TT International

[greengiraffe]

http://infopub.sgx.com/FileOpen/TTI_FY20...eID=299693

Construction of BIG BOX has now reached the top floor. After using the revaluation
model which is aligned to the Group’s current accounting policy, TTI recognised a net
revaluation gain of S$92.6 million in FY2014. Accordingly, as at 31 March 2014, the
Group’s net tangible asset has improved significantly to a negative S$17.62 million
from a negative S$108 million a year ago.
BIG BOX is expected to be operational by December 2014, and contribute four
months of revenue in FY2015 and the full 12 months in FY2016 when it will be TTI’s
main revenue driver alongside with the Group’s retail operations in Indonesia.
FY2014 fully diluted loss per share, based on a share capital base of 816,541,501
shares, stood at 0.30 Singapore cent compared to 0.50 Singapore Cent in FY2013.
Net asset value per share of the Group stood at negative 2.16 Singapore cents as at
31 March 2014 from the negative 13.22 Singapore cents as at 31 March 2013.

[Arowana]

Photos taken on 27th July. Can BigBox get TOP in August ? Can BigBox be operational by Christmas? From the site conditions; impossible !

https://www.dropbox.com/sh/9v4eka6l3hlec...wXGS0DHTfa


Why would anyone pay $0.172 for a company which have EPS of -$0.0324 and NAPS of only $0.03( bulk of which from an uncompleted building)?

When the plug is pulled, the price will be drianed.

[greengiraffe]

This is real investor at work... looks like Big Box remains boxed in and easily 6 months away from completion.

Unlike the other two WRS that is operational - Courts and Giant in Tampines (Correct me if I m wrong), Akira, Novena and etc are brands that are way off their time... who on earth will be attracted to Big Box?

Odd Lot
Vested
GG

Photos taken on 27th July. Can BigBox get TOP in August ? Can BigBox be operational by Christmas? From the site conditions; impossible !

https://www.dropbox.com/sh/9v4eka6l3hlec...wXGS0DHTfa


Why would anyone pay $0.172 for a company which have EPS of -$0.0324 and NAPS of only $0.03( bulk of which from an uncompleted building)?

When the plug is pulled, the price will be drianed.

[Arowana]

Greengiraffe you are correct; Courts and Giant pull all the premium brands together but BigBox only has lesser known names and well known names that are not popular like Akira and Novena.

With Jem/Westgate/IMM crowding there, BigBox will have a hard times.

TTI is hopeful on BigBox but I think it will drag TTI into further hardship in longer term.

[quote='greengiraffe' pid='89875' dateline='1406454243']
This is real investor at work... looks like Big Box remains boxed in and easily 6 months away from completion.

Unlike the other two WRS that is operational - Courts and Giant in Tampines (Correct me if I m wrong), Akira, Novena and etc are brands that are way off their time... who on earth will be attracted to Big Box?

Odd Lot
Vested
GG

[brattzz]

Can TTI tie-up with singpost+alibaba to distribute china's products too?
If yes, then sure got volume lah!

force the shopping malls rentals down down down!!

[Arowana]

Brattzz, one of the beauty of SingPost+ Alibaba tie-up is it need NO retail space. The younger generation love on-line shopping nowadays. For me a older folk, I too buying plenty of things on line. The unit cost of many items are only 1/3 to 1/2 of similar item locally. My favorite sites are DealExtream, iherb and Puritan Pride just to name a few.... Some site offer free shipping and can get the item in 4-5 days.

In general, on line shopping is a threats to Retails business that need space to operate.

[brattzz]

i was thinking of a showroom to display the high value goods, that's all, at least i can touch the goods before i click "buy"!

[naro]

A big question mark for me is how BigBox is going to position itself against JEM, Westgate, IMM & JCube.

One possibility is for TTI to attract furniture players into Big Box as it may offer good and cheap rental rates due to its WRS status and sitting on industrial rent. This will pose threat to IMM which has quite some furniture shops. I feel this may be likely as IMM is positioning itself as an outlet mall.

Further down the road, there could be possibility that TTI may sell BigBox into a REIT. Giant and Courts Tampines which are both under the WRS status has sold their building into A-REIT. One-off gain but can TTI's distributorship model turn for the better? another big question.

[cyuxiang]

A big question mark for me is how BigBox is going to position itself against JEM, Westgate, IMM & JCube.

One possibility is for TTI to attract furniture players into Big Box as it may offer good and cheap rental rates due to its WRS status and sitting on industrial rent. This will pose threat to IMM which has quite some furniture shops. I feel this may be likely as IMM is positioning itself as an outlet mall.

Further down the road, there could be possibility that TTI may sell BigBox into a REIT. Giant and Courts Tampines which are both under the WRS status has sold their building into A-REIT. One-off gain but can TTI's distributorship model turn for the better? another big question.

TTI may not be able to rent its premise to other stores due to its WRS status. As mentioned in this URA circular:

Proposals under the WRS must be carried out in single user developments and operated as a single
entity. No subletting of space within the development will be allowed.

I believe this is why only Akira and Novena have been mentioned up till now (maybe also Barang Barang).

[naro]

A big question mark for me is how BigBox is going to position itself against JEM, Westgate, IMM & JCube.

One possibility is for TTI to attract furniture players into Big Box as it may offer good and cheap rental rates due to its WRS status and sitting on industrial rent. This will pose threat to IMM which has quite some furniture shops. I feel this may be likely as IMM is positioning itself as an outlet mall.

Further down the road, there could be possibility that TTI may sell BigBox into a REIT. Giant and Courts Tampines which are both under the WRS status has sold their building into A-REIT. One-off gain but can TTI's distributorship model turn for the better? another big question.

TTI may not be able to rent its premise to other stores due to its WRS status. As mentioned in this URA circular:

Proposals under the WRS must be carried out in single user developments and operated as a single
entity. No subletting of space within the development will be allowed.

I believe this is why only Akira and Novena have been mentioned up till now (maybe also Barang Barang).

Thanks for clarifying! Seems like it depends on how many brands/products that TTI can obtain distributorship for.