Sing Holdings

Sing Holdings: NRA Capital Raises TP on co. Note that house had added Sing Holdings to its Stock Picks in Feb10 and had estimated then that its NAV per share would be $0.66. Its taken almost three yrs 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. House happy about the increase in total div for 2012 to 1.6c but informed mgt that they could and should have paid more - say 2c to give shareholders a yield of above 5%. Investors should also note that the major shareholder has been buying its own shares since the FY12 results release. Still like Sing Holdings and it remains a Stock Pick. House raise TP even higher because of its two new landbanks. Look up my Stock Picks section for my new and higher price target.