Latest Forum Topics / Stamford Land Last:0.37 -- | Post Reply |
Time for Re Rating?
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shplayer
Elite |
24-Mar-2008 10:11
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At current price of 53.5c, its still trading at >50% disc to its 'market' NAV. If you consider what OCK has done for Spore Ship a couple of years ago, he sold almost his entire fleet at its peak....when container rates were the highest and cost of new builds were did not judtify the ROI. A year later, he sold off the logistic portion of Cougar ....reaping good gains. In the recent news report on the aborted Stamford Land deal, he was quoted as saying he's reluctant to sell cos of his 'passion' for the hotels. This could be part of his 'wayang' to extract a higher price - willing buyer; reluctant seller. Also, as a shrewd businessman, I don't think he would have rejected the exclusivity extension if he did not think he could get a better deal from the buyer or others. Note - The rejection of the extension of exclusivity does not mean discussion with the buyer has ceased........it means STL can talk to any interested buyer/s.....which can only benefit the company. I declare I am vested.....so my views may be slanted towards optimism......so do take care with your investment decision. |
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lausk22
Veteran |
24-Mar-2008 09:38
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Got a boost from the reported aborted sale of the hotel assets. Looking good. | ||
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DeepThoughts
Member |
21-Mar-2008 21:20
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Do not under estimate the deal making ability of OCK. Sometime ago, he sold off most of his ships at S'pore Shipping due to the shortage of ships in operation and increase in shipping rates. Creating a few hundred millions for shareholders. Why did he publicise the company's rejection of the deal even though the propective buyer has asked for extension and also paying $1.5mil?? Why the company did not announce the Exclusive Deal with the buyer then? This counter has been generally ignored by many investors. Such FREE publicity campaign will greatly increase the awareness by investors and potential more buyers for his hotels. Can't wait to see the action on Monday ...... |
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shplayer
Elite |
21-Mar-2008 20:20
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If the deal was done on 31 Dec 2007, it would have raised the NAV of SLC to $1.16. FYI |
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shplayer
Elite |
21-Mar-2008 14:13
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CC, Its not that OCK does not want to revalue the hotels....but rather the Aussie and Kiwi accounting rules does not provide for it. The $1.5m fees is peanuts (or should I say two and a half peanuts) compared to the revaluation. But, all peanuts are welcome. By not extending the exclusivity, it would seem that OCK may have turned his back on a very good deal. But, knowing how shrewd he is, he is probably playing hard to get to squeeze a better deal for shareholders. If only we had him running our SWF......Spore will be much better off......sigh!!!! |
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ChinChye
Member |
21-Mar-2008 11:49
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HeeHee.. Ya Stamdford Land... ROCKS!!!! But better dont attract too high vol that it goes up to Top 20 counters.. else play down by BB... let it go up slow and steady.. and QUIETLY!! Heehee... Shhhh.... At last we see the real valuation of Stamdford property.. This chairman dont want to revalue his property.. PPle revalue for him.. FOC!! Keke.. plus $1.5m from buyer for the due diligence cost... Clever... Haha.. |
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shplayer
Elite |
21-Mar-2008 09:38
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BINGO.........now we get a feel of the real market value of the hotel portfolio. At AUD850m for the hotel portfolio, it translates to approx S$1.21 per share.....so NAV is more than this....Co. still has their property development assets. http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_2DDE6D45B7997858482574120040B1C1/$file/SLC_Announcement_20032008.pdf?openelement VALUE INVESTING ROCKS!!!! :-) :-) |
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DeepThoughts
Member |
20-Mar-2008 23:19
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company rejects offer of AUD 850million for their hotel portfolio!! More than twice their book value!! Moreover, company receives $1.5m from buyer for the due diligence cost. What does it suggest? I think mgmt feels that their hotel portfolio is worth more than the offer. Buyer willingly pays for the due diligence cost despite rejection from mgmt. Expect much interest in this counter next week. |
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shplayer
Elite |
20-Mar-2008 09:16
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ChinChye, Don't think the appeal will affect the FY08 result cos it was not taken into account in the Q3 financials. By not having to pay A$11m (S$14m) in additional tax translates to approx 1.6c per share. Upside???? Hey, in today's market, don't think anyone will make a prediction......will be happy if there is no price drop. |
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ChinChye
Member |
19-Mar-2008 23:38
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Ok, whats the upside of successful appeal? can share ur views?? | ||
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shplayer
Elite |
19-Mar-2008 13:44
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Announcement by SLL.....good news.......won appeal against A$11m (approx S$14m) tax. http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_2236A59CB4E87ED448257410003AAE8A/$file/Update_on_Tax_Appeal.pdf?openelement |
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shplayer
Elite |
19-Mar-2008 00:08
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Yep, patience is the name of the game with SLL. I continue to accumulate on dips.....but have also sold off portions to take profit on strong rises. Yields have always justified holding this counter vs bank FD or CPF. |
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DeepThoughts
Member |
18-Mar-2008 23:29
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Thanks for the info. been investing in this counter since HSH days. make some money from SSC's share price increase and dvnd... and Cougar also. I have my most respect to OCK. He has successfully transformed a family runned shipping business to what it is today with 3 listed companies each having a distinct business focus. I don't see much upside on SSC and Cougar due to their relatively small operation in each of their domain unless they are being sold. I see that both SSC and Cougar may be target for acquisition by bigger players. However, the jewel in OCK's porfolio now is Stamford Ld which he has been nurturing it for more than 10 years. NAV is well above the current share price. The company has not re-value their hotel assets which were bought at well below current market prices. I find this counter with much potential similar to Ascott when it was trading at around 80 cts before it reiting. |
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shplayer
Elite |
18-Mar-2008 21:30
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Eversince it was split from Hai Sun Hup into SSC (Spore Ship) and SLL in 2000, SLL has only paid final divvy. This is the first time they have paid interim divvy........I concur with you that it is a sign of management's confidence for FY08 results. Because of Aussie and Kiwi accounting policies, developers can only book revenues and profits when our equivalent of TOP is secured. Furthermore, they are also required to expense S&A (Sales & Advertising) costs up front. As such, profits can be quite lumpy from property development. Currently, estimated completion of major developments are as follows:
FYI |
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DeepThoughts
Member |
18-Mar-2008 21:07
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been tracking this counter for many years. this company either pay dividends in mid year or full full result announcement. This time round, they declare dvd in Q3 instead of Q2. This shows that the mgmt is very confident of their full year results. Mgmt is also very shrewd from the booking of profits from property developments which they have cleverly timed their completion for the next few years. Expect the company to continue to announce better earnings report from Property Development and Hotel Management over the next few years. |
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shplayer
Elite |
18-Mar-2008 08:57
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FY08 year end is 31 Mar 08.........Co already declared interim divvy of 1.5c in Q3 (31 Dec 07). Can expect final divvy with YE results. Watch out for booking of revenues/profits of new property developments in FY09. |
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DeepThoughts
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17-Mar-2008 22:12
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this counter is grossly undervalue and ignored. NTA reaching 60cts. Company announce they are looking into Reiting their hotels. Many of their hotels were bought long time ago at low prices. this counter has potential to hit $1 just like Ascott if they go for Reits |
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shplayer
Elite |
08-Jan-2008 23:54
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ChinChye, Nothing heard, except recent announcement that Tan Chin Nam is appointed independent director. TCN is currently PS Min of Information, Communication and Arts and Chmn of Media Development Authority. He was ex MD of EDB. He's generally regarded as a staid civil servant......so I don't think his appointment is the cause of the share price increase. Probably its due to the market realising that the stock has been oversold and undervalued? |
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ChinChye
Member |
08-Jan-2008 23:09
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Stock climbing up day by day... Higher vol these few days... Got news?? |
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shplayer
Elite |
29-Nov-2007 17:36
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BT 29 Nov 2007 Stamford Land in A$220m Sydney project
Site in The Rocks will have apartment tower, terrace homes, retail units
By CONRAD RAJ
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