Ho Bee Land

Ho Bee Land 2Q19 earnings fall 80% to $14 mil on share of losses

SINGAPORE (Aug 6): Ho Bee Land reported 2Q19 earnings of $14.4 million, or 2.16 cents per share, down 79.9% from $71.5 million in the previous year.

This was primarily due to the group’s share of losses from associates and jointly controlled entities which amounted to $6.7 million, compared to the share of profits of $28.3 million recorded in 2Q18. The share of losses for the quarter was a result of the accrual of land appreciation tax amounting to $20.5 million.

Revenue for the quarter increased 21% to $52.6 million from $43.4 million in the preceding year.

Consistent performers amongst SGX's family empire-linked plays

SINGAPORE (June 11): SGX lists at least 24 companies and two trusts associated with seven business empires run by some of Singapore’s richest families. These home-grown companies and/or conglomerates on SGX have a combined market capitalisation of more than $100 billion. They belong to the Wee, Kwek, Ng, Kuok, Koh, Goi and Chua families, with many of the patriarchs being ranked among the city-state’s richest people.

Ho Bee Land 1Q earnings down 44% to $28 mil on drop in share of profits

SINGAPORE (Apr 30): Ho Bee Land reported earnings of $27.7 million for the 1Q ended March, 44% lower than the same period last year.

This was due to a drop in the share of profits from associates and jointly controlled entities amounting to $26.3 million.

Revenue increased 7.7% to $52.4 million with strong growth of 36% in rental income to $51,2 million. This was mainly due to rental income from Ropemaker Place, a London investment property which was acquired last June.

Singapore offers buffet of attractive yield plays amid the easing policy environment, says UOB

SINGAPORE (April 1): UOB Kay Hian is recommending a wide variety of yield plays offered by Singapore ranging from aviation and banks, to developers and REITs as central banks around the world continue to ease their monetary policies.   

In a particular, the research house is expecting dovish dispositions at both the Federal Reserve (Fed) and the European Central Bank (ECB) to rekindle general investor interest in yield plays, as an abundance of liquidity make their recurrent dividends more attractive.

Ho Bee Land reports 21% lower 4Q earnings of $81.4 mil due to provision for potential tax liability

SINGAPORE (Feb 25): Ho Bee Land has reported 4Q18 earnings of $81.4 million, or 12.24 cents on a per share basis, 21% lower compared to a year ago.

The weaker bottomline was mainly to the provision for a potential tax liability of approximately $20.3 million. This relates to the gain on sale of Hotel Windsor in FY2013. The tax authority has raised an additional tax assessment in FY18. Ho Bee Land says it has objected to the assessment based on professional advice.

Singapore's property sector 'overweight' under review by UOB on tapering residential supply

SINGAPORE (Dec 7): UOB KayHian is putting its “overweight” call for Singapore’s property sector under reviewing given the tapering of 1H19 GLS residential supply to prevent a glut.

Singapore to slow residential land sales as curbs crimp demand

“We like developers with higher proportions of recurring earnings streams such as CapitaLand (88% in 9M18) and Ho Bee Land (98% in FY17),” says UOB analyst Loke Pei Hao as her key picks.

Ho Bee Land reports 25% rise in 3Q18 earnings to $68 mil on higher share of profit

SINGAPORE (Nov 8): Ho Bee Land reported 3Q18 earnings of $67.8 million, a 25% increase over the same period last year.

In 3Q18, the group enjoyed its first full quarter rental contribution from Ropemaker Place in London which was acquired on June 15. Consequently, rental income increased 28% year-on-year.

Another major contributor to the increase in net profit was the group’s share of profit in its residential development projects in Shanghai and Zhuhai, which rose 54% to $44.2 million in 3Q18.

3 developers to 'add' as Singapore's property price momentum slows: CGS-CIMB

SINGAPORE (Oct 16): CGS-CIMB Research is maintaining its “neutral” stance on Singapore’s property sector post the release of recent Urban Redevelopment Authority (URA) data, which reflected higher September monthly home sales of 944 transactions, up 51% m-o-m and 42% y-o-y.

In a Monday report, analyst Lock Mun Yee notes that despite the positive momentum in home sales, the take-up rate remains fairly modest at 0.8 times as sales pace has yet to catch up with the launch volume.

Look to diversified developers as property sales slow, says CGS-CIMB

SINGAPORE (Oct 2): CGS-CIMB Research is keeping its “neutral” stance on property developers amid slowing sales at new launches, following a slew of new property cooling measures introduced in July to curb rising home prices.

This undervalued developer could be ripe for a REIT: RHB

SINGAPORE (Sept 27): RHB is highlighting Ho Bee Land as a potential REIT and privatisation candidate with a sustainable 4% yield.

At the share price of $2.50, the stock is trading at a deep 48% discount to its latest book value of $4.78 per share, in line with the 30-60% discount seen among its mid-cap developer peers.

In an unrated report on Wednesday, analyst Vijay Natarajan says he believes there is room for this discount to narrow given Ho Bee’s minimal exposure to Singapore residential properties and healthy recurring income base.  

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