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Sing Holdings - Grossly undervalued
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JurongW
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15-Mar-2026 13:46
Yells: "Earnings give weight, Chart give wings" |
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All computations are based on the assumption that all units at Chuan Grove are fully sold. The next step is to wait for Sing Holdings to launch sales in the second half of this year and observe the outcome. For FY2026, management had already indicated that profits will decline substantially, so the real picture will only become clear with next year results.
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stockinvestor
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15-Mar-2026 09:25
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The RNAV will similarly have to adjust for the bonus issue so 1.60-0.05 dividend = 1.55 1.55*4/5=1.24 Current share price 0.675-0.05 dividend = 0.625 0.625*4/5=0.50 P/RNAV (my own estimates) is currently 0.4x If the discount narrows to 40% ie 0.6x RNAV, target price is 0.745, that' s 49% upside. In any case, current ex-div ex-bonus price is $0.50. Current ex-div ex-bonus NAV is $0.87824, stock is trading at 0.57x P/NAV which is lower than peers, which generally did not give an outsized dividend relative to their share price this year.
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JurongW
Elite |
11-Mar-2026 16:20
Yells: "Earnings give weight, Chart give wings" |
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Assuming the base case NAV of $1.60 already account for the bonus shares, the ex‑ bonus price works out to about $0.55 (from $0.69 pre‑ bonus). If the units rerate to $0.96 over the next two years, that represents an upside potential of roughly 75% instead.
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stockinvestor
Master |
10-Mar-2026 21:16
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2600psf is unlikely to be " just breakeven" . AI now swings to the other extreme of over estimating costs it seems. In any case, its too early to estimate total cost, hopefully we can get some clues from the accounts at H1 or next year. The stock is definitely still cheap now so I agree with your analysis that there is upside potential with some downside protection with the dividends and bonus issue.
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JurongW
Elite |
10-Mar-2026 17:08
Yells: "Earnings give weight, Chart give wings" |
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Dear stockinvestor, Currently, Singholding is trading at 60% discount to its NAV of ~$1.15 We assume all units can be sold out. Based on your base case NAV of $1.60, 60% discount = $0.96 70% discount = $1.12 At share price of share of $0.69, we have about 39% upside if it can trade up to $0.96 in 2 years time. |
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JurongW
Elite |
10-Mar-2026 16:59
Yells: "Earnings give weight, Chart give wings" |
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Development Cost Estimate&bull Land Cost: ~$1,355 psf ppr&bull Construction & Fit-Out: ~$450&ndash 550 psf ppr &bull Professional Fees & Overheads: ~$150&ndash 200 psf ppr &bull Financing & Interest: ~$100&ndash 150 psf ppr &bull Government Charges: ~$50&ndash 100 psf ppr &bull Total Development Cost: ~$2,300&ndash 2,600 psf ppr &bull Breakeven Price: ~$2,600 psf |
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JurongW
Elite |
10-Mar-2026 16:56
Yells: "Earnings give weight, Chart give wings" |
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Additional inputs:NAV Impact Scenarios
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| Scenario | Selling Price (psf) | Probability | NAV Uplift per Share | Weighted Contribution |
| Conservative | $2,800 | 40% | +S$0.32 | +S$0.13 |
| Base Case | $3,000 | 40% | +S$0.59 | +S$0.24 |
| Optimistic | $3,200 | 20% | +S$0.87 | +S$0.17 |
- Expected NAV uplift = ~S$0.54/share
- Expected NAV (probability-weighted) = ~S$1.69/share (~47% above current NAV)
JurongW ( Date: 10-Mar-2026 16:50) Posted:
The probability-weighted NAV uplift is estimated at ~S$0.54/share, resulting in an expected NAV of ~S$1.69/share. This represents a ~47% increase from the current NAV of S$1.15/share. The project offers a compelling risk-reward profile, with even the conservative scenario delivering a ~28% uplift. For shareholders, Chuan Grove represents a significant NAV catalyst with potential to unlock substantial value depending on launch pricing and market absorption.
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Elite
Yells: "Earnings give weight, Chart give wings"
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Thank you stockinvestor for your inputs. You have done your homework while I had to rely on MS copilot.
Pls see revised report below prepared by MS copilot
Feel free to critique and provide your inputs as the data may not be accurate.
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Investor Note: NAV Impact Analysis &mdash Sing Holdings (Chuan Grove Project)
1. Executive Summary
Sing Holdings, in partnership with Sunway Developments, is developing the Chuan Grove residential project on a prime site acquired at ~$1,355 psf ppr. With a 65% stake in the project and a post-bonus issue share base of ~538 million shares, the company is poised to benefit significantly from this large-scale development. The project has the potential to uplift Sing Holdings&rsquo NAV by up to ~S$0.87/share in an optimistic scenario, with a probability-weighted NAV uplift of ~S$0.54/share, translating to a ~47% increase from the current NAV of S$1.15/share.2. Bullet Highlights
- Developer: Sing Holdings (65%) and Sunway Developments (35%)
Site: Chuan Grove, acquired at ~$1,355 psf ppr
Scale: ~1,055 units, ~1.0 million sq ft GFA
Total Land Price: ~S$1.3 billion
Post-Bonus Issue Shares: ~538 million (1-for-4 bonus issue)
Current NAV: ~S$1.15/share
Development Cost Estimate: ~$2,300&ndash 2,600 psf ppr
Breakeven Price: ~$2,600 psf
NAV Impact Scenarios:
Probability-Weighted NAV Outcome: ~S$1.69/share (~47% upside)
- At $2,600 psf: Breakeven, NAV ~S$1.15/share
At $2,800 psf: NAV uplift ~S$0.32/share &rarr NAV ~S$1.47
At $3,000 psf: NAV uplift ~S$0.59/share &rarr NAV ~S$1.74
At $3,200 psf: NAV uplift ~S$0.87/share &rarr NAV ~S$2.02
3. Valuation Impact
Three pricing scenarios were modeled to assess the NAV impact of the Chuan Grove project:| Scenario | Selling Price (psf) | Probability | NAV Uplift/Share | New NAV/Share |
| Conservative | $2,800 | 40% | +S$0.32 | S$1.47 |
| Base Case | $3,000 | 40% | +S$0.59 | S$1.74 |
| Optimistic | $3,200 | 20% | +S$0.87 | S$2.02 |
The probability-weighted NAV uplift is estimated at ~S$0.54/share, resulting in an expected NAV of ~S$1.69/share. This represents a ~47% increase from the current NAV of S$1.15/share. The project offers a compelling risk-reward profile, with even the conservative scenario delivering a ~28% uplift.
For shareholders, Chuan Grove represents a significant NAV catalyst with potential to unlock substantial value depending on launch pricing and market absorption.
stockinvestor ( Date: 10-Mar-2026 15:44) Posted:
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Master
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The latest EC launch is likely to average high 18xxpsf if not 19xxpsf
https://www.edgeprop.sg/property-news/sim-lian%E2%80%99s-rivelle-tampines-ec-draws-over-8000-visitors-during-preview-weekend
Chuan Park (which was launched in 2024) https://www.businesstimes.com.sg/property/residential/696-out-chuan-parks-916-units-sold-launch-weekend-average-s2579-psf was 76% sold on launch day at asp of 2579psf. Currently it has an asp of 2591psf for sales from 2024 till february 2026
Chuan Grove' s bear case ASP could be 2500psf and base case 2600psf maybe? I think we also need to be more conservative on the cost side.
My personal projection for NAV to reach $1.60 for bear case would be ASP of 2500psf and $1.75 at 2600psf and $1.95 at 2750psf bull case.
JurongW ( Date: 08-Mar-2026 18:09) Posted:
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Elite
Yells: "Earnings give weight, Chart give wings"
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📈 NAV Impact Analysis &ndash Chuan Grove Profit Contribution
This section estimates how the projected profits from the Chuan Grove project (SGD 191M&ndash 305M attributable to Sing Holdings) could uplift the company&rsquo s Net Asset Value (NAV) per share beyond the current FY2025 level of SGD 1.1478. The analysis assumes no other material changes to the balance sheet and uses the current share base as a constant.🔢 Assumptions
- Current NAV per share (FY2025): SGD 1.1478- Total outstanding shares: ~422 million (based on FY2025 NAV of SGD 1.1478 and equity of ~SGD 484M)
- Chuan Grove profit contribution to equity: SGD 191M (bear), SGD 239M (base), SGD 305M (bull)
- No change in share count (pre-bonus issue basis)
📊 Projected NAV per Share &ndash Scenario Table
| Scenario | Attributable Profit (SGD M) | Projected Equity (SGD M) | Projected NAV/Share (SGD) |
| Bear Case | SGD 191M | SGD 675.4M | SGD 1.6004 |
| Base Case | SGD 239M | SGD 723.4M | SGD 1.7142 |
| Bull Case | SGD 305M | SGD 789.4M | SGD 1.8705 |
🔍 Insights
- In the bear case, NAV per share could rise to approximately SGD 1.6013, a 39% uplift.- In the base case, NAV per share could reach SGD 1.7111, a 49% uplift.
- In the bull case, NAV per share could climb to SGD 1.8374, a 60% uplift.
- These projections suggest that Chuan Grove alone could drive NAV per share significantly higher, supporting a potential rerating toward or above SGD 1.60&ndash 1.80.
Elite
Yells: "Earnings give weight, Chart give wings"
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Chuan Grove Project &ndash Scenario-Based Profit Analysis
Here&rsquo s a scenario-based profit analysis for Sing Holdings&rsquo *Chuan Grove* project, using different average selling price (ASP) assumptions to calibrate potential outcomes.
📊 Profit Scenario Table &ndash Chuan Grove
| Case | ASP Assumption | GDV (SGD) | Net Margin | Net Profit (SGD) | Sing Holdings&rsquo Share (65%) |
| Bear Case | SGD 2,000 psf | ~SGD 1.96B | 15% | ~SGD 294M | ~SGD 191M |
| Base Case | SGD 2,200 psf | ~SGD 2.16B | 17% | ~SGD 367M | ~SGD 239M |
| Bull Case | SGD 2,400 psf | ~SGD 2.35B | 20% | ~SGD 470M | ~SGD 305M |
⚖ ️ Key Insights
&bull Bear Case: Even at conservative ASP (SGD 2,000 psf), Sing Holdings could still earn ~SGD 191M attributable profit.&bull Base Case: At ASP ~SGD 2,200 psf, profits rise to ~SGD 239M, sustaining earnings momentum beyond North Gaia.
&bull Bull Case: If ASP reaches ~SGD 2,400 psf with strong demand, profits could exceed SGD 300M attributable to Sing Holdings.
🚀 Strategic Implications
&bull Scale Advantage: > 1,000 units provide economies of scale in construction and marketing.&bull Balance Sheet Strength: FY2025 profits and NAV growth give Sing Holdings capacity to finance and execute.
&bull Catalyst Potential: Profits from Chuan Grove could surpass North Gaia, driving NAV higher and supporting rerating.
⚠ ️ Risks
&bull Cooling Measures: Government curbs could cap ASP and absorption.&bull Competition: Other mega launches nearby may pressure pricing.
&bull Execution: Large-scale development requires strong project management and financing discipline.
🔑 Takeaway
The *Chuan Grove* project has the potential to deliver **SGD 191M&ndash 305M in attributable profit to Sing Holdings**, depending on ASP and margins. This makes it a powerful earnings driver for FY2027&ndash 2028 and a clear rerating catalyst if demand holds.Elite
Yells: "Earnings give weight, Chart give wings"
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Chuan Grove Project &ndash Profit Analysis
Sing Holdings&rsquo Chuan Grove project is expected to be highly profitable, with analysts estimating gross development value (GDV) of over SGD 2.0&ndash 2.5 billion and potential net margins in the 15&ndash 20% range, translating into profits of SGD 300&ndash 500 million depending on market absorption.📊 Project Overview
- - **Location:** Chuan Grove, District 20, Singapore
- - **Scale:** ~1,055 units across two amalgamated sites
- - **Gross Floor Area (GFA):** ~979,924 sq ft
- - **Tenure:** 99-year leasehold
- - **JV Structure:** Sing Holdings (65%) and Sunway Developments (35%)
- - **Land Cost:** SGD 703.6M (top bid at SGD 1,376 psf ppr)
- - **Expected Launch:** 4Q 2026 &ndash 1H 2027
💰 Profit Analysis
| Factor | Estimate | Implication |
| Average Selling Price (ASP) | SGD 2,100&ndash 2,300 psf | Competitive for Serangoon/Chuan Grove area |
| Total GDV | SGD 2.0&ndash 2.5B | Based on ASP × GFA |
| Development Cost | ~SGD 1.5&ndash 1.7B | Includes land (703.6M), construction, financing |
| Net Margin | 15&ndash 20% | Typical for large-scale condo projects |
| Profit Potential | SGD 300&ndash 500M | Depending on ASP and absorption rate |
| Sing Holdings&rsquo Share | ~65% | SGD 195&ndash 325M attributable profit |
Key Drivers
- - Strong Demand: Large-scale project in mature Serangoon/Chuan Grove area with good transport links.
- - Pricing Power: ASP of ~SGD 2,100&ndash 2,300 psf aligns with recent suburban launches.
- - Scale Advantage: > 1,000 units provides economies of scale in construction and marketing.
- - Balance Sheet Strength: FY2025 profits (SGD 142.3M) and NAV growth (to SGD 1.1478/share) provide capital buffer.
- - Cooling Measures: Government property curbs could dampen demand.
- - Supply Competition: Other mega launches in nearby districts may pressure ASP.
- - Execution Risk: Large-scale development requires strong project management and financing discipline.
🔑 Takeaway
The **Chuan Grove project could deliver SGD 300&ndash 500M in net profit**, with Sing Holdings&rsquo share at ~SGD 195&ndash 325M. This would surpass North Gaia&rsquo s contribution and sustain earnings momentum into FY2027&ndash 2028. The project is a clear rerating catalyst, but success hinges on market absorption and regulatory environment.Elite
Yells: "Earnings give weight, Chart give wings"
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Seeking inputs from MS-copilot. My mom bought some shares after its FY25 results, attracted by its dividend yield and proposed bonus issue.
Sing Holdings FY2025 Valuation Analysis
Sing Holdings&rsquo reported NAV per share as of FY2025 is SGD 1.1478, up 45% from 79.33 cents in FY2024. At the current trading band of SGD 0.70&ndash 0.71, the stock is priced at a ~39% discount to its FY2025 NAV, confirming deep undervaluation.
📊 FY2025 NAV vs. Market Price
| Metric | Value | Implication |
| Reported NAV (FY2025) | SGD 1.1478/share | Strong balance sheet growth |
| Current Price | SGD 0.70&ndash 0.71 | Trades at ~39% discount to NAV |
| FY2024 NAV | SGD 0.7933/share | NAV grew +45% YoY |
| Price-to-Book Ratio | ~0.61 | Market pricing well below book value |
⚖ ️ Valuation Anchors
- NAV Discount: Current price reflects a 39% discount to FY2025 NAV.- P/E Multiple: With FY2025 EPS &asymp SGD 0.35, current price implies P/E &asymp 2.0, far below sector norms (10&ndash 15x).
- Dividend Yield: FY2025 payout (5 cents) gives ~7% yield at current price, adding downside cushion.
🚀 Catalysts
- North Gaia Recognition: FY2025 profits (SGD 142.3M) largely from North Gaia, fully sold and recognized.- Special Dividend & Bonus Issue: 4 cents special dividend + 1-for-4 bonus issue signal confidence and reward shareholders.
- NAV Growth: NAV per share jumped 45% YoY, showing strong asset accretion.
⚠ ️ Risks
- Earnings Concentration: Heavy reliance on North Gaia future pipeline must sustain momentum.- Property Market Cooling Measures: Could impact margins on upcoming projects.
- Leverage Exposure: Enterprise value remains high, reflecting development debt.
🔑 Takeaway
At SGD 0.70&ndash 0.71, Sing Holdings is trading at a 39% discount to its FY2025 NAV of SGD 1.1478 and at a P/E of just 2.0. With strong profits, a special dividend, and a bonus issue, the undervaluation is clear. Unless property market risks weigh heavily, the stock has rerating potential toward NAV parity (~SGD 1.15).Master
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JurongW ( Date: 27-Feb-2026 19:39) Posted:
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Elite
Yells: "Earnings give weight, Chart give wings"
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Disclosure of Interest/ Changes in Interest of Substantial Shareholder(s)/ Unitholder(s)::Disclosure of Interest of Substatial Shareholder
Master
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JurongW ( Date: 25-Feb-2026 19:24) Posted:
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Elite
Yells: "Earnings give weight, Chart give wings"
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With the results out, let' s see if all the good news has been priced in or there' s still room for price appreciation in the coming days.
snowwhite ( Date: 25-Feb-2026 11:54) Posted:
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Supreme
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Sing Holdings posts record H2 net profit of S$138.2 million on sales proceeds from North Gaia project
The board has proposed a final dividend of S$0.01 per share and a special dividend of S$0.04 per share
[SINGAPORE] Property development and investment group Sing Holdings on Tuesday (Feb 24) posted a record net profit of S$138.2 million for the six months ended December 2025 &ndash over 18 times the S$7.6 million recorded a year prior.
This comes on the back of strong performance from its latest residential development project, North Gaia.
Revenue for H2 stood at S$870.4 million, up by more than 85 times from S$10.2 million in the same year-ago period.
Due to the company&rsquo s outstanding results, the board has proposed a final dividend of S$0.01 per share and a special dividend of S$0.04 per share.
The total dividend for FY2025 stands at S$0.05 per share.
The Tuesday statement noted that in addition to the cash dividends, the board is recommending a bonus issue to shareholders, based on one bonus share for every four existing shares held.
Looking ahead, Sing Holdings said it is preparing for its next major project following the successful acquisition of two adjacent land parcels at Chuan Grove in 2025.
After receiving in-principle approval to amalgamate the sites, the group plans to undertake a large-scale residential development with a gross floor area of 979,924 square feet.
The proposed development will feature over 1,000 apartment units and ancillary retail shops.
&ldquo With construction slated to begin in the second half of 2026, the company will focus its efforts over the next 12 months on the execution and launch preparation for the Chuan Grove development,&rdquo noted the bourse filing.
Shares of Sing Holdings : 5IC 0% closed flat at S$0.675 on Tuesday.
Supreme
Yells: "Enjoy doing Fundamental Research"
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Very nice huge earnings to all.
superstartup ( Date: 04-Nov-2025 12:31) Posted:
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