Sing Holdings, one of my newer Stock Picks released its 2009 results last Friday. There were no major surprises in the numbers but the company did give an update on its project in Cairnhill - The Laurels".
2009 results take-aways:
a) revenue in 2009 rose 243.6% to S$71.03mn
b) net profit was S$7.24mn up 426.6% from 2008 with S$3.0mn being recorded in Q4-2009
c) company is proposing a final dividend of 0.7 cents
e) 2009 EPS = 1.61 cents giving a 2009 PER of 25.0
f) NTA was 34.9 cents
Update on the Laurels:
Project to be launched in Q1-2010 (ie before the end of this month).
Project comprises 229 units of 1, 2, 3 and 4 bedroom with 4 penthouses with sizes of 549 sq feet to 1819 sq ft while the Penthouses have sizes of 3853 to 4833 sq ft.
Total sellable area is 253,000 sq ft.
Very much inline with my expectations - the only thing left is the price......I am still sticking to S$2800 psf selling price which if correct will lead to a rerating of the share. This was the main reason behind its inclusion as one of my stock picks.
Continue to build landbank
Sing also announced its intention to rebuild its landbank.
So no change in my view and recommendation (including price target) - please refer to earlier Blog.
