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The Edge: Articles on selected Singapore developers

The Edge: Articles on selected Singapore developers

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Published by The Pariah
Summary highlights followed by full reproduction of articles announcing financial results, Oct 2009-Aug 2010
Summary highlights followed by full reproduction of articles announcing financial results, Oct 2009-Aug 2010

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Published by: The Pariah on Nov 13, 2010
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12/01/2010

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The Edge ± Full reproductions
compiled by The Pariah, 11 Nov 2010
Random picks
of 9 public listed Singapore companies to document the corporate disclosures that
span aspectrum
of new and entrenched en bloc buyers over past year, high-end and mass market players, smalland big developers, some more diversified than others in business focus. Whilst there are
multi-factorial justifications
(accounting treatment of fair value gains by different companies, contributions from non-enbloc redevelopment, hot money inflows, etc), I trust the
enormity and obscenity of such numbers
will notbe lost upon you, especially when
contextualized against the time-scale
(eg, the Great Recession in2008/09, the S$2.5bn Resilience Package in 2009/10, etc) set out in my blog posting on 13 Nov 2010.
 _____________________________________________________________________________ 
Summary points for the 9 companies selected as random picks:
(a) Allgreen
 02-11-09: "revenue increasing by
159%
, profit before taxation for 3Q 2009 improved significantly by
126%
" 28-04-10: "19.56% rise in net profit ... for the first quarter. Revenue rose
93.15%
" 03-05-10: "20% y-o-y growth in 1Q net profit to $34.9 million, with revenue nearly
doubling
" 
(b) City Developments
 25-02-10: "profit after tax and minority interests (PATMI) increased by
76.7%
...
 
in Q4 2009" 01-03-10: "the year was also a record one of sorts, as it achieved its
highest-ever 
full-year revenue ... andthe
second-highest-ever 
net profit"12-05-10: "
68%
rise in first quarter net profit"
(c) Heeton Holdings
 24-02-10: "
144%
surge in net profit ... for the financial year ended 31 December 2009"01-03-10: "
144%
surge in net profit ... for FY2009 ... revenue rose
27%
y-o-y"16-08-10: "net profit ... for 2Q2010, up
11.7%
y-o-y, while revenue was up
29.7%
"
(d) Ho Bee Group
 12-11-09: "record net profit after tax and minority interestss ... for nine months ended 30 September 2009,up
259%
; group turnover ...
quadrupled
to hit a new high ... up
302%
; turnover and attributable profit haveexceeded what it had achieved in its previous record-breaking year of the whole of FY 2007; revenueromthe group¶s property development in the first nine months of 2009 swelled to an
all-time high
of $1.04billion, an increase of 
326%
" 16-11-09: "revenue for 3Q2009 ended Sept 30
quadruple
d to $209.2 million y-o-y;profit before tax andminority interests jumped
382%
; profit attributable to shareholders registered a significant
431%
jump" 12-02-10: "net profit after tax and minority interest ...for the full year ended Dec 31 2009, up
262%
; recordrevenue which quadrupled ... an increase of 
284%
"29-04-10: "net profit after tax and minority interest for the first quarter ended 31 March 2010 ... up
12%
; ...
458%
rise in share of profit of jointly-controlled entities"
(e) SC Global
 01-03-10: "
28%
increase in net profit ... for 2009"13-08-10: "nearly
tripled
its net profit ... for the half year ended 30 June 2010; net profit for the secondquarter ... was
five times
the net profit for the same period last year"23-08-10: "
417.9%
y-o-y surge in net profit for 2Q; revenue in the same period was up
18.2%
"
(f) Sim Lian Group
 15-02-10: "net profit for 2Q2010 ended Dec 31, 2009 surged
220%
y-o-y" 25-08-10: "full-year profit before income tax ... in FY2010
141%
higher than ... FY2009" 30-08-10: "posted a
173%
y-o-y jump in net profit ... for FY2010"
(g) Tee International
 08-01-10: "net profit attributable for the six months ended Nov 30, 2009 (HY2010), rose
129.2%
"
 
22-07-10: "a
72.7%
rise in net profit after tax ... for the 12 months ended 31 May 2010 (FY2010)"
 
 
2
(h) UOL
23-02-10: "
188%
rise in net attributable profit ... for the financial year ended 31 December 2009 withrevenue crossing $1 billion
for the first time
; record turnover was led by the strong sales of residentialprojects; revenue from property development posted a
41%
increase"06-08-10: "net attributable profit of $147.8 million for the second quarter ended 30 June 2010; for the firstsix months in 2010, its net attributable profit excluding fair value and other gains rose
43%
; improvedresults in 2Q10 came on the back of a
50%
rise in gross revenue"16-08-10: "net attributable profit of $147.8 million for 2Q2010; the net attributable profit excluding fair valueand other gains rose
36%
y-o-y ; revenue was up
50%
"
(i) Wing Tai Holdings
 05-02-10: "net profit attributable to shareholders for the half year ended Dec 31 2009 increased 28%; grouprevenue increased by
101%
; group¶s operating profit ... an increase of 
123%
"
 
13-05-10: "group revenue increased
91%
... in the nine months ended 31 March 2009; operatingprofit ... an increase of 
81%
" 23-08-10: "net profit of $68.92 million for the fourth quarter ended June 30, 2010 (4Q2010); revenue for thethree months was up
17%
y-o-y; net profit for the full year ended June 30 (FY2010) rose to $160.75 millionfrom $20.98 million a year ago. Revenue for the year rose
64%
" [Net profit rose 666% 
 ________________________________________________________________________________
 
1. Allgreen Properties
(A) Allgreen Properties posts 137% rise in 3Q net profit to $74 million, 2 Nov 2009
 Allgreen Properties says its
strong earnings for 3Q 2009 were primarily due to higher contributionfrom the property development segment, resulting in the
 
group¶s revenue increasing by 159%
to$293.1 million compared to 3Q 2008.The two main projects which contributed to the higher sales in 3Q 2009 were One Devonshire and Viva.The group¶s
profit before taxation for 3Q 2009 improved significantly by 126%
to $102.5 million over 3Q 2008. After taxation and minority interests, the profit attributable to the shareholders improved from $31.2 millionto $74 million.
(B) Allgreen posts 19.6% rise in net profit to $35m, 28 Apr 2010
 Allgreen Properties has posted a
19.56% rise in net profit to $34.95 million for the first quarter.Revenue rose 93.15%
to $155.94 million.The increase was mainly contributed by the development properties segment, with Holland Residencesand Viva contributing to the higher revenue. Holland Residences was launched in January this year whereas for Viva, more progressive billings were recognised.Trade receivables increased from $111.2 million as at 31 December 2009 to S$126.5 million as at 31March 2010 mainly due to billings raised for Cascadia and Viva under the deferred payment scheme aswell as amounts receivable under Sales and Purchase Agreements for Holland Residences.The decrease in trade payables was mainly due to payments to contractors and consultants of variousprojects and bonus payment to staff. As at 31 March 2010, the group's gearing was 0.31x with net borrowings at $830.1 million.
 
3
 
(C) Allgreen records $34.9 million net profit, 3 May 2010
 Allgreen Properties has reported a 20% y-o-y growth in 1Q net profit to $34.9 million, with
revenue nearlydoubling
to $155.9 million. The developer attributes the better numbers to sales of its two residentialprojects, Holland Residences (below) and Vista, during the quarter. Allgreen notes that despite government cooling measures, private property prices in 1Q still rose 5.1%.³This momentum appears sustainable going into 2Q, although price increases are likely to moderate. Weare positioned to launch a few projects,´ it says.
 
2. City Developments Ltd
(A) City Developments posts 77% rise in PATMI to $177m in Q4, 25 Feb 2010
City Developments Limited (CDL) says
attributable profit after tax and minority interests (PATMI)increased by 76.7% to $176.7 million (Q4 2008: $100.0 million) in Q4 2009
.The developer says strong organic growth from the property development segment boosted the group¶srevenue by 28.6% to $922.4 million (Q4 2008: $717.5 million).For the full year, City Developments posted a revenue of $3.27 billion (2008: $2.95 billion) and PATMI of $593.4 million (2008: $580.9 million).
The property development segment was the main contributor to the group¶s core earnings,contributing 70.7% and 65.5% to the group¶s profit before tax for Q4 2009 and full year 2009respectively.
 In 2009, the group sold a total of 1,508 residential units with sales revenue of $1.868 billion. This is a sharpcontrast when compared to the group¶s sales turnover of 368 units and sales revenue of $348 millionachieved in the whole of 2008. A healthy occupancy rate of 92.4% was achieved for the group¶s office portfolio as at 31 December 2009. Itexpects to maintain reasonably healthy occupancy due to already committed leases.City Developments says the group reduced its net gearing ratio from 48.0% in 2008 to 40% in 2009.The board has recommended a final ordinary dividend of 8 cents (2008: 7.5 cents) per share.
(B) CDL¶s 2009 net profit second-highest ever, 1 Mar 2010
City Developments Ltd (CDL), one of Singapore¶s largest developers, reported a 76.7% increase in netprofit to $176.7 million for 4Q. Revenue rose 28.6% to $922.4 million.
The year was also a record one of sorts, as it achieved its highest-ever full-year revenue
of $3.27 billion, versus $2.95 billion last year;
and the second-highest-ever net profit of $593.4 million
, from $580.9 million in 2008.CDL sold 1,508 residential units, generating sales of $1.868 billion ² a sharp increase from $348 millionearned from 368 units in 2008. This year, the company is getting ready to launch nearly 1,500 units at TheResidences at W Singapore Sentosa Cove and a condominium development each at Chestnut Avenue, Pasir Ris and Thomson Road.CDL achieved 92.4% occupancy rate for its office portfolio as at end-2009. The South Beach project,earlier held back, is on the cards again. The project will start next year and be completed in 2016.
(C) Singapore¶s City Developments Q1 net profit rises 68%, 12 May 2010
City Developments (CTDM.SI), Southeast Asia¶s second largest property firm,
posted a 68% rise in firstquarter net profit due to strong home sales in Singapore
and higher contributions from its global hoteloperations.CityDev, the major shareholder of London-listed Millennium & Copthorne (MLC.C), said on Wednesday its
net profit rose to $139 million in the three months ended March
 
from $83 million a year ago.
 ³The remarkable showing in residential sales volume during Q1 2010 is likely to remain in a reasonablybuoyant condition over the next few months,´ the Singapore company said in a statement.

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