Wednesday, February 28, 2018

Ho Bee Land - FY17 Results & Review

Ho Bee has just released their full year results for FY17 which I'd do a quick review on.

Full year net profit for FY17 came in at $249.3m, which is about 15% year on year increase. This was broken down into operating profits of $72m, share of Shanghai JV associates profits of $99.3m and a fair value gain of $78.1m.



Rental income came in stronger this year at $147.4m, which is a slight growth from the previous year. Q4 rental income came in stronger at $37.7m, due to purchase of Lombard street during the financial year. If we annualize this, rental income would come in at about $150m per year.

I think we'll see a stronger rental income play in 2018 as the company continutes to gear up acquisition opportunities in the UK. There were rumors about 70 Mark Lane which they are bidding. If successful, this will be one of the big acquisitions for them.

Shares of profits from associates came in very strongly this year as well, which I highlight as a big bonus addition in my last previous post here.

It came in close to $100m for the year with distribution of dividends in cashflow coming in at $34m. This is most probably the reward where they dish out the special 2 cents dividends this year.

In terms of residential, there is guidance that seems to appear the company is ready to put their Sentosa properties back into the markets. This should boost the development properties with other recent launched hotcake Martin Modern more than 90% sold.

In terms of balance sheet, they've been gradually reducing their loans and gearings, and healthy ample cash of $97m to gear up another acquisitions.

I like what I see there.

Final dividends was recommended at 8 cents, which is a 30% increase from the previous year of 6 cents and they also dish out a special dividend this year at 2 cents, which brings the total dividend to 10 cents.

At 30 lots for me, that would be a decent $3,000 in my pocket by May. Looking forward to that.

Nav grows to $4.70, which is an exemplary case of one of the typical developer play with the highest ROE churn out. You can view my roe table here.

At current valuation, I think this is a severely undervalued play for one of the best developer listed here.

Thanks for reading.

If you like our articles, you may follow our Facebook Page here.

17 comments:

  1. Patiently waiting for Chua Thian Poh to privatise and delist it, in similar vein of Simon Cheong/SC Global. Highly illiquid stock and he is already closing in on the mandatory 75% offer after buying a large chunk in Dec 2017.

    ReplyDelete
    Replies
    1. Hi Jason

      I doubt he will privatize the company though, plus isnt the mandatory offer at 90% instead of 75%?

      Delete
    2. EDWARD JONES FINANCE IS THE BEST PLACE TO GET A LOAN {Jonesloanfinance@yahoo.com},
      God bless you sir, I will not stop telling the world about your kindness in my life, I am a single mum with kids to look after. My name is Emily Thomas and I am from Convention Center Drive, Miami Beach, FL . A couple of weeks ago My friend visited me and along our discussion she told me about EDWARD JONES FINANCE, that they can help me out of my financial situation, I never believed cause I have spend so much money on different loan lenders who did nothing other than running away with my money. I have been in a financial mess for the pass 7 months now, She advised I give it a try so I mailed him and explain all about my financial situation to him, he therefore took me through the loan process and gave me a loan of $390,000.00 at a very low interest rate of 2% and today I am a proud business owner and can now take good care of my kids, If you must contact any firm to get any amount of loan you need with a low interest rate of 2% and better repayment schedule, please contact EDWARD JONES FINANCE email:- {Jonesloanfinance@yahoo.com} OR Text +1(307) 217-5388

      ......

      Delete
    3. I'M NOW FULFILL FINANCIALLY BECAUSE OF THE LOAN I GOT FROM UPSTOX FUNDING INC.{ upstoxfunding@yahoo.com }

      I would like to bring this to the notice of the public about how i came in contact with Upstoxfunding INC after i lost my job and being denied loan by my bank and other financial institution due to my credit score. I could not pay my children's fees. I was behind on bills, about to be thrown out of the house due to my inability to pay my rent, It was during this period my kids were taken from me by foster care. Then i set out to seek for funds online where i lost $3,670 that i borrowed from friends which i was rip off by two online loan companies. Until i read about: ( upstoxfunding@yahoo.com ) somewhere on the internet, Still wasn't convince because of what i have been through until a relative of mine who is a clergy also told me about the ongoing loan scheme of Upstoxfunding at a very low interest rate of 2% and lovely repayment terms without penalty for default of payment. I have no choice than to also contact them which i did through text (302) 273-5794.That day was the best and greatest day of my life which can never be forgotten when i receive a credit alert of $124,000Usd loan amount i applied for. I utilized the loan effectively to pay up my debts and to start up a business and today i and my kids are so happy and fulfill. You can as well contact them through email: upstoxfunding@yahoo.com OR call or text their helpline: (302) 273-5794. Why am i doing this? I am doing this to save as many that are in need of a loan not to be victim of scams on the internet. Thanks and God bless you all, I'm Wendy Ryan from Arizona, United States.

      Delete
    4. NOW LIFE IS WORTH LIVING WITH THE HELP OF EDWARD JONES FINANCE

      Hello Every One, My Name is Trevor Cohen live in Texas and life is worth living comfortably for me and my family now. I really have never seen goodness shown to me this much in my life as i am a struggling Dad with three kids and i have been going through a serious problem as my son encountered a terrible accident last week, and the doctors states that he needs to undergo a delicate surgery for him to be able to walk again, and i could not afford the bill for his surgery then i went to the bank for a loan and they turn me down stating that credit score was bad, from there i run to my father and some of my freinds but they could not help, then when i was surfing through the net i came across a loan lender EDWARD JONES who provides loans at an affordable interest rate of 2% and i have been hearing about so many scams on the internet but at this time, in my desperate situation i had no choice than to give it a try and surprisingly it was all like a dream, i received a loan of $85,000.00 and i payed for my son surgery and thank GOD today he is okay and can walk. I could in turn start something profitable with the remaining amount and i said to my self that i will shout loud to the world of the wonders of GOD to me through this GOD fearing lender EDWARD JONES and i will advise anyone in genuine and serious need of loan to contact this GOD fearing Company via: Jonesloanfinance@yahoo.com

      Delete
  2. Hi B,

    Nice conviction on Ho Bee. I’ve been trying to chalk up more property developers for asset play from Guoco to FEO and Ho Bee had fallen into my watchlist for some time. I agree that the results we see here is pretty delicious and I love that the fact that it’s NAV is growing. At the price today, there’s a massive discount of 47% to it’s NAV and my itchy fingers is telling me something. It’s almost as good as using 50 cents to get a $1. This question comes only to ‘When’ this $1 will be given :p

    But I’ve promised to strap my fingers.... help!!!! Hahahaha!

    ReplyDelete
    Replies
    1. Hi Sleepydevil

      Haha since you already have Guoco and FEO I think maybe to add another developer would be overkill. But I likr Hobee a lot more than FEO. FEO under hotel development is a lot slower and lower roa play than commercial properties.

      Delete
  3. iirc, CTP has stated publicly that he has no intention to privatise HBL..
    having said that, things may change..

    ReplyDelete
    Replies
    1. Hi FC

      I agree.

      I doubt Chua will privatized the company. This is his only listed company vehicle, unlike conglomerate like UOL.

      Delete
  4. Nice summary B. Given how significantly undervalued you believe the company is, would you add more to your current holdings? Or have you set boundaries on how large your individual holdings in your portfolio should be?

    ReplyDelete

  5. I AM FINALLY FREE FROM FINANCIAL BONDAGE THANKS TO MOORE LOAN COMPANY (mooreloancompany@yahoo.com).

    Good day everyone,I can’t hide this great testimony that took place in my life I will love everyone to know it and be a partaker of this, that is why I want to share it to the whole world by placing this advert on classifieds, I am Mrs Karen Brown by name, I live in Chattanooga, Tennessee United State, I want to thank ROBBINSON MOORE for his kindness upon my family life, I never knew that there is still a sincere and trustworthy lender like this on the internet and on earth. Just some days I was in search for a loan of $ 100,000.00, As I was running out of money for feeding, School fees, My business was really going out of capital and my rent. I was scammed about $15,000.00 dollars and I decided not to involve my self in such business again. But a Friend of mine introduced me to a loan firm due to my appearance and doings and also my complains to her. And I told her that I am not interested in any loan deal anymore but she told me that there is still a sincere lender who she will recommend me to, And she gave me the details of this man who is called MOORE ROBBINSON. And I really put a trial and I am most greatful and lucky today, I was given a loan amount of $95,000,00 Dollars by this great firm MOORE LOAN COMPANY. If you are in need of a genuine, Sincere, durable and a truth worthy loan lender or financial assistance and also you know you can be reliable and trusted, capable of paying back at the due / duration time of the funds I will advice you to send your contact to them via email @[ mooreloancompany@yahoo.com] OR Test (414) 454-9493 . And you will be free from scams on the internet. Please I am begging everyone on earth to help me thank Mr ROBBINSON MOORE. And I will always being sharing this great surprise and testimony that happened in my life everyday to all that need loans. Contact them now if you are in need of a loan: AS THEY ARE EFFICIENT,DYNAMIC AND RELAIBLE.....Again there contact email [mooreloancompany@yahoo.com OR Text (414) 454-9493.
    .

    ReplyDelete
    Replies
    1. EDWARD JONES FINANCE IS THE BEST PLACE TO GET A LOAN {Jonesloanfinance@yahoo.com},
      God bless you sir, I will not stop telling the world about your kindness in my life, I am a single mum with kids to look after. My name is Emily Thomas and I am from Convention Center Drive, Miami Beach, FL . A couple of weeks ago My friend visited me and along our discussion she told me about EDWARD JONES FINANCE, that they can help me out of my financial situation, I never believed cause I have spend so much money on different loan lenders who did nothing other than running away with my money. I have been in a financial mess for the pass 7 months now, She advised I give it a try so I mailed him and explain all about my financial situation to him, he therefore took me through the loan process and gave me a loan of $390,000.00 at a very low interest rate of 2% and today I am a proud business owner and can now take good care of my kids, If you must contact any firm to get any amount of loan you need with a low interest rate of 2% and better repayment schedule, please contact EDWARD JONES FINANCE email:- {Jonesloanfinance@yahoo.com} OR Text +1(307) 217-5388

      ......

      Delete
  6. Thanks for your detailed post. I have been following your post for some time now. The best part of it is you provide great content in a continuous basis. Keep up the good work. Thanks.

    blockchain news
    bitcoin news

    ReplyDelete
  7. God Bless Edward Jones Loans for Helping Me In Time Of Need {Jonesloanfinance@yahoo.com}

    Good Day I am Vanessa Cowen from California and i have a broken up business, until i found this company who help me to gain a loan for business, and now i want to used this short medium to congratulate the company for the fast and safe funds they loan to me without any form of delay, i loan 180,000.00USD from the company at a very low interest rate of 2% to save my business and lots more. i first saw their mail on the internet, everyone always give testimony for what they did, so i quickly contacted them and they all did everything for me without stress and my funds was sent to my account within 24hrs, i was surprise and feel glad, now i now have a standard business control agent who help me, now i will advice those who need urgent loan to contact them now via email : {jonesloan,,finance@yahoo.com} OR Text him +1(307) 217-5388....

    ReplyDelete
  8. NOW LIFE IS WORTH LIVING WITH THE HELP OF EDWARD JONES FINANCE

    Hello Every One, My Name is Trevor Cohen live in Texas and life is worth living comfortably for me and my family now. I really have never seen goodness shown to me this much in my life as i am a struggling Dad with three kids and i have been going through a serious problem as my son encountered a terrible accident last week, and the doctors states that he needs to undergo a delicate surgery for him to be able to walk again, and i could not afford the bill for his surgery then i went to the bank for a loan and they turn me down stating that credit score was bad, from there i run to my father and some of my friends but they could not help, then when i was surfing through the net i came across a loan lender EDWARD JONES who provides loans at an affordable interest rate of 2% and i have been hearing about so many scams on the internet but at this time, in my desperate situation i had no choice than to give it a try and surprisingly it was all like a dream, i received a loan of $85,000.00 and i payed for my son surgery and thank GOD today he is okay and can walk. I could in turn start something profitable with the remaining amount and i said to my self that i will shout loud to the world of the wonders of GOD to me through this GOD fearing lender EDWARD JONES and i will advise anyone in genuine and serious need of loan to contact this GOD fearing Company via: Jonesloanfinance@yahoo.com

    ReplyDelete
  9. I AM FINALLY FREE FROM FINANCIAL BONDAGE THANKS TO MOORE LOAN COMPANY (mooreloancompany@yahoo.com).

    Good day everyone,I can’t hide this great testimony that took place in my life I will love everyone to know it and be a partaker of this, that is why I want to share it to the whole world by placing this advert on classifieds, I am Mrs Karen Brown by name, I live in Chattanooga, Tennessee United State, I want to thank ROBBINSON MOORE for his kindness upon my family life, I never knew that there is still a sincere and trustworthy lender like this on the internet and on earth. Just some days I was in search for a loan of $ 100,000.00, As I was running out of money for feeding, School fees, My business was really going out of capital and my rent. I was scammed about $15,000.00 dollars and I decided not to involve my self in such business again. But a Friend of mine introduced me to a loan firm due to my appearance and doings and also my complains to her. And I told her that I am not interested in any loan deal anymore but she told me that there is still a sincere lender who she will recommend me to, And she gave me the details of this man who is called MOORE ROBBINSON. And I really put a trial and I am most greatful and lucky today, I was given a loan amount of $95,000,00 Dollars by this great firm MOORE LOAN COMPANY. If you are in need of a genuine, Sincere, durable and a truth worthy loan lender or financial assistance and also you know you can be reliable and trusted, capable of paying back at the due / duration time of the funds I will advice you to send your contact to them via email @[ mooreloancompany@yahoo.com] OR Text (414) 454-9493 . And you will be free from scams on the internet. Please I am begging everyone on earth to help me thank Mr ROBBINSON MOORE. And I will always being sharing this great surprise and testimony that happened in my life everyday to all that need loans. Contact them now if you are in need of a loan: AS THEY ARE EFFICIENT,DYNAMIC AND RELAIBLE.....Again there contact email [mooreloancompany@yahoo.com OR Text (414) 454-9493.

    ReplyDelete
  10. eToro is the ultimate forex broker for beginning and pro traders.

    ReplyDelete

UA-57154194-1