This was recently posted on, and is republished with permission

Kevin Scully, executive chairman of NRA Capital. NextInsight file photoKevin Scully, executive chairman of NRA Capital. NextInsight file photo

SING HOLDINGS reported its full year FY2012 results on 13 February 2013. I am only now writing a commentary as I wanted to have a word with management about the plans for their two projects in Robin and Punggol.

Key highlights in the results are:

a) revenue in 2012 rose 94% to S$290.4mn

b) net profit in 2012 rose 96% to $56.7mn

c) EPS for 2012 is 10.2 cents while its NAV per share as at Dec 31, 2012 was 50.7 cents

d) company has declared a final dividend of 1 cent and a bonus dividend of 0.6 cents

e) gearing ratio is 1.1 times

f) the 2012 performance can be largely attributed to a 41% recognition of the Laurels

g) Sing Holdings expects to recognise the balance of the Laurels in 2013.


I added Sing Holdings to my Stock Picks in February 2010 and had estimated then that its NAV per share would be $0.66.  Its taken almost three years for the market to recognise this value as Sing progressively recognises the profits from Laurels.  

The balance 30% of Laurels will be recognised in 2013.  Beyond that Sing Holdings will have to rely on its two landbanks in Robin and its recently announced EC project in Punggol to drive earnings and NAV.

I am happy about the increase in total dividend for 2012 to 1.6 cents but informed management that they could and should have paid more - say 2 cents to give shareholders a yield of above 5%.  Investors should also note that the major shareholder has been buying its own shares since the FY2012 results release.

I still like Sing Holdings and it remains a Stock Pick.  I have however raised my price target even higher because of its two new landbanks.  Look up my Stock Picks section for my new and higher price target.

Recent story: XMH, SING HOLDINGS: Latest happenings



You may also be interested in:

You have no rights to post comments

Counter NameLastChange
AEM Holdings2.650-0.080
Avi-Tech Electronics0.265-
Best World1.700-0.120
Broadway Ind0.087-0.002
China Sunsine0.385-
Delfi Limited0.955-0.075
Food Empire1.430-0.020
Fortress Minerals0.2700.005
Geo Energy Res0.335-0.055
GSS Energy0.027-0.002
Hong Leong Finance2.480-0.010
Hongkong Land (USD)3.2800.020
ISDN Holdings0.330-0.010
IX Biopharma0.041-
Jiutian Chemical0.025-
KSH Holdings0.250-
Leader Env0.052-
Medtecs Intl0.133-0.001
Nordic Group0.340-0.010
Oxley Holdings0.0910.001
REX International0.1230.002
Sinostar PEC0.1420.004
Southern Alliance Mining0.600-
Straco Corp.0.515-
Sunpower Group0.2250.005
The Trendlines0.083-0.001
Totm Technologies0.024-0.001
Uni-Asia Group0.8500.010
Wilmar Intl3.340-0.020
Yangzijiang Shipbldg1.7400.070

We have 2381 guests and no members online

rss_2 NextInsight - Latest News