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SC Global
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Pinnacle
Master |
15-Nov-2007 18:18
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DBS Vickers - Undemanding valuation Buy (Upgrade from Hold); S$2.50; Price Target : 12-Month S$ 3.19 (Prev S$2.98) Story: Revenue grew 4% y-o-y to S$30.0m mainly due to the recognition of revenue from residential developments, The Tomlinson, The Boulevard Residence and The Lincoln Modern. Net profit grew from S$0.9m in 3Q06 to S$4.3m in 3Q07. Point: SC Global has continued to surprise on the upside for its recent launch of the development, Hilltops which fetched an average selling price (ASP) of S$3,900psf for the 28 units sold. However, with the recent government measures to dampen the booming residential property market, we expect slower future landbank accumulation and limited upside to our valuation. Relevance: We have adjusted our RNAV to S$3.99 due to (i) post adjustments for the sub-division of every ordinary share into two ordinary shares and script dividend scheme and (ii) higher assumed ASP for Hilltops to S$3,900psf. With a target price of S$3.19 (at a discount of 20% to RNAV), an upside of 28% still remains. Hence, we are upgrading our recommendation from Hold to Buy. |
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mikewb21
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15-Nov-2007 18:07
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Thanks tiandi, appreciate your help | ||||||||||||||||||
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Pinnacle
Master |
15-Nov-2007 01:27
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OCBC - Where's a likely bottom? - SC Global (SCG) broke out of its wedge pattern some weeks back. This was followed by a break below the 200-day moving average on 1 Nov. - A likely bottom could be found close to the support at S$4.20, which was a consolidation level between Jan and Feb 07. This is also in proximity to the long-term uptrend line. - Given the extent of the sell off experienced by SCG over the last few months, we view the downside being fairly limited at this juncture, evident from the stochastic indicator which have been trading within the oversold regions for some time now and is exhibiting a positive divergence. - Yesterday's reversal candlestick formation, if it is confirmed by a bullish signal today, suggests that we should witness a rebound unfold over the next few days. Our immediate resistance is at S$5.50. |
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Pinnacle
Master |
15-Nov-2007 01:25
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UOB KH - 9MFY07: PATMI up 100% to S$20.6m excluding revaluation gains. Below expectation. The Group reported 9MFY07 PATMI of S$20.6m, up 100% over 9MFY06, while revenue rose 4% yoy to S$117.9m. The sales units in The Ladyhill, The Lilncoln Modern, The Boulevard Residence and The Tomlinson mainly contributed to the increase in revenue. The 9MFY07 PATMI is below our expectation representing 40.3% of our full year forecast and 54.6% of consensus full year estimates. The differences arise mainly from the assumptions on the earnings recognition from the Hilltops project. The Hilltops project is 12% sold at an ASP of S$3,900 psf and is expected to contribute to the earnings from FY08 onwards only. We have revised our earnings estimate accordingly. Withdrawl of deferred payment scheme poses further downside risk to the high end skewed portfolio. We had previously adopted a cautious stance on the high-end segment due to the effect of the sub-prime crisis on investor sentiment, huge upcoming supply, stricter en bloc regulations, tightening of loan approvals by banks, peaking land prices and implied selling prices. The recent demand side measure by the government on the withdrawal of the deferred payment scheme is expected to result in further correction across all sub segments. The correction is expected to be the maximum in the high end where the subsales form 22%-24% of all transactions warranting an even more cautious stance on high end. Downgrade to HOLD, target price lowered to S$5.55. We expect the Singapore property price increases to slow down over all and believe that the prices in the high end are peaking. We recommend switching to Keppel Land that has more regional exposure. Adopting a cautious stance for SC Global portfolio, which is heavily skewed towards the high end, we peg our target price at 20% discount to the revised FY08 RNAV of S$6.93. Downgrade to HOLD. Entry price is S$4.82. |
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Pinnacle
Master |
15-Nov-2007 00:58
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Phillip Securities Research - BUY Cheers to the Results 3Q Results. SC Global reported 3Q revenue of S$30.0m (+4% yoy) and net profit of S$4.3m (+366% yoy). The revenue comprised mainly the recognition of sales of the remaining units at the Tomlinson, as well as sales of units at The Boulevard Residence and The Lincoln Modern. Selling prices were also higher and resulted in impressive profits. Moreover, share of profits from AVJennings Limited, its associated company in Australia, was S$2.5m compared to a loss of S$0.6m in the corresponding quarter last year. FY 2007 Outlook. Management expects the Group to remain profitable for FY 2007. Its recent projects, The Marq on Paterson Hill and Hilltops, have received approval to offer Deferred Payment Scheme (DPS) and are not affected by the scrapping of the DPS with effect from 26 October 2007. Furthermore, it has acquired sites at Ardmore Park and Sentosa Cove in 3Q. It now has a prime land bank of over 1.1 million square feet of developable area. Maintain BUY recommendation and target price at S$4.04. SC Global remains a BUY for investors. It has positioned itself as the developer of high-end residential properties in Singapore. We expect high selling prices for its properties to be maintained despite the recent cooling measures by the government. |
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KiLrOy
Master |
14-Nov-2007 22:51
Yells: "I buy only what I can see." |
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So how do those invested in SC Global feeling now after the stock split? Shiok? Knowing that there is room for the stock to go up now? I bet you do. | ||||||||||||||||||
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tiandi
Senior |
14-Nov-2007 19:20
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mike since you bought on 9 Nov, settlement date is 14 Nov, and you already PAID. per their standard procedure, Book Closure date is tomorrow 15 Nov, 5pm . You should expect the CDP to credit to your account at 15 Nov night time You may read this information from SGX annoucement, its link is http://info.sgx.com/webcorannc.nsf/37e9d50ee377b2304825735f00233861/fc73d3b44fbdde05482573840039b6ee?OpenDocument You may like to know also that CDP provide free service on line internet access, if you already have this service, you can logon tomorrow night 15 Nov and you should find your CDP account would have twice the shares after the split. If you do not have this service and wish to have convenience of internet access, you can go to the links below , read and apply so that you can have convenience of checking your CDP account. http://www.cdp.com.sg/main/index.shtml http://www.cdp.com.sg/service/internet_access.html |
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mikewb21
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14-Nov-2007 18:45
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9/11/07 appreciate | ||||||||||||||||||
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tiandi
Senior |
14-Nov-2007 18:03
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mike, when did you BUY? have you check your CDP account? | ||||||||||||||||||
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mikewb21
Member |
14-Nov-2007 17:54
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if my due date is 14 nov, and i have paid up, do i get credited the bonus shares? | ||||||||||||||||||
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winsontkl
Elite |
13-Nov-2007 21:40
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Result is out, credible as usual.....can refer SGX website. Cheers. |
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tiandi
Senior |
13-Nov-2007 21:32
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Theresa, read announcement : today 13 Nov is ex date of the stock split, so a 5 dollar stock had become 2.5 dollar stock after 2:1 split, holders the share should already have their CDP account credited with 2 times the original number of shares.
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Theresa
Member |
13-Nov-2007 20:56
Yells: "I am still learning ......" |
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Does anyone out there knows what has happen to SC global? Price is now at $2.51, and only for buying in only. Thank you |
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joshconsultancy
Member |
01-Nov-2007 15:03
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hin all, does anyone know the 3quarter results for this posh babe? | ||||||||||||||||||
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solar2000
Member |
07-Oct-2007 15:34
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45+% upside to TP plus stock split... Nothing can stop this bull...Cheong ah!!! |
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solar2000
Member |
05-Oct-2007 12:44
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1) BT : Merrill gives SC Global $9.50 target SINGAPORE - Merrill Lynch has initiated coverage of property firm SC Global Developments with a 'buy' rating and a price target of $9.50. Merrill Lynch said the stock was undervalued but could appreciate further when SC Global launches two of its residential projects in the coming six months. -- REUTERS 2) SC Global Board has proposed a share split of 1 to 2 ... |
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mirage
Veteran |
26-Jul-2007 00:02
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Quotes: From BT
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mirage
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25-Jul-2007 23:57
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Quotes: From: BT
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lighthouse
Member |
25-Jul-2007 22:44
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any target after obtaining the sentosa site? |
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dinola
Member |
13-Jul-2007 20:08
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UOB KayHian on 9Jul issued a Buy call on SC with tgt price $8.14. More and more are paying attention! |
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