OVERVIEW:
Incorporated in 1967, the group is one of the pioneer property developers in Singapore. The principal activities are property development and investment. Over half a century, it has built many Singapore's renowned and established residential developments comprising landed homes, private condominiums and apartments, such as Skylines, Luxus Hills, etc.
HIGHLIGHTS:
[1] Latest results saw last 9 months gross profit down 23% year on year, due to lower sales revenue.
[2] Upcoming properties includes St Thomas Walk, Paterson Collection, Watercove, and Luxus Hills Phase 8.
[3] Holding cash ~ $383m, without borrowing, so gearing is 0
INVESTMENT THEMES:
[1] 9M2017 earning per shares - 0.27 || Book Value - 4.92 || Dividend per shares ~ 0.33
Last trading price, 6.06 translates to PE ~ 17, PB~ 1.2, dividend ~ 5.5%. In fact the dividend yield is one of the highest among developer.
[2] Property counters caught attention of market following recent privatization trend as well as tweak in property cooling measure.
http://www.straitstimes.com/business/property/all-abuzz-over-landlord-king-as-shares-jump-8
http://www.straitstimes.com/business/property/cooling-measure-tweaks-could-inject-some-optimism
PRICE TREND:
The counter saw surging buying volume on early March. Price entered correction phase meantime. Dividend yield is attractive > 5.2% at price below 6.4. Shall buying interest continue, the counter could try to break up from 6.4 again.
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