Performance
Revenue (S$'m)
Revenue drop 72.5% from FY2015 to FY2016
Profit attrib. to Owners of the company (S$'m)
Profit drop 52% from FY2015 to FY2016
Net Asset Value
NAV at 35.4 cents per share in FY2016.
NOSH
NOSH is 446.9 million
Let's look at the assets...
Cash and bank balances = S$ 26.4 mil
Development properties
Development properties are on-going projects. The value of the on-going properties will be reduced as the progress billings is recognized based on percentage completion of the projection. Progress billings not yet paid by customers are included in trade receivables. As at FY2016, the group has a development properties of S$ 113.8mil. That is to say, the group has S$ 113.8mil value it can extracts from the on-going projects. This value is the total value which include their cost + projected profits. The following are the list of development properties or properties under contruction:
1. 31 & 31A Harvey Avenue
Location: Harvey Avenue, Singapore
Land area: 1,025.8 sq meter
Estimated Completion: Dec 2017
2.
Completed Properties and Land held for sale (S$ 46.2mil)
1. The Peak @ Cairnhill
Location: Cairnhill Circle, Singapore
Description: 20 units of residential aprtments
2. Peach Garden
Location: HCMC, Vietnam
Description: 37 plots of land
Note: S$ 42.4mil is pledged to bank to secure for loan
Investment in Associates (S$ 47.7mil)
Investments in associates includes various companies in Singapore and a listed company in Thailand called Chewathai Public Limited, which the group has 31.88% stakes in it.
Based on last week's (23-June) share price of THB 1.34 is THB 320.4 mil, which is equivalent to S$ 13.1 mil (exchange rate of S$1 = THB24.46)
The total carrying amount of the Group's interest in associates is S$ 47.7 mil
Property, Plant and Equipment (S$ 90mil)
1. Tee Building
Location: 25 Bukit Batok, Singapore
Description: Office and rental
2. Larmont Hotel Sydney
Location: Kings Cross Rd, NSW
Description: Hotel Operation
3. Quality Hotel CKS Sydney airport
Location: Wolli Creek, NSW
Description: Hotel Operation
Note: The value of the properties worth S$ 90mil but the group pledged to bank only for S$ 79.5 mil in order to secure borrowings. There's S$ 10.5 mil not pledged yet, which means there's still room to leverage if necessary.
Investment properties (S$ 11.7mil)
1. Workotel
Location: Christchurch, New Zealand
Description: 109 cabins and 4 houses for providing rental accommodation
2. Thistle Guesthouse
Location: Christchurch, New Zealand
Description: 10 bedrooms with 1 gnd flr apartment and an attached sleep-out for providing rental accomodation
Fair value for Workotel and Thistle in FY2016: S$ 9.8mil
3. Chewathai Ratchapraprop Condominium
Location: Bangkok, Thailand
Description: 3 condominium apartment units for providing rental accommodation
Fair value for Chewathai Condo in FY2016: S$ 1.96mil
Note: The group pledge S$ 11.7mil to bank to secure borrowings
