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OCBC starts Soilbuild at Buy with $1.20 fair value. Expects developer to turn in strong performance in FY08, underpinned by $459 m worth of yet-to-be recognized development revenue. Says 3 more residential projects left for launch, should extend earnings visibility till FY11. Notes increase in rental income from business space will be able to cushion lumpy earnings from development property segment. Company has 3.3 m sq ft of business space to be completed by FY10.
| Date & Time of Broadcast |
02-Jun-2008 19:16:19 |
http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_143C562AAFF331F24825745C003D34D7/$file/Soilbuild.Tanjong.Kling.02062008.pdf?openelement
Soilbuild’s Latest JTC Award of
Tanjong Kling Enhances
Group’s Position as a Leading
Business Space Developer
• Additional 1.4 million sq ft will take the Group’s
• Growing recurrent income stream in line with
strategy to drive a progressive dividend policy
and future growth
business space in the pipeline 70% higher to 3.3
million sq ft
The Board of Directors of Soilbuild Group Holdings Ltd (the ?Company?) is pleased to announce that all resolutions as set out in the Notice of Extraordinary General Meeting dated 3 October 2007 have been duly passed at the Extraordinary General Meeting of the Company held on 26 October 2007.
Any one know what is the expected resultant price of the share if the buy back is done?
soilbuild is not as popular as lian beng or csc or bbr or yong nam, this 4 counter gain investor interest due to IRS project. Soilbuild is like koh brother, quiet even though they are in property and construction business. as you know,not many long term investor would like to invest money in a quiet counter, koh brother once upon a time was popular, now it cool down drastically, soilbuild is worst than koh brother, they do not have a chance to become popular. if you had vest in soibuild, i htink you would not like my comment.
Another neglected property counter.
0743 GMT [Dow Jones] Soilbuild (T94.SG) +0.8% at S$1.32, extending largely gradual, sustained climb since bottoming out at S$1 on Aug. 17. On charts, Bollinger Bands show share price has moved away from oversold levels, but rise over past few sessions not accompanied by strong volume, suggesting stock's climb can be easily reversed. Also, MACD still indicating downward momentum. Technicals-aside, SIAS Research, which has S$1.80 target, says Soilbuild worth buying given strong demand for its residential projects (85% of its current 5 ongoing projects already sold), with 3 more developments and 2 business projects in pipeline.
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Soilbuild to develop SME factories in Tuas
$68m to be invested in development to be completed next year
By JANICE HENG
PROPERTY developer Soilbuild Group Holdings has been awarded the development of a business space at Tuas Crescent, for small and medium enterprises in the engineering, oil and gas supporting industries, and marine clusters nearby.
The 69,031-square-metre site is on a 43-year lease. It will be developed into 15 units of factories, with an estimated net lettable area of 700,000 square feet.
Total investment cost is estimated at $68 million. Soilbuild does not expect any material financial impact on its consolidated net tangible assets per share and consolidated earnings per share for the year ended Dec 31, 2007.
The request-for-proposal was launched by JTC Corporation in June.
Soilbuild executive director Low Soon Sim said: 'With the robust economic growth, Tuas is an area that is growing and there is a demand for medium-sized production space especially from the vibrant engineering, supporting oil and gas, and marine clusters.'
The development is set for completion in 2008. It will be built as three clusters of two-storey factories with units ranging from 3,200 square metres to 4,055 square metres. Up to four units can be combined.
The units are designed to be ecologically friendly. Generous ventilation and natural lighting aim to reduce electrical consumption. Other features include LED lighting and motion detectors in some areas, and water system auto sensors and regulators.
Previous awards that Soilbuild has secured from JTC include the Kranji Linc and Senoko Food Connection terrace factories for SMEs. It is also developing a site at Penjuru Road for logistics and warehousing businesses, with expected completion next year
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It expects commercial and industrial property development to account
for about 40% of profit and revenue by 2012, from 20-30% now, due to strong demand for office and factory space.
A shortage of office space in Central Business District should boost demand for Soilbuild's industrial and commercial buildings, CFO Then Chee Tat told Reuters in an interview on Wednesday.
"The next wave of demand will come from this sector," he said. "There's a lack of supply and the overflow of demand would have to be met immediately" for offices and industrial space.
Soilbuild, which mainly develops upmarket condominiums in the prime areas, started building factories and commercial properties in 2005, largely because of the faster turnaround time on these properties.
Then said that in general, it only takes about one to two years from the start of construction to the sale of units for an industrial property, compared with three years in the residential sector.
"The firm will generate a recurrent cash flow stream from the development profits of the industrial and commercial properties," he said.
Moray Armstrong, executive director of office services in CB Richard Ellis, said in a statement that "the tight availability situation is expected to persist for another three years."
Then also said the firm hopes to expand outside Singapore -- in countries including Vietnam, India and China -- and generate about one third of revenues from overseas within five years.
Soilbuild, which started off as a construction firm in 1976, branched out into the Singapore property market in 1982. The developer is still looking for more sites where it can build its freehold residential projects, as it hopes to benefit from a booming real estate market.
Soilbuild focuses on medium-sized projects consisting of an average of 50-150 units -- smaller than those built by property giants.
"A mid-sized plot offers us an opportunity to have high-margin returns and competition for land in mid-sized plots tends to be less intense," Then said.
Soilbuild has developed 61 properties since 1982 and plans to launch four more residential projects by the end of this year.
Then said that the firm keeps its sales cycles short, so it can cover its initial capital quickly from the sale of its units, and does not have "passive landbanks." "Having a landbank ties up too much of capital, reduces our return on equity, and reduces our resilience to property cycles," he said.
Soilbuild's share price has soared 181% in the past six months, making it the best performer in the Singapore property index.
"The share price has reached its fair value and the upside is quite limited now," Phillip Securities analyst Clement Ong said.
Analysts say small-cap property stocks such as Soilbuild are now favoured by investors as they have cheaper valuations than the blue-chip property stocks.
"The top first-liners have hit or are close to their valuations, whereas these smaller ones seem relatively undervalued," BNP Paribas analyst Kok Ken-Ji said.
Hi YongJiu, seriously I not very sure but my guess is that there are a lots of forumers (about 80%, maybe?) who are well-versed in both TA & FA. Anyway, be it TA or FA, there are also lots of "different citerias" being applied. Some used this combinations of indicators, some used the other and blah blah blah. For FA, I think some people looks out for good management people only and blah blah again. Just hope that I am able to learn and absorb as much as I can from this forum. Anyway, good luck to your investing.
Hi rogue_trader, thanks for your TA point of view.
btw I found out that most of the forumer here are TA and less favour to FA? am I right?
Volumes very low, although Bollinger Bands show strengths of uptrend, but convergence spotted in both A/D & Chaikin.
hi,
any one dare to go in at this price?
wah... bsiong... you're the MAN!
Listing And Quotation Of New Ordinary Shares Pursuant To The Recently Completed Rights Issuehttp://www.listedcompany.com/ir/soilbuild/newsroom/newsroom.cgi?action=view_news&id=51
