Proposes a final cash dividend of 0.3 Singapore cent per share for FY2018, representing 40.0% of the year’s net attributable profit
Strengthens balance sheet with cash and cash equivalents of S$194.0 million as at 31 March 2018
Well-positioned to capitalise on the recovering property sector in Singapore with the recent land acquisitions
NAV of 15.22 cents.
EPS of 1.097 cents
PE of 9.5x
Yield of 3.1%
Looks quite attractive.
Not a call to buy or sell.
Please do your own due diligence.
SINGAPORE - 24 May 2018 - SGX-listed SingHaiyi Group Ltd. (“SingHaiyi” or the “Group”), a fastgrowing, diversified real estate company focused on property development, real estate investment and property management services, today announced higher revenue for the financial year ended 31 March 2018 (“FY2018”).
Group Managing Director Mrs Celine Tang said, “The strong growth in the Group’s revenue during the year stands as a testament to the strong demand for our EC project, The Vales. Our focus on quality property developments over the years has helped us to establish a strong reputation in the market and won us the confidence of homebuyers who have bought homes from us. We will continue to place a premium on building quality and affordable developments that cater to the demands of the market.
“Moreover, our continued efforts to maximise efficiency in our operations have also paid off as the Group recorded higher net profit during the year. This was despite the absence of a one-off disposal gain of S$30.5 million from the divestment of the Group’s 20.0% interest in TripleOne Somerset in FY2017, as well as a share of loss from equity accounted investees of S$1.3 million that was mainly due to the Group’s interest in ARA Harmony Fund III.”
Cash on hand
During the year, the Group strengthened its balance sheet with cash and cash equivalents of S$194.0 million as at 31 March 2018, up from S$51.7 million as at 31 March 2017, while gearing ratio stands at a healthy 30.9%, down from 54.1% a year ago.
To reward shareholders, the Board has proposed a final one-tier tax exempt dividend of 0.3 Singapore cent, which represents 40.0% of FY2018’s net attributable profit.
Mrs Celine Tang said, “FY2018 has been a year of many achievements for SingHaiyi starting with our transfer from the Catalist to the Mainboard of the SGX-ST in May 2017, which is a validation of our hard work and successful growth strategy. We also ramped up our presence in Singapore with the expansion of our land bank which has put us among the top 4 developers in Singapore in terms of landbank inventory1 ,while our US properties are in the midst of transformations that we believe will lay the groundwork for their future success. Meanwhile, we also strengthened our geographic exposure and income stability via a strategic investment in Australia’s Cromwell Property Group. These initiatives place SingHaiyi in a strong strategic position to grow and we look forward to reaping the fruits of our labour in time to come.”
Looking ahead, the Group is well-positioned to capitalise on the recovering property sector in Singapore, given its recent land acquisitions. In the US, the Group will continue to focus on delivering its pipeline of development projects against the backdrop of a stable real estate market.
quote : http://infopub.sgx.com/FileOpen/SHG_Press_Release_FY2018.ashx?App=Announcement&FileID=507332
About SingHaiyi Group Ltd.
SingHaiyi Group Ltd. (“SingHaiyi” or the “Group”) is a fast growing, diversified company focused on property development, investment and management services. With strategic support from its major shareholders, the Group is led by a board and management team, including esteemed businessmen Mr Gordon Tang and Mr Neil Bush, which has deep insights and strong connections that enable access to unique and rare investment opportunities. Apart from an established track record in residential property development, the Group also holds a diversified portfolio of income-generative assets in the commercial and retail sectors, with geographical reach into the US and widening exposure in Asia.
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