Sing Holdings

Sing Holdings: The developer was featured in an unrated report by RHB, which calculated the group’s RNAV to be $0.69 per share.

Sing Holdings has an established track record in both investment and development properties spanning landed houses, apartments, office, industrial buildings, factories and warehouses.

Some of the its recent developments include residential projects such as Meyer Residence at Katong, BelleRive at Bukit Timah and The Laurels at Cairnhill. The group also developed industrial and commercial buildings such as BizTech Centre, EastGate in the East Coast area and Ocean Towers, a Grade-A office building in Shanghai.

On-going projects comprise Robin Residences, a condominium project at Robin Drive and Waterwoods, an EC development at Punggol Field Walk/Punggol East.

Sales at Waterwoods are progressing well, with about 91% of the project already sold, at an average price of $800 psf. The project is expected to TOP by end 2015, which will boost the group’s profit recognition.

Robin Residences has sold ~30% of its units, with a price range of $2,300-2,450 psf. The development is expected to TOP by 1Q16, which coincides with the opening of the Stevens MRT station along the Downtown Line. Given the strong site attributes, management remains confident that the project will be able to sell well and generate healthy margins.

With expected profit recognition from the residential projects, Sing Holdings is expected to post an earnings turnaround in 2015/16 versus a net loss in 2014. Management also intends to reward shareholders with higher dividends should the expected uptick in earnings materialise.

At the current price, Sing Holdings trades at hefty 40% and 52% discounts to its books value and RNAV.