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In time for the COE upcycle...
PUBLISHED APRIL 26, 2014
Lian Beng buys $46.2m Leng Kee plot
Listed construction firm to enter car business via JV with parallel importer VinCar
BYSAMUEL EE
samuelee@sph.com.sg
LISTED construction company Lian Beng Group has successfully bid $46.2 million for a property in the prime Leng Kee Road motor belt and is going into the automotive business.
The company has tied up with well-known parallel import company VinCar to form Wealth Assets Pte Ltd, a joint venture company which is 80 per cent owned by Lian Beng.
Wealth Assets plans to develop the land at 24 Leng Kee Road when the purchase is approved by the Housing Development Board.
The light industrial property has an area of slightly over 70,000 square feet and currently houses the body shop operations of authorised Toyota distributor Borneo Motors Singapore (BMS).
BMS is selling the property, which was brokered by DTZ, because it is redeveloping an existing property at Pandan Crescent and erecting an eight-storey complex to house its various motor vehicle businesses.
When the Leng Kee Road property was put up for tender earlier this year, it is said to have attracted overwhelming interest. There were about a dozen bidders, more than half of which are understood to be car-related businesses.
This is due to the Leng Kee Road/Alexandra Road area's position as Singapore's prime auto belt.
Car distributors either want to expand their presence there, if they are already in the area, or plant their flag there if they are not.
But because the one kilometre stretch and the adjacent Alexandra Road are fully built up, it is almost impossible to find available space for a showroom and workshop.
Over the years, some car companies have resorted to siting themselves along the periphery of the belt at Kung Chong Road and Chang Charn Road.
But despite having new or renovated buildings, their location means they remain poor cousins to the main Leng Kee Road and Alexandra Road strips.
VinCar was started by Vincent Tan as a used car business 25 years ago. Mr Tan began parallel importing of new cars in 1999, rode the boom in the early 2000s, weathered the global financial crisis in 2008 and 2009, and endured the COE crunch that followed to become what is today a rarity - a big and successful parallel importer. VinCar used to import Japanese models but is now better known for its wide range of European luxury and sports cars. It currently occupies several units at the neighbouring Alexcier Building.
Lian Beng is one of Singapore's major home-grown building contractors. The company is an investment holding company of the group, which is engaged in building construction and civil engineering activities in the public and private sectors and engineering and leasing of construction machinery and equipment.
It will finance its share of the cost of the acquisition from internal funds and/or bank borrowings.
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http://www.businesstimes.com.sg/premium/...e-20140819
Lian Beng, Heeton, KSH to co-develop A$150m mixed-use site
Development is situated in Fortitude Valley, close to Brisbane's CBD
BYCARINE LEE
carinel@sph.com.sg @CarineLeeBT
The development is situated in Fortitude Valley, one km from Brisbane's central business district - PHOTO: THAKRAL CORPORATION LTD
LIAN Beng Group, together with Heeton Holdings and KSH Holdings will, through their respective subsidiaries, co-develop a A$150 million (S$174 million) mixed-use site in Brisbane, Australia.
The development is situated in Fortitude Valley, one km from Brisbane's central business district.
Lian Beng's executive chairman said: ''We are excited to break ground in a new market. Going in together with partners whom we have cooperated with in past successful projects further strengthens our resolve in making this new venture fruitful.''
The three companies yesterday identified two components to the joint venture.
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http://www.businesstimes.com.sg/companie...-to-s1197m
Lian Beng Q1 net profit surges 59% to S$11.97m
This comes from strong construction orders previously clinched as well as its JVs in property development
By
Lynette Khoolynkhoo@sph.com.sg@LynetteKhooBT
BT_20141014_LKLIANBENG14_1317591.jpg Mr Ong says the strengthening of Lian Beng's construction order book to above S$1b last year has translated to higher construction revenue for the company
14 Oct5:50 AM
Singapore
LIAN Beng Group enjoyed a 58.5 per cent surge in net profit to S$11.97 million for its fiscal first quarter ended Aug 31, on the back of strong construction orders previously clinched.
Group revenue rose 10.8 per cent to S$167.64 million over the same period, due mainly
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31-10-2014, 06:47 PM
Lian Beng hv 1.2B project, enough to see them busy through 2017. Analyst value it at 1.12
I bought some at recent sell down. Wish me luck 
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Lian Beng Australia investment analysis.
not vested.
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http://www.nextinsight.net/index.php/sto...y-in-papan
Written by The NextInsight Team
Thursday, 19 March 2015 06:30
YESTERDAY (Mar 18) marked the groundbreaking for a 7,900-bed workers' dormitory in Jalan Papan in the Jurong area.
It is Singapore’s first dedicated and integrated accommodation featuring a 3,000 sqm training centre for the Process Construction and Maintenance (“PCM”) industry.
Sited on approximately 1.5 hectares of land, the dormitory will be jointly developed by Lian Beng Group and Centurion Corporation, and is expected to be completed by mid-2016.
It is strategically located near to Jurong Island, which is home to more than 100 global energy and chemical companies.
Over 150 guests attended the groundbreaking ceremony with Guest-of-Honour, Mr Lee Yi Shyan, Senior Minister of State, Ministry of Trade and Industry and Ministry of National Development.
The ASPRI-Westlite Dormitory – Papan will meet the stringent requirements of the recently passed Foreign Employee Dormitories Bill, which ensures that the health, safety and security of residents are met with a high standard, including providing for their social and recreational needs.
Mr Charles Quek, President of the Association of Process Industry (ASPRI) said the accommodation is important to the growth and productivity of the PCM industry, which is one of Singapore’s largest industries. “The PCM industry plays a crucial role as part of the larger Energy and Chemicals industry. This dedicated accommodation-cum-training centre is part of the industry’s efforts to address our members’ needs and push for greater productivity, while raising the quality bar by helping the workforce develop and upgrade their skills.”
Mr Kong Chee Min, CEO of Centurion Corporation Limited, said, “We are pleased with this partnership with ASPRI, together with Lian Beng Group, to deliver this exciting first-of-its-kind project in Singapore. This quality accommodation will have all the hallmarks of Centurion’s renowned workers accommodation, including well-designed and comfortable apartments as well as comprehensive amenities such as a supermarket, food court, medical clinic and well organised social and sporting activities.”
Mr Ong Pang Aik, Lian Beng’s Executive Chairman, said, “Today’s ceremony marks an important milestone in the ASPRI-Centurion-Lian Beng partnership. With the completion of this dedicated accommodation with integrated training facility, it will improve workers’ productivity and welfare, and contribute positively to the development of the Process Industry.”
Lian Beng's shares closed at 55 cents for a trailing PE of 2.7X while Centurion, 53 cents and a PE of 3.6X.
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At the current price of 57 cents, low PE ratio and strong order book, it's worthwhile to have a relook at Lian Beng.
(19-03-2015, 11:10 AM)jjlim84 Wrote: http://www.nextinsight.net/index.php/sto...y-in-papan
Written by The NextInsight Team
Thursday, 19 March 2015 06:30
YESTERDAY (Mar 18) marked the groundbreaking for a 7,900-bed workers' dormitory in Jalan Papan in the Jurong area.
It is Singapore’s first dedicated and integrated accommodation featuring a 3,000 sqm training centre for the Process Construction and Maintenance (“PCM”) industry.
Sited on approximately 1.5 hectares of land, the dormitory will be jointly developed by Lian Beng Group and Centurion Corporation, and is expected to be completed by mid-2016.
It is strategically located near to Jurong Island, which is home to more than 100 global energy and chemical companies.
Over 150 guests attended the groundbreaking ceremony with Guest-of-Honour, Mr Lee Yi Shyan, Senior Minister of State, Ministry of Trade and Industry and Ministry of National Development.
The ASPRI-Westlite Dormitory – Papan will meet the stringent requirements of the recently passed Foreign Employee Dormitories Bill, which ensures that the health, safety and security of residents are met with a high standard, including providing for their social and recreational needs.
Mr Charles Quek, President of the Association of Process Industry (ASPRI) said the accommodation is important to the growth and productivity of the PCM industry, which is one of Singapore’s largest industries. “The PCM industry plays a crucial role as part of the larger Energy and Chemicals industry. This dedicated accommodation-cum-training centre is part of the industry’s efforts to address our members’ needs and push for greater productivity, while raising the quality bar by helping the workforce develop and upgrade their skills.”
Mr Kong Chee Min, CEO of Centurion Corporation Limited, said, “We are pleased with this partnership with ASPRI, together with Lian Beng Group, to deliver this exciting first-of-its-kind project in Singapore. This quality accommodation will have all the hallmarks of Centurion’s renowned workers accommodation, including well-designed and comfortable apartments as well as comprehensive amenities such as a supermarket, food court, medical clinic and well organised social and sporting activities.”
Mr Ong Pang Aik, Lian Beng’s Executive Chairman, said, “Today’s ceremony marks an important milestone in the ASPRI-Centurion-Lian Beng partnership. With the completion of this dedicated accommodation with integrated training facility, it will improve workers’ productivity and welfare, and contribute positively to the development of the Process Industry.”
Lian Beng's shares closed at 55 cents for a trailing PE of 2.7X while Centurion, 53 cents and a PE of 3.6X.
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How do I derive Lian Beng's PE at 2.7x ?
Where do I obtain the EPS in this arithmetics ?
No offense, just my sincere question.
I must be convinced to collect some more if proven correct.
Tks
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10-04-2015, 02:04 PM
(This post was last modified: 10-04-2015, 02:05 PM by Curiousparty.)
Low P/E now does not mean that P/E will be low in the future. Earnings tend to be quite volatile and P/E ratio can fluctuate a lot...
Would it be better if we use discount to RNAV or NAV to better gauge property counter?
[I am not here to promote any stocks. Please always do your own research before embarking on any investment decision. I will not be liable for any of your own decisions. Your use of any information or materials is entirely at your own risk. It is your responsibility to ensure that any products, services or information meet your specific requirements. I do not produce material which meets the objectives of any specific financial and risk profile of investors.]
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Agreed!
For property counters, PE is not as meaningful as RNAV and credible discount to NAV.
Is Lian Beng a Property Counter ?
Is the 2.7x PE sustainable ?
Do we clarify these ?
Or get it over and done with by raising another point?
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