Back

Latest Forum Topics / Sinarmas Land

Post Reply

Tenasek into sinarmas land...how true insider news Post Reply Rate topic
PQTPQK Supreme	23-Oct-2024 10:22        PQTPQK About Contact  Quote this Post!
x 0   x 0  Alert Admin	should test the previous high again 0.36... SmallSmall      ( Date: 23-Oct-2024 10:09) Posted: For those interested to read the article which was posted in August 2024 DYODD SINGAPORE - Looking through the list of 631 companies on the Singapore Exchange (SGX) stock screeners as at Aug 15, one can see that only 343 companies are profitable or have any price-earnings (PE) multiples. This means 288, or 45.6 per cent, of listed companies are loss-making. Of the 343 profitable companies, 67 are trading above 25 times PE 88 companies are trading at 15 to 25 times PE. So that is 45 per cent of companies that are profitable, but trading above the Singapore market average PE of 12.3 times. But buried under this rubble are a tiny number of rough diamonds. Indonesian property group Sinarmas Land (SML) is one of them. According to SGX data, SML trades at a PE of 2.8 times versus a market PE of 12.3 times. Recently, it unveiled half-year 2024 net profit of $199 million. But profit attributable to shareholders was at $89 million. Revenue for end-June was up 28 per cent to $766 million. Earnings before interest, taxes, depreciation and amortisation (or Ebitda) &ndash a gauge of the company&rsquo s earnings power &ndash rose to $395.8 million for the half year, from $304.8 million during the first half of 2023. The Ebitda margin widened to 51.7 per cent. To get a broader picture of SML&rsquo s earnings track record, for the last 2½ years up to June, the company made a total of $705 million in attributable net profit. That is 16.6 cents in earnings per share (EPS) over the period. EPS in 2023 alone was 6.4 cents. With its half-year results, the company reported that the profit margin rose to 65.5 per cent. Net interest expenses dropped to $37.5 million from $57.4 million. The company has also transitioned from a net debt-to-equity ratio of 0.4 per cent in 2023 to a net cash position after the first half of 2024. It had cash and cash equivalents of $1.5 billion.  The group ended the current period with a net cash position, with cash per share at 35.5 cents. Net asset value (NAV) per share stands at $1.19 currently. As I have mentioned in my previous columns, billionaire investor Warren Buffett&rsquo s concept of margin of safety involves buying a stock at a price significantly lower than its estimated fair value. This built-in cushion allows for potential mistakes and market volatility. The size of the margin of safety depends on one&rsquo s understanding of the business. The less one understands the business, the larger the margin of safety required.  Buying a stock at 18 cents, but backed by $1.19 in assets per share, would surely fit the bill. According to the company&rsquo s presentation slides and annual report, this Widjaja family-owned, Singapore-headquartered company has a diverse property business, including township development, residential, commercial, industrial and hospitality assets in Indonesia, Malaysia, Singapore, China, Australia and Britain. SML&rsquo s portfolio includes five city and township projects, 16 hotels, resorts and golf courses, 25 residential properties, a convention centre, 25 retail and trade centres, 18 commercial properties and three industrial properties. They are located across 25 cities and cover over 45 million sq m of prime land.  In Indonesia, SML is one of the largest property development companies by land bank, and operates mainly through three listed Indonesian subsidiaries, namely BSDE, DUTI and DMAS, which have a combined market capitalisation of $4.1 billion. Whichever way one slices or dices it, these are stunning numbers for a Singapore-listed company. If one were to filter down to a $500 million market cap minimum, and $500 million revenue minimum on the SGX stock screener, this looks like a company that could draw the interest of funds. Though of Indonesian origin, SML&rsquo s independent directors are all reputable Singaporeans. Its auditor is Moore Stephens, the 10th-largest accounting firm in the world with 620 offices in 100 countries.  The Widjajas own 70.3 per cent of the company. The second-biggest shareholder is UOB Kay Hian with 13.65 per cent. The third-largest shareholder is Citibank Nominees Singapore, with 5.57 per cent &ndash banks usually limit their exposure to below 5 per cent, but make exceptions for big clients. CGS owns another 3.82 per cent. These four largest shareholders together control 93.34 per cent of the company. Just 90 per cent is needed to make a compulsory acquisition. If they are friendly parties, privatisation cannot be entirely ruled out. Looking at other property companies which are trading at huge discounts to NAV, Hong Fok made just $2 million in net profit this first half, whereas Wing Tai will post a first-half loss. Hong Fok is trading at a discount of 78.5 per cent to NAV, with profit mainly from revaluation gain or losses. Wing Tai is at a 69.4 per cent discount to NAV. Most property companies that are trading at huge discounts to NAV have stopped adding to their land bank or taking on new projects. In contrast, SML, which at 18 cents trades at a discount of almost 85 per cent to NAV, is still firing on all cylinders. It is adding to its land bank, buying more shares in listed subsidiaries and taking on joint ventures. The company posted revenue of $1.34 billion in 2023 and is looking to improve on that in 2024. What would its numbers be if it continues to grow at its current rate for the next five years? What about in 10 years? Meanwhile, Indonesia&rsquo s not-so-secret ambition to bid for the 2036 Olympics holds promise for the revaluation of SML&rsquo s vast Indonesian land bank. Indonesia already has stated ambitions to become the world&rsquo s fourth-largest economy within a decade. Even if its share price doubles, SML&rsquo s stock would still be at a 70 per cent discount to assets. At triple the share price today, the margin of safety would still be about 50 per cent. Looking at its balance sheet, price, resources and growth trajectory, surely this is the largest margin of safety one can hope to get on the local bourse.  Mr Buffett buys big when the margin of safety is outsized. People who complain about this market should perhaps run through SML&rsquo s numbers, which are easily available on the company&rsquo s website, presentation slides and SGX&rsquo s Company Announcement section. This is a stock which traded well above 75 cents a decade ago, and as high as $1.10 in 2006. In my 32 years of reporting on companies, I have rarely come across one with a risk-reward ratio looking this attractive. A land of opportunity awaits the discerning investor.
Useful To Me  Not Useful To Me
SmallSmall Supreme	23-Oct-2024 10:09        SmallSmall About Contact  Quote this Post!
x 1   x 0  Alert Admin	For those interested to read the article which was posted in August 2024 DYODD SINGAPORE - Looking through the list of 631 companies on the Singapore Exchange (SGX) stock screeners as at Aug 15, one can see that only 343 companies are profitable or have any price-earnings (PE) multiples. This means 288, or 45.6 per cent, of listed companies are loss-making. Of the 343 profitable companies, 67 are trading above 25 times PE 88 companies are trading at 15 to 25 times PE. So that is 45 per cent of companies that are profitable, but trading above the Singapore market average PE of 12.3 times. But buried under this rubble are a tiny number of rough diamonds. Indonesian property group Sinarmas Land (SML) is one of them. According to SGX data, SML trades at a PE of 2.8 times versus a market PE of 12.3 times. Recently, it unveiled half-year 2024 net profit of $199 million. But profit attributable to shareholders was at $89 million. Revenue for end-June was up 28 per cent to $766 million. Earnings before interest, taxes, depreciation and amortisation (or Ebitda) &ndash a gauge of the company&rsquo s earnings power &ndash rose to $395.8 million for the half year, from $304.8 million during the first half of 2023. The Ebitda margin widened to 51.7 per cent. To get a broader picture of SML&rsquo s earnings track record, for the last 2½ years up to June, the company made a total of $705 million in attributable net profit. That is 16.6 cents in earnings per share (EPS) over the period. EPS in 2023 alone was 6.4 cents. With its half-year results, the company reported that the profit margin rose to 65.5 per cent. Net interest expenses dropped to $37.5 million from $57.4 million. The company has also transitioned from a net debt-to-equity ratio of 0.4 per cent in 2023 to a net cash position after the first half of 2024. It had cash and cash equivalents of $1.5 billion.  The group ended the current period with a net cash position, with cash per share at 35.5 cents. Net asset value (NAV) per share stands at $1.19 currently. As I have mentioned in my previous columns, billionaire investor Warren Buffett&rsquo s concept of margin of safety involves buying a stock at a price significantly lower than its estimated fair value. This built-in cushion allows for potential mistakes and market volatility. The size of the margin of safety depends on one&rsquo s understanding of the business. The less one understands the business, the larger the margin of safety required.  Buying a stock at 18 cents, but backed by $1.19 in assets per share, would surely fit the bill. According to the company&rsquo s presentation slides and annual report, this Widjaja family-owned, Singapore-headquartered company has a diverse property business, including township development, residential, commercial, industrial and hospitality assets in Indonesia, Malaysia, Singapore, China, Australia and Britain. SML&rsquo s portfolio includes five city and township projects, 16 hotels, resorts and golf courses, 25 residential properties, a convention centre, 25 retail and trade centres, 18 commercial properties and three industrial properties. They are located across 25 cities and cover over 45 million sq m of prime land.  In Indonesia, SML is one of the largest property development companies by land bank, and operates mainly through three listed Indonesian subsidiaries, namely BSDE, DUTI and DMAS, which have a combined market capitalisation of $4.1 billion. Whichever way one slices or dices it, these are stunning numbers for a Singapore-listed company. If one were to filter down to a $500 million market cap minimum, and $500 million revenue minimum on the SGX stock screener, this looks like a company that could draw the interest of funds. Though of Indonesian origin, SML&rsquo s independent directors are all reputable Singaporeans. Its auditor is Moore Stephens, the 10th-largest accounting firm in the world with 620 offices in 100 countries.  The Widjajas own 70.3 per cent of the company. The second-biggest shareholder is UOB Kay Hian with 13.65 per cent. The third-largest shareholder is Citibank Nominees Singapore, with 5.57 per cent &ndash banks usually limit their exposure to below 5 per cent, but make exceptions for big clients. CGS owns another 3.82 per cent. These four largest shareholders together control 93.34 per cent of the company. Just 90 per cent is needed to make a compulsory acquisition. If they are friendly parties, privatisation cannot be entirely ruled out. Looking at other property companies which are trading at huge discounts to NAV, Hong Fok made just $2 million in net profit this first half, whereas Wing Tai will post a first-half loss. Hong Fok is trading at a discount of 78.5 per cent to NAV, with profit mainly from revaluation gain or losses. Wing Tai is at a 69.4 per cent discount to NAV. Most property companies that are trading at huge discounts to NAV have stopped adding to their land bank or taking on new projects. In contrast, SML, which at 18 cents trades at a discount of almost 85 per cent to NAV, is still firing on all cylinders. It is adding to its land bank, buying more shares in listed subsidiaries and taking on joint ventures. The company posted revenue of $1.34 billion in 2023 and is looking to improve on that in 2024. What would its numbers be if it continues to grow at its current rate for the next five years? What about in 10 years? Meanwhile, Indonesia&rsquo s not-so-secret ambition to bid for the 2036 Olympics holds promise for the revaluation of SML&rsquo s vast Indonesian land bank. Indonesia already has stated ambitions to become the world&rsquo s fourth-largest economy within a decade. Even if its share price doubles, SML&rsquo s stock would still be at a 70 per cent discount to assets. At triple the share price today, the margin of safety would still be about 50 per cent. Looking at its balance sheet, price, resources and growth trajectory, surely this is the largest margin of safety one can hope to get on the local bourse.  Mr Buffett buys big when the margin of safety is outsized. People who complain about this market should perhaps run through SML&rsquo s numbers, which are easily available on the company&rsquo s website, presentation slides and SGX&rsquo s Company Announcement section. This is a stock which traded well above 75 cents a decade ago, and as high as $1.10 in 2006. In my 32 years of reporting on companies, I have rarely come across one with a risk-reward ratio looking this attractive. A land of opportunity awaits the discerning investor.
Useful To Me  Not Useful To Me
FOREVERFREEDOM Veteran	23-Oct-2024 10:08        FOREVERFREEDOM About Contact  Quote this Post!
x 0   x 0  Alert Admin	Wee Hur ady go up, so when is Sinarmas Land fly? Can it today push through 0.36?
Useful To Me  Not Useful To Me
superstartup Supreme	23-Oct-2024 10:07        superstartup About Contact  Quote this Post! Style: Fundamental   Yells: "Enjoy doing Fundamental Research"
x 0   x 0  Alert Admin	Remember these counters cannot do contra Buy when low and hold Hopefully my other counter Tuan Sing will also start to move too from current low base NAV also like $1 Good luck to all As usual, please perform your own DD   QueenMaya      ( Date: 23-Oct-2024 09:40) Posted: The next Wee Hur. superstartup      ( Date: 18-Oct-2024 14:33) Posted: Last few days got trading volume Together with Wee Hur  This Sinarmas has an even much higher NAV of over SGD 1.00 If I remember correctly, that ST Editor reported both Wee Hur and Sinarmas
Useful To Me  Not Useful To Me
Luzern Supreme	23-Oct-2024 09:53        Luzern About Contact  Quote this Post!   Yells: "9"
x 0   x 0  Alert Admin	In the making.
Useful To Me  Not Useful To Me
QueenMaya Senior	23-Oct-2024 09:40        QueenMaya About Contact  Quote this Post!
x 0   x 0  Alert Admin	The next Wee Hur. superstartup      ( Date: 18-Oct-2024 14:33) Posted: Last few days got trading volume Together with Wee Hur  This Sinarmas has an even much higher NAV of over SGD 1.00 If I remember correctly, that ST Editor reported both Wee Hur and Sinarmas
Useful To Me  Not Useful To Me
SmallSmall Supreme	23-Oct-2024 09:40        SmallSmall About Contact  Quote this Post!
x 0   x 0  Alert Admin	Will our good friend also post another followup article just as he has done so for Wee Hur? Jarkarta Composite Index has hit through the roof with the Inauguration of Prabowo Subianto. Time to move further? Grossly undervalue
Useful To Me  Not Useful To Me
superstartup Supreme	18-Oct-2024 14:33        superstartup About Contact  Quote this Post! Style: Fundamental   Yells: "Enjoy doing Fundamental Research"
x 0   x 0  Alert Admin	Last few days got trading volume Together with Wee Hur  This Sinarmas has an even much higher NAV of over SGD 1.00 If I remember correctly, that ST Editor reported both Wee Hur and Sinarmas
Useful To Me  Not Useful To Me
QueenMaya Senior	04-Oct-2024 08:44        QueenMaya About Contact  Quote this Post!
x 0   x 0  Alert Admin	Trading near cash. China development projects. Potential delisting. Either way this stock is undervalued and you will never see it at this price again. SmallSmall      ( Date: 03-Oct-2024 11:03) Posted: --- Post Removed by User ---
Useful To Me  Not Useful To Me
ozone2002 Supreme	26-Sep-2024 23:36        ozone2002 About Contact  Quote this Post! Style: Technical
x 0   x 0  Alert Admin	Last:0.32        +0.02 Finally surpassed cash value of 31c next target to meet is NAV ozone2002      ( Date: 20-Aug-2024 16:16) Posted: Last:0.275        +0.095 finally moving up getting noticed by the market buy early and wait for buyers to recognize the value ozone2002      ( Date: 20-Apr-2024 10:30) Posted: 15.5c only what a value buy! trading half of cash value of 30c 20% value of NAV Accumulate massively when there' s market inefficiency and huge discount   Key Statistics EPS  (SGD)  a 0.06404 Trailing EPS  (SGD)  b 0.06404 NAV  (SGD)  c 0.7908 PE  a 2.420 Trailing PE  d 2.420 Price / NAV  c 0.1960 Dividend Yield  (%)  e 0.516 Cash In Hand  (SGD)  f 0.3143 Issued & Paid-up Shares  g 4,255,159,396 Piotroski F Score 7 Market Cap (M) 659.550 Free Float (%) 29.0 Return on Equity (ROE) (%)  h 8.098 Revenue Growth (%) TTM  i 0.725 Net Earnings Growth (%)  j -20.691 Net Debt/Equity  k 0.357 Net Debt (SGD ' 000) 1,201,012 Under CPF Investment Scheme (CPFIS) No Sector & Industry Finance - Real Estate Development Category Classification China / Indonesia / Property & Construction
Useful To Me  Not Useful To Me
ongkk96 Member	30-Aug-2024 14:09        ongkk96 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Like wingtai, the stock is back to normal again.
Useful To Me  Not Useful To Me
HuatAh7898 Elite	22-Aug-2024 23:08        HuatAh7898 About Contact  Quote this Post!
x 1   x 0  Alert Admin	game over..?
Useful To Me  Not Useful To Me
finjungle Veteran	21-Aug-2024 11:27        finjungle About Contact  Quote this Post!
x 0   x 0  Alert Admin	The authorites shouldlaunch an investigation into the writing of such articles in a national newsapaper and knowing that the crowd would follow SmallSmall      ( Date: 21-Aug-2024 09:22) Posted: Then again one can always borrow shares under the SGX lending pool ( 5 mil +) to short if one believes it is a one day play. Either way at least he create the volatility for an otherwise dead but undervalued stock. We are only dead if the stock is dead with no movement. Sgvale      ( Date: 20-Aug-2024 17:57) Posted: He bought everytime before his article published. I think he's already a millionaires.
Useful To Me  Not Useful To Me
SmallSmall Supreme	21-Aug-2024 09:22        SmallSmall About Contact  Quote this Post!
x 0   x 0  Alert Admin	Then again one can always borrow shares under the SGX lending pool ( 5 mil +) to short if one believes it is a one day play. Either way at least he create the volatility for an otherwise dead but undervalued stock. We are only dead if the stock is dead with no movement. Sgvale      ( Date: 20-Aug-2024 17:57) Posted: He bought everytime before his article published. I think he's already a millionaires. TraderBen      ( Date: 20-Aug-2024 12:54) Posted: this guy always do write up.. but end up back to square one.. like hong fok.
Useful To Me  Not Useful To Me
Sgvale Supreme	20-Aug-2024 17:57        Sgvale About Contact  Quote this Post!
x 0   x 0  Alert Admin	He bought everytime before his article published. I think he's already a millionaires. TraderBen      ( Date: 20-Aug-2024 12:54) Posted: this guy always do write up.. but end up back to square one.. like hong fok.. SmallSmall      ( Date: 20-Aug-2024 09:44) Posted: --- Post Removed by User ---
Useful To Me  Not Useful To Me
eric998 Supreme	20-Aug-2024 16:35        eric998 About Contact  Quote this Post!
x 0   x 0  Alert Admin	The pull back will be painful. Can pull back to 250?
Useful To Me  Not Useful To Me
ozone2002 Supreme	20-Aug-2024 16:16        ozone2002 About Contact  Quote this Post! Style: Technical
x 0   x 0  Alert Admin	Last:0.275        +0.095 finally moving up getting noticed by the market buy early and wait for buyers to recognize the value ozone2002      ( Date: 20-Apr-2024 10:30) Posted: 15.5c only what a value buy! trading half of cash value of 30c 20% value of NAV Accumulate massively when there' s market inefficiency and huge discount   Key Statistics EPS  (SGD)  a 0.06404 Trailing EPS  (SGD)  b 0.06404 NAV  (SGD)  c 0.7908 PE  a 2.420 Trailing PE  d 2.420 Price / NAV  c 0.1960 Dividend Yield  (%)  e 0.516 Cash In Hand  (SGD)  f 0.3143 Issued & Paid-up Shares  g 4,255,159,396 Piotroski F Score 7 Market Cap (M) 659.550 Free Float (%) 29.0 Return on Equity (ROE) (%)  h 8.098 Revenue Growth (%) TTM  i 0.725 Net Earnings Growth (%)  j -20.691 Net Debt/Equity  k 0.357 Net Debt (SGD ' 000) 1,201,012 Under CPF Investment Scheme (CPFIS) No Sector & Industry Finance - Real Estate Development Category Classification China / Indonesia / Property & Construction
Useful To Me  Not Useful To Me
SmallSmall Supreme	20-Aug-2024 15:50        SmallSmall About Contact  Quote this Post!
x 0   x 0  Alert Admin	Yes he did mention, and it is true all the counters he mentioned are candidates for privatisation.  But he does not call the shots. It is the Company' s major shareholders that decide if and when they want to do it. Same for GE. You can hold for years but nothing happen. But the value is there. I believe too Sinarmas Land will drift down because the SS have their own plans. And because of the lack of liquidity, there are zero analysts coverage. But that does not change the fact that it is a safe and undervalued company. No right no wrong. To each his own whether you long or short or do nothing :)   ongkk96      ( Date: 20-Aug-2024 15:41) Posted: He mentioned about WingTai privatisation?   price up and now at 1.25
Useful To Me  Not Useful To Me
tankoksee Supreme	20-Aug-2024 15:43        tankoksee About Contact  Quote this Post!
x 0   x 0  Alert Admin	40 cts smelling soon? SmallSmall      ( Date: 20-Aug-2024 15:24) Posted: Clearly there are many short sellers today ... $0.30 later The old investors would not be stupid to sell a NAV $1.19 / asch value $0.355  at $0.27 SmallSmall      ( Date: 20-Aug-2024 15:19) Posted: You missed the point totally. It does not matter what he says. What it matters it the share price is indeed trading at a very depressed level. And when the elastic band is reduced, this is what happens.
Useful To Me  Not Useful To Me
ongkk96 Member	20-Aug-2024 15:41        ongkk96 About Contact  Quote this Post!
x 0   x 0  Alert Admin	He mentioned about WingTai privatisation?   price up and now at 1.25
Useful To Me  Not Useful To Me

                                                         First   < Newer   141-160 of 332   Older>   Last