Latest Forum Topics / TCIL HKD Last:1.3 -0.03 | Post Reply |
tan chong means "waiting to cheong" ??? :-)
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spurs88
Senior |
26-Jun-2007 09:35
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KimEng targets HK$3.64 this morning! Property in Bukit Timah!!!!!!!!!CHEONG AH!!!!!!!!!!! Get Behind The Wheel BUY Company Update Analyst: CHAN Choon Jit chanchoonjit@kimeng.com (65) 6432 1449 Price HK$2.725 Target HK$3.640 ST Index 3,580.33 Historical Chart Performance 1m 3m 6m Absolute (%) Relative (%) Stock Information Ticker code TCIL.SI TCI SP Market Cap (US$m) 702.5 52-week high ($) 52-week low ($) Shares issued (m) 2013.3 6m avg. daily vol (US$m) ♦ Benchmarking redevelopment profits against The CascadiaWe earlier highlighted the high probability that Tan Chong International Ltd (TCIL) would redevelop one of its investment properties ? The Wilby Residence, together with its Tan Chong Motor Centre (TCMC), which is currently being used in TCIL?s automobile business. Our estimated redevelopment profits based on an ASP of S$1000 psf was S$77.4m (HK$0.20 per share). Allgreen?s soon-to-be launched freehold project ? The Cascadia, situated just beside TCMC is expected to be launched at an ASP of S$1200-1300 psf. Benchmarking against The Cascadia and assuming an ASP of S$1250 psf for the combined redevelopment, we have raised our estimated redevelopment profits to S$184.9m (HK$0.47 per share). ♦ Bukit Timah could be the new prime districtAnecdotal evidence suggests that the price surge in the high-end property market is spilling over to the middle-range Bukit Timah area. This area is in a prime location as it is in close proximity to the Central Business District, Orchard Road and prestigious educational institutions. Caveats lodged of The Tessarina, a condominium which is also located beside TCMC, showed that its ASP has increased from about S$900 psf in January 2007 to S$1000 psf in May 2007. ♦ Change of key investor may trigger renewed interestGuoco Group (Guoco) holds an 11.02% stake in TCIL. We therefore see the possibility that Guoco?s significant stake in TCIL will attract the attention of other property developers interested in TCIL?s property development business. TCIL?s investment properties stable include The Wilby Residence, Wilby Central and the Oasis@Mulberry. From Guoco?s perspective, it stands to make a sizeable profit from a divestment. Guoco?s stake in TCIL was built up in 2005 and 2006 when TCIL?s share price failed to trade above HK$2.00. ♦ Hiking target price to HK$3.37The revision of ASP for the combined redevelopment resulted in an increase in redevelopment profit of HK$0.27 per share. We are therefore raising our
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sim_ke
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04-May-2007 22:24
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anyone in TCIL recently? congrat to those whom did. see some serious move today which is really good! |
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