Tuan Sing Holdings

[cyclone]

Tuan Sing and Rich Capital Acquires Peak Court for S$118.88M

SGX-Mainboard listed Tuan Sing Holdings Limited and Rich Capital Holdings Limited have successfully acquired Peak Court, a freehold residential site at 333 Thomson Road for S$118.88 million by way of a collective sale tender.

Peak Court, a 35-year-old development comprising a 4-storey block with a total of 20 maisonette units, presently occupies the 57,378 sq ft land area. Based on the plot ratio of 1.4 and an estimated gross floor area of about 80,329 sq ft, the purchase price of the site works out to about $1,558 psf per plot ratio. The Thomson-Novena area is sought after for its proximity to highly popular schools, Orchard Road, Central Business District and lifestyle & medical facilities. Sitting on elevated grounds, the site offers unobstructed views across the Thomson precinct and is within proximity to the Novena MRT and the upcoming Mt Pleasant MRT of the Thomson-East Coast Line.

Tuan Sing and Rich Capital’s shareholding in the joint venture company is 70% and 30% respectively. The partners expect to complete the acquisition in August 2018 and will work on redevelopment for a launch in 2019.

More details in :
1. http://infopub.sgx.com/FileOpen/TBA_1805...eID=505340
2. http://infopub.sgx.com/FileOpen/TBA_1805...t%20for%20$118.88M_final_revised.ashx?App=Announcement&FileID=505341

[thinleyw]

If you like Tuan Sing Holdings, check out SP Corporation Limited. It's cheaper and owned by Tuan Sing.

[¯|_(ツ)_/¯]

Halted
https://links.sgx.com/1.0.0/corporate-an...fc1db88ad5

Stay home and stay safe, everyone,

[weijian]

Halted
https://links.sgx.com/1.0.0/corporate-an...fc1db88ad5

Stay home and stay safe, everyone,

Tuan Sing to divest Robinson Point for S$500m

PROPERTY developer Tuan Sing Holdings is proposing to divest Robinson Point for S$500 million, the mainboard-listed firm announced in a bourse filing. Tuan Sing expects to realise a gain of about S$128.3 million on the sale. The proceeds may be recycled to fund committed investments, retire existing debts and fund general corporate and working capital needs.

https://www.businesstimes.com.sg/compani...-for-s500m

[CY09]

https://links.sgx.com/FileOpen/TuanSing_...eID=677699

The divestment of Robinson Point is completed and the company has recognized the profits upon disposal.

NAV has increased. Performance in other segments has been improving as well especially its industrial services, this probably explains why the company share prices have been increasing in the past few months due to the re-ratings with increased earnings.

[weijian]

Some time ago, hospitality brands have been signing up/converting hotel independents into their brands. In the era of Airbnb and OTAs, this conversion trend is only accelerating. So it is brave of Tuan Sing to do the opposite - paying a breakup fee to Hyatt Hotels and then doing their own brand/operations.

As a result, Tuan Sing loses the access to 40mil members in the World of Hyatt loyalty program. Then they have to pay brokering fees of ~10-15% to OTAs who direct the booking to their sites. And their IT systems' costs are only amortized over 1 hotel (probably 3 in time to come). Reminds me of the hoteliers at Hotel Grand Central and Hotel Royal.

Residence on Langley Park announces launch at former Hyatt Regency Perth Site

A new hospitality offering is set to launch in Perth, Western Australia, with Residence on Langley Park commencing business and welcoming guests on September 1, 2024. This will be the first Australian-based hospitality venture managed by Grand Hotel Group ("GHG"), a subsidiary of Tuan Sing Holdings. Operated by Residence on Langley Park Pty Ltd, the new offering will be a significant addition to the region’s hospitality scene.

https://links.sgx.com/FileOpen/Residence...eID=814309

[CY09]

Japanese companies have been successful in creating their own hotel brands as well [Think sotetsu and Dormy Inn Chains]

Far East too has seen success in its oasia. Let's see if Tuan Sing will see sucess.

[Curiousparty]

https://www.theedgesingapore.com/capital...pen-market
https://www.theedgesingapore.com/news/in...stake-5428
https://www.theedgesingapore.com/capital...pany-again
https://www.theedgesingapore.com/capital...-occasions

https://www.theedgesingapore.com/capital...approaches


Consistent insider buying signals growing confidence in Tuan Sing Holdings, and something big could indeed be brewing—potentially the revival of Gultech’s IPO.

This IPO could be a transformative milestone, unlocking substantial shareholder value and accelerating growth. As a leader in the booming global PCB market, Gultech is well-positioned to expand into high-demand sectors like EVs, 5G, and IoT, with IPO proceeds fueling this growth.

For Tuan Sing, this represents an opportunity to diversify its portfolio, strengthen its property and hospitality businesses, and enhance its market standing, positioning the company as a powerhouse at the nexus of real estate and high-tech growth.

Consistent insider buying signals growing confidence in Tuan Sing Holdings, and something big could indeed be brewing—potentially the revival of Gultech’s IPO. This IPO could be a transformative milestone, unlocking substantial shareholder value and accelerating growth. As a leader in the booming global PCB market, Gultech is well-positioned to expand into high-demand sectors like EVs, 5G, and IoT, with IPO proceeds fueling this growth. For Tuan Sing, this represents an opportunity to diversify its portfolio, strengthen its property and hospitality businesses, and enhance its market standing, positioning the company as a powerhouse at the nexus of real estate and high-tech growth.

[Curiousparty]

Back in August 2021...


DBS Group Research has kept its “buy” call with a higher target price of 66 cents for Tuan Sing Holdings after it announced its 1HFY2021 ended June results on August 6.


DBS analysts Woon Bing Yong and Derek Tan note that Tuan Sing’s 1HFY2021 earnings of $99.9 million, driven by the disposal of Robinson Point, was in line with their expectations in an August 10 research note.

But the analysts view Tuan Sing’s GulTech business as a key standout. “[Tuan Sing’s] Other Investments segment, which mainly consists of the GulTech business, reported faster-than-expected growth. Adjusted EBIT rose 19% y-o-y to $16.9 million, driven by a mix of higher revenue and scrap sales income,” they highlight.

Following the results, Yong and Tan are upbeat on Tuan Sing’s prospects. “Since our initiation back in June 2020, Tuan Sing’s share price has risen 132% and we still see upside with a few catalysts ahead,” they say.

One of these is the potential initial public offering (IPO) of GulTech Jiangsu Electronics, which the analysts believe is drawing nearer following the sale of a 13% stake in GulTech to strategic partners.

Noting that GulTech’s earnings have grown by a compound annual growth rate (CAGR) of 17.7% in the past five years, Yong and Tan anticipate even better growth ahead following the sale. ”While Tuan Sing’s effective interest in GulTech Jiangsu will fall to an estimated c.38% after the divestment to the strategic partners, GulTech’s earnings growth may accelerate with help from its partners,” they opine.

The analysts also note that the Singapore private property market has held up well amid the pandemic, and a successful sales launch of Peak Residence could catalyse Tuan Sing’s share price.

They estimate that sales at Tuan Sing’s residential projects could deleverage its balance sheet to a more conservative 0.6 times by FY2022.

Given the catalysts in place, Yong and Tan raise their target price for Tuan Sing to 66 cents, up from 54 cents previously. “As the potential IPO nears, we raise our TP to 66 cents as we repeg our valuation multiple for GulTech to 16 times FY2022 P/E, still a conservative valuation considering GulTech’s peers trade at over 20 times FY22F P/E,” they explain.

The analysts have also tweaked their earnings forecasts. “We have raised FY2021 earnings by c.7% mainly due to the recognition of a gain on sale of a further 2.5% stake in GulTech Jiangsu, offset by a softer performance from the Australian hotel business as COVID-19 restrictions in the country return,” they say.

“For FY22F, we have decreased earnings by 25% due to the reduced share of profit of GulTech (post sale to partners) and an assumed slower pick-up in the Australian hotel business given the lower vaccination rates,” they add.

Shares in Tuan Sing closed 1 cent or 1.85% lower at 53 cents on August 11.

[Curiousparty]

anyone here has a rough estimate of Tuan Sing's RNAV or sum of parts valuation? I believe it would be at least $1.20 and beyond, before applying any discount.