]

As sentiment gets increasingly pessimistic on BPL and BSL, that's when we can start seeing value emerge - especially if you have a longer-term horizon.....

[ksir]

A good (or rather useful) indicator is when there's less or no "boast" postings in this BP thread. Lolx, no offense intended. In any case, BSL & BPL are a lot more interesting at current price.
BSL was one of my core holdings, may have to start digging deeper into my pocket for extra bullet.

GG thanks for the effort in balancing out the excessive optimistism in this thread.
Good try.

(Vested in BPL & BSL)