Excerpts from analyst reports

sing_amfraser3.13 Sing Holdings will recognize bulk of remaining S$182.1m from the The Laurels in FY13; potential $348.8 m from Punggol EC project over FY13‐15; and bulk of potential $357 m from the Robin site in FY14‐15.AmFraser initiates coverage of Sing Holdings with 56-c target

Analyst
: Sarah Wong

We initiate coverage on Sing Holdings with a BUY rating and a fair value of S$0.56, based on a 40% discount to our RNAV estimates of S$0.94. 

Sing Holdings, a niche luxury developer that has recently moved into the EC segment which has strong supply-demand dynamics, currently trades at a massive 56% discount to its RNAV.

leeszehao_2Lee Sze Hao, CEO of Sing Holdings. NextInsight file photoWith earnings visibility and huge cash inflows from pre-sold units of The Laurels and two other launches, Sing Holdings will boast of a stronger financial position and a stable dividend over FY13-15.

We expect its pipeline of projects to add S$0.33 to its current NAV.

We expect PATMI to grow at 9.5% CAGR from 2013‐15, and a sustainable dividend per share of 1.6c in 2013‐15. This translates into a forward yield of 3.9%. 
 

We also expect massive cash inflows from progress payments to strengthen Sing Holdings’ financial position and pave way for more landbank acquisitions ahead.

At current
price levels, Sing Holdings offers a strong value proposition, on 
top of rewarding shareholders with a decent and sustainable yield of 3.9%.

Click here for the full AmFraser report

Recent story: 
KEVIN SCULLY: Raising target price of Sing Holdings    
 



OSK-DMG sets 73-c target for AusGroup

Analysts: Lee Yue Jer & Jason Saw 

Laurie_Barlow_2Laurie Barlow, CEO of AusGroup. NextInsight file photoAusGroup now has a record AUD4.5bn tender book, dwarfing the AUD0.6bn of tenders at Dec-12.

The build-up of the tender book was due to the delays of the contract awards, and we expect AusGroup to convert about 20% of its tenders into firm contracts, providing good-margin work for 2H13 through FY15F. Further, this week Upstream noted that Ensco has been awarded the final Ichthys drilling contract.

AusGroup’s shares have come off 25% since its recent peak, and now trades at 6.9x FY13F EPS, 1.1x P/B, with an EV/EBITDA under 3.0x (based on current price of SGD0.50).

These are extremely compelling valuations for a company growing at 20% EPS CAGR to FY15F, ROE consistently above 15%, and a strong net cash position of SGD0.054 per share. We believe that the reaction to the poor 2Q13 results (which included one-off expenses and variation orders) is severely
overdone, and this is the time to enter.

Our TP of SGD0.73 is based on 9x blended FY13F/FY14F EPS. BUY.

Recent story: 
AUSGROUP: 1HFY2013 revenue up 12% at A$307m on increased oil & gas activities 

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Comments  

#3 Admin 2013-03-06 07:06
Good point, erelation. Thanks. The revenue figures for Punggol and Robin are indeed 'potential' at this point. Our chart caption has 'potential' added accordingly.
#2 1334 2013-03-06 06:55
Just check that the mention two other launches has not been launch or sold. The below statement can be misleading.

Sing Holdings will recognize bulk of remaining S$182.1m from the The Laurels in FY13; $348.8 m from Punggol EC project over FY13‐15; and bulk of $357 m from the Robin Site in FY14‐15.

I think should add in "potential" $348.8mil from Punggol EC project and "potential" $357m from Robin site.
#1 Yee 2013-03-06 06:43
Sing Holding - With earnings visibility and huge cash inflows from pre-sold units of The Laurels and two other launches.(robin road and Punggol)

Can someone advice whether the other two project has been launched and sold or still pending launch?

Tks.
Yee
 

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