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Latest Forum Topics / Wee Hur    Last:0.645    -0.005  Post Reply
Wee Hur
savinma
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23-Oct-2024 15:36     
 
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 Alert Admin 		leroy55 called it half a day earlier....  angel

beachlover1270      ( Date: 22-Oct-2024 16:57) Posted:

How Leroy55 thinks the BB are dumping ? Thank you
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tofudidi
Supreme
23-Oct-2024 15:29     
 
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 Alert Admin 		crashing in progress. gap closed. 
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tofudidi
Supreme
23-Oct-2024 14:51     
 
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 Alert Admin 		nice, durian coming. time to scoop. see can drop more 

tofudidi      ( Date: 23-Oct-2024 13:53) Posted:

going below 500 first. can scoop nice durian 

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ysh2006
Supreme
23-Oct-2024 14:45     
 
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 Alert Admin 		Ant former can get some opinion on today ST writing?

ysh2006      ( Date: 23-Oct-2024 14:08) Posted:

The ST Indian writer sometime he wrote when this counter shoot up and assumed some calculation saying this stock worth over $1.00 but looking for his past coverage if I go in maybe usually get stuck one. ...I need to hold quite long period before can I take back my principal ...(I think only)...
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ysh2006
Supreme
23-Oct-2024 14:08     
 
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 Alert Admin 		The ST Indian writer sometime he wrote when this counter shoot up and assumed some calculation saying this stock worth over $1.00 but looking for his past coverage if I go in maybe usually get stuck one. ...I need to hold quite long period before can I take back my principal ...(I think only)...
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tofudidi
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23-Oct-2024 13:53     
 
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 Alert Admin 		going below 500 first. can scoop nice durian 
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easywin
Supreme
23-Oct-2024 13:48     
 
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 Alert Admin 		Final chance to buy at 515/520 with the help of shortists, if miss the opportunity than just too bad 
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ozone2002
Supreme
23-Oct-2024 10:45     
 
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 Alert Admin 		Last:0.535        +0.06
surging ahead wow 🤩  
to hit NAV target in a matter of time

ozone2002      ( Date: 23-Sep-2024 09:30) Posted:

Last:0.36        +0.02
go go go!
spot the gems and let the market discover them to reap the rewards!

ozone2002      ( Date: 16-Aug-2024 11:36) Posted:

super low single digit PE and trading 30% of NaV of 73c (mkt price 22c)
diamond in the rough!

Key Statistics

EPS  (SGD)  a 0.10722 Trailing EPS  (SGD)  b 0.20331 NAV  (SGD)  c 0.7281
PE  a 2.098 Trailing PE  d 1.107 Price / NAV  c 0.3090
Dividend Yield  (%)  e 2.618 Cash In Hand  (SGD)  f 0.1108 Issued & Paid-up Shares  g 919,245,086
Piotroski F Score 6 Market Cap (M) 206.830 Free Float (%) 39.9
Return on Equity (ROE) (%)  h 27.924 Revenue Growth (%) TTM  i 18.894
Net Earnings Growth (%)  j 372.358 Net Debt/Equity  k 0.091 Net Debt (SGD ' 000) 91,298
Under CPF Investment Scheme (CPFIS) Yes
Sector & Industry Industrial Services - Engineering & Construction
Category Classification Property & Construction
Index Components FTSE ST Fledgling Index
 


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domperrier
Member
23-Oct-2024 10:44     
 
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 Alert Admin 		My contrarian tendencies kicked in & so I took profit on a wee bit more of this stock @ 54c just for lunch & dessert for a few days...wink  As for the rest, no 72c, NO SELL!
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Uncovering_Value
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23-Oct-2024 10:30     
 
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 Alert Admin 		The concept of net asset value - What is Wee Hur&rsquo s stake in the student accommodation JV really worth?
Since the announcement on the Australian Financial Review (AFR) of the potential sale of Wee Hur&rsquo s student housing asset to Greystar, much has been written on the potential size of the deal and the implications for Wee Hur. In line with the anticipation, Wee Hur&rsquo s share price has also surged by 33% from 36 cents before the news to 48 cents as of 22 Oct, a short span of 7 days.
 
But is this too good to be true, or really good?
 
Back to Basics &ndash the concept of net asset value
News sites typically report asset sales on a gross asset value basis. In Wee Hur&rsquo s case, the reported deal size of the student housing assets were up to A$1.6b (S$1.4b). But this grossly overstates the asset value as it neglects debt taken to fund the asset, a scenario that wouldn&rsquo t be unfamiliar to most homeowners.
 
Based on Wee Hur&rsquo s FY2023 Annual Report, the total assets of this JV was $1,306m, largely comprising investment properties at $1,262m. With total liabilities (bank loans mainly) of $601m, the equity value of this JV works out to $705m. Based on Wee Hur&rsquo s effective stake of 50.1%, this works out to $353m. Based on outstanding shares of 919m, the value of Wee Hur&rsquo s interest in the PBSA JV accounts to 38.4 cents per share (out of 66 cents per share NAV as of FY23).
 
Fast forward to the company&rsquo s 1HFY24 results, some of you might have noticed the c. 14% jump in investment in JV value from c. $353m as at FY23 to $403m as at 1HFY24. The reason given by the company for this increase was &ldquo higher fair value gains on investment properties recognised by an associate and joint venture in Australia&rdquo . Based on internal workings, at this level of equity value, assuming bank loans were unchanged, it would have implied an investment property valuation of c. $1.36b on a 100% basis. This would be close to the A$1.6b (based on current exchange rates of 1SGD=1.14AUD) reflected in the gross asset value reported by AFR. In other words, any potential upside in valuation might have already been reflected in the 73 cents Net Asset Value reported by the company as of 1HFY24.
 
Stake retention reveals no change in stake
In the article, it appears that Wee Hur is looking to &ldquo retain&rdquo an interest in the JV. This might imply that the JV remains, with GIC simply selling out its stake to Greystar. This wouldn&rsquo t change anything beyond the fact that Wee Hur is now in a JV with Greystar instead of GIC. In this scenario, a special dividend to reward shareholders from the capital gains is unlikely as this is still &ldquo unrealized&rdquo FV gains sitting on the company&rsquo s books.
 
Broader implications of GIC&rsquo s exit
GIC&rsquo s mandate is to preserve and enhance the international purchasing power of Singapore&rsquo s reserves. Its investments must aim to achieve good long-term returns. In Feb 22, GIC acquired its stake in the PBSA from Wee Hur at a valuation of A$1.14b. Based on a higher valuation of A$1.6b in 2024, this works out to an uplift in valuation of almost A$500m. Based on GIC&rsquo s stake, the gain would have been about A$250m in a mere two years, a pretty decent gain indeed. But with the GIC looking to exit, this leaves one wondering if further good returns from these assets is likely.
 
Based on a portfolio valuation of A$1.6b, the net asset value per share of Wee Hur&rsquo s stake in the PBSA would probably be closer to 43.9 cents. At the current price of c. 50 cents and book value of 73 cents (P/B of 0.7x), one might need more convincing that further good returns is likely.
 
Still a novice here trying to learn the ropes of investing. Happy to have your guidance and any differing views so we could learn from each other. Drop me a message if you&rsquo d like the internal workings for 1HFY24 JV values for the PBSA.
 
Happy investing and stay safe. Cheers!
 
 
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tankoksee
Supreme
23-Oct-2024 10:02     
 
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 Alert Admin 		more good days coming ahhhhhh

tankoksee      ( Date: 22-Oct-2024 11:36) Posted:

60 cts otw!

tankoksee      ( Date: 11-Sep-2024 10:39) Posted:

no roof top..

40 cts otw ah
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yamseng
Supreme
23-Oct-2024 09:59     
 
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 Alert Admin 		lets hold tight 

kye_lin      ( Date: 23-Oct-2024 09:35) Posted:

I dream of $1... I will cry....
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Luzern
Supreme
23-Oct-2024 09:47     
 
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Yells: "9"
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 Alert Admin 		Wee Hur is leading the penny stock charge!
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kye_lin
Master
23-Oct-2024 09:35     
 
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 Alert Admin 		I dream of $1... I will cry....
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TraderBen
Supreme
23-Oct-2024 09:31     
 
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 Alert Admin 		huats to all!.. i didnt get myself some .. what a waste
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easywin
Supreme
23-Oct-2024 09:31     
 
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 Alert Admin 		Buy for easy money

Luzern      ( Date: 23-Oct-2024 09:29) Posted:

Diamond hands!..... IMO, towards 70 series in the days ahead.
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Luzern
Supreme
23-Oct-2024 09:29     
 
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 Alert Admin 		Diamond hands!..... IMO, towards 70 series in the days ahead.
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SmallSmall
Supreme
23-Oct-2024 09:27     
 
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 Alert Admin 		My take is if GIC has sold its stakes and Greystar is eyeing a bigger stake, no reason for Wee Hur to reject the prosposal as their cost is only about A$175 mil for its 50.1% holding.
(based on A$350 mil which was raised in 2016 for this portfolio)
Assuming gross price tag of A$1.6 bil for the whole portfolio (although some will say it was reported as only GIC' s portion), Wee hur will make a cool 800-175 = A$625 mil if the sale materilaes 
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Luzern
Supreme
23-Oct-2024 09:27     
 
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 Alert Admin 		So fast 525 broken!

Luzern      ( Date: 23-Oct-2024 09:12) Posted:

see can break 525 today or not.
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kye_lin
Master
23-Oct-2024 09:24     
 
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 Alert Admin 		Then there are Wee Hur&rsquo s other assets, including its own Australian 409-bed PBSA2, and its 15,744-bed purpose-built workers&rsquo dormitory (PBWD) in Singapore. In addition, its new 10,500-bed PBWD, also in Singapore, will be operational by the end of 2024. If these were added to the reported PBSA1 sale valuation, Wee Hur&rsquo s net asset value per share, which was 73 cents at the end of June, should be closer to $2.

$2 !!
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