singapore developers - stocksbnb · 10/3/2016 · msr extended to ec msr now applies to loans of...
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Sector Report
Singapore Developers
3 Oct 16, 8.15am/11.15am Morning Call/Webinar
Disclaimer: The information contained in this document is intended only for use during the presentation and should not be disseminated or distributed to parties outside the presentation. Phillip Securities accepts no liability whatsoever with respect to the use of this document or its contents.
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2
Disclaimer
The information contained in this presentation has been obtained from public sources which Phillip Securities Pte Ltd (“PSPL”) has no reason to
believe are unreliable and any analysis, forecasts, projections, expectations and opinions (collectively the “Research”) contained in this
presentation are based on such information and are expressions of belief only. PSPL has not verified this information and no representation or
warranty, express or implied, is made that such information or Research is accurate, complete or verified or should be relied upon as such. Any
such information or Research contained in this presentation is subject to change, and PSPL shall not have any responsibility to maintain the
information or Research made available or to supply any corrections, updates or releases in connection therewith. In no event will PSPL be
liable for any special, indirect, incidental or consequential damages which may be incurred from the use of the information or Research made
available, even if it has been advised of the possibility of such damages.
This presentation is intended for general circulation only and does not take into account the specific investment objectives, financial situation or
particular needs of any particular person.
You should seek advice from a financial adviser regarding the suitability of the investment product, taking into account your specific investment
objectives, financial situation or particular needs, before making a commitment to invest in such products.
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Singapore Property
Yet to see the bottom
Peter Ng & Tan Dehong
Phillip Securities Research Pte Ltd
3 October 2016
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Executive Condominiums (EC)
Disclaimer: The information contained in this document is intended only for use during the presentation and should not be disseminated or distributed to parties outside the presentation. Phillip Securities accepts no liability whatsoever with respect to the use of this document or its contents.
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5
Record low supply of new HDBs over a 5 year period from 2006-2010
Public Housing in Singapore
10,755 12,690
22,072 26,196
37,860
23,942 19,799
31,584
11,027
5,987
18,055
28,125
-
10,000
20,000
30,000
40,000
50,000
60,000
70,000
Average yearly supply Average yearly demand
Source: HDB, Phillip Securities Research (Singapore)
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6
Forecasted supply until 2018 expected to be sufficient to meet demand
Look at Total Marriages for rough gauge of demand – Newly weds likely
biggest demand generator for new HDB
Public Housing in Singapore
28,322
20,000
21,000
22,000
23,000
24,000
25,000
26,000
27,000
28,000
29,000
Total Marriages
Source: SingStat, Phillip Securities Research (Singapore)
Disclaimer: The information contained in this document is intended only for use during the presentation and should not be disseminated or distributed to parties outside the presentation. Phillip Securities accepts no liability whatsoever with respect to the use of this document or its contents.
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7
Reintroduced in 2010 after being phased out in 2008
Executive Condominiums (ECs)
2,535
4,936
3,337
2,505
3,750
1,7941,489
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
2011 2012 2013 2014 2015 1H2016 >2017F
Number of Launched and Sold ECs
Launched Sold
Source: CEIC, Phillip SecuritiesResearch (Singapore)
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8
Occupancy Rate at 86.2% at 2Q16 – 2,943 units unsold inventory, a high
since 2010
Executive Condominiums (ECs)
66%
98% 98%
68%
98%
47%
73%
66%
39%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Bellewoods Bellewaters The Amore The Terrace Lake Life WestwoodResidences
TheBrownstone
The Vales Sol Acres
% S
old
ABSD Timeline
ABSD
Chargeskick in:
2Q2018 1Q2019
Source: HDB, URA, Phillip Securities Research (Singapore)
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9
Remaining 3 plots of land for ECs unlaunched – c.1,500 units
Including launched but unsold inventory: Slightly >4,000 units, around 1.5x
average annual demand since 2010
Executive Condominiums (ECs)
Date Tender Awarded Land Parcel Street Name Max Gross Floor Area (Sq m) Potential No. of Units
29/6/2016 Sengkang E20 Anchorvale Lane 63,044 573
29/12/2015 Hougang E6 Yio Chu Kang Road 51,584 469
19/5/2015 Choa Chu Kang E12 Choa Chu Kang Avenue 5 49,158 447
Total 1489Source: HDB, Phillip Securities Research (Singapore)
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10
Increased household salary ceiling from 3Q2015: S$14,000 (From S$12,000)
1H16 saw 1,841 units sold – 72% of full year 2015 figure
Slowdown in supply from 2017 to allow developers ample time to clear
inventory
Executive Condominiums (ECs)
29%26%
17%
81%
38%
89%
14%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Signature atYishun
The Criterion Parc Life Wandervale The Visionaire Treasure Crest Northwave
% S
old
Sales Status of more recent EC launches
Source: HDB, URA, Phillip Securities Research (Singapore)
More recent EC launches:
September 2015 to current
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Singapore Private Property
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Map Location of market segments
Source: Ming Property Singapore Core Central Region (CCR)
Rest of Central Region (RCR)
Outside Central Region (OCR)
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Calendar of property cooling measures
Date Name of Cooling Measure Details
Seller's Stamp Duty (ASSD) 1 Sell a property within 1st
year: pay amount same as buyer stamp duty (BSD)
Loan-to-value (LTV) adjustment 1 Reduced from 90% to 80%
SSD 2 1st year: pay amount equals to BSD, 2nd year: 2/3 BSD, 3rd year: 1/3 BSD
LTV adjustment 2 1st
loan: 80%, 2nd
loan: 70%
SSD 3 1st
year: 16% of purchase price, 2nd
year: 12%, 3rd
year: 8%, 4th
year: 4%
LTV adjustment 3 1st loan: 80%, 2nd loan: 60%
1st property - SC: 0%, PR: 0%, F: 10%
2nd property - SC: 0%, PR: 3%, F: 10%
3rd property - SC: 3%, PR: 3%, F: 10%
1st
loan: 80% and 60% if loan tenure > 30 years or borrower's age exceeds 65
when loan ends,2nd loan: 60% and 40% with same tenure and borrower's age conditions
1st
property SC: 0%, PR: 5%, F: 15%
2nd property SC: 7%, PR: 10%, F: 15%
3rd
property SC: 10%, PR: 5%, F: 15%
1st
loan: 80% and 60% with same tenure and borrower's age conditions
2nd loan: 50% and 40% with same tenure and borrower's age conditions
3rd
loan: 40% and 20% with same tenure and borrower's age conditions
Mortgage Servicing Ratio (MSR) adjustment 1Up to 35% (reduced from 40%) of gross monthly income (GMI) is allowed for
repayment of loans on HDB Flats
29-Jun-13Introduction of total debt servicing ratio (TDSR) to private
properties
Up to 60% of GMI is allowed for repayment of loans on a private property
28-Aug-13 MSR adjustment 2 MSR reduced to 30% from 35%
MSR extended to EC MSR now applies to loans of EC purchases
Resale levy on EC
Second-timer purchase of EC directly from developers are required to pay
resale levy
Source: Monetary Authority of Singapore, Housing Development Board, Phillip Securities Research (Singapore)
20-Feb-10
30-Aug-10
14-Jan-11
8-Dec-11
6-Oct-12
12-Jan-13
9-Dec-13
ABSD adjustment 1
Introduction of Additional Buyer's Stamp Duty (ABSD)
LTV adjustment 4
LTV adjustment 5
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QC vs ABSD
Qualifying Certficate (QC)
• Obtain Temporary Occupation Permit (TOP) within 5 years from land
purchase date
• Complete sales of all units within 2 years from TOP
• If unable to sell all, developer can pay a pro-rated QC extension charge
• 1st year: 8%, 2nd year: 16%, 3rd and subsequent year: 24% of land cost
Additional Buyer’s Stamp Duty (ABSD)
• Complete both sale and construction within 5 years from land purchase date
• 15% on land cost + 5% interest per annum upon incurring
• Developer will still pay the full ABSD amount even if there is 1 unit left
unsold
14
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The recent quarters…
• RCR and OCR sales from 3Q15 to 2Q16 made up 82% of total sales volume
• 46% of total transactions were from properties of lower sales value (<S$1m)
• Sales mix is likely to continue amid constraint from the 60% TDSR property
cooling measure
15
Source: REALIS, Phillip Securities Research (Singapore)
57.4%16.5%
8.2%
6.6%
-150%
-100%
-50%
0%
50%
100%
150%
200%
250%
300%
350%
400%
0
1000
2000
3000
4000
5000
6000
7000
1Q05 1Q06 1Q07 1Q08 1Q09 1Q10 1Q11 1Q12 1Q13 1Q14 1Q15 1Q16
CCR RCR OCR YoY Change (RHS)
Source: REALIS, Phillip Securities Research (Singapore)
< 1 mil46%
1 - 1.25 mil20%
1.25 - 1.5 mil17%
1.5 - 2 mil12%
> 2 mil5%
Sale of units based on market segments Breakdown of new sales in the past four quarters (3Q15 and 2Q16)
Disclaimer: The information contained in this document is intended only for use during the presentation and should not be disseminated or distributed to parties outside the presentation. Phillip Securities accepts no liability whatsoever with respect to the use of this document or its contents.
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Launches in the different market segments
• Developers have launched more than 75 percent of new units in the RCR and OCR
market segments in the past 6 quarters since 1Q15
• Trend should continue for next few years from low land sales in CCR
• Recent CCR land sale in Jul-16 and the previous one was in Sep-13
• Developers remain cautious due to oversupply in CCR
• 60% TDSR will continue to weigh on CCR segment due to higher prices
16
Source: REALIS, Phillip Securities Research (Singapore)
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
1Q13 1Q14 1Q15 1Q16
Core Central Region Rest of Central Region Outside Central Region
Source: REALIS, Phillip Securities Research (Singapore)
0
500
1000
1500
2000
2500
1Q07 1Q08 1Q09 1Q10 1Q11 1Q12 1Q13 1Q14 1Q15 1Q16
Number of unsold units Number of units sold by developers
Breakdown of new launches by market segment Developer sales of units and remaining unsold units in CCR
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Creative marketing schemes
• Developers have been exploring creative marketing schemes to boost sales
• Ardmore Three: ABSD absorption package, OUE Twin Peaks: deferred
payment scheme
• Not likely to sustain sales as shown in sales volume
17
Source: REALIS, Phillip Securities Research (Singapore)
0
2
4
6
8
10
12
14
16
18
20
2012 2013 2015 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16
Source: REALIS, Phillip Securities Research (Singapore)
0
10
20
30
40
50
60
70
80
Number of transactions lodged at Ardmore Three and OUE Twin Peaks
Disclaimer: The information contained in this document is intended only for use during the presentation and should not be disseminated or distributed to parties outside the presentation. Phillip Securities accepts no liability whatsoever with respect to the use of this document or its contents.
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Large supply of unsold inventory likely to deter upside in ASP
• Total unsold units standing at 13,000 units and is at a multi-year high
The presence of “stubborn inventory” and likely to put a cap on
Average Selling Price (ASP) gains
• We expect developer’s margin to compress further
• Unsold units are gradually being absorbed
• SG Government has no incentive to unwind cooling measures
18
Source: REALIS, Phillip Securities Research (Singapore)
0
2000
4000
6000
8000
10000
12000
14000
16000
18000
20000
3Q06 3Q07 3Q08 3Q09 3Q10 3Q11 3Q12 3Q13 3Q14 3Q15
Unsold but launched units Unsold and unlaunched units
Number of unsold units including those that have yet to be launched
Disclaimer: The information contained in this document is intended only for use during the presentation and should not be disseminated or distributed to parties outside the presentation. Phillip Securities accepts no liability whatsoever with respect to the use of this document or its contents.
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Property purchases driven by investment Intent
• Singaporeans took up the majority of new property units (as much as
92%)
• High ownership rate in SG suggests homebuyers are snapping up
homes for investments i.e. rental or price appreciation
19
Source: REALIS, Phillip Securities Research (Singapore)
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
SC PR Foreigner Company
Sales breakdown of residential property units (exclude ec) by residential status
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RCR properties appear to be most attractive among all
• RCR properties have been offering the highest median gross yield
• Two factors: higher rental matched with lower price appreciation
• Median rental grew 70%, 10 ppts higher than other segments
• Median prices appreciated 50%, compared to 60% for CCR and 90%
for OCR
20
Source: REALIS, Phillip Securities Research (Singapore)
2.5%
3.0%
3.5%
4.0%
4.5%
5.0%
1Q06 1Q07 1Q08 1Q09 1Q10 1Q11 1Q12 1Q13 1Q14 1Q15 1Q16
CCR RCR OCR
Gross yield of residential property units (include EC)
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Rental market under pressured
• Rental declined the most since the 08 GFC
• Decline was led by higher vacancy rates in private resi properties and a larger pool
of new units entering the market
• Expecting rental demand to be unable to keep up as the SG Government
continues to clamp down on foreign labour pool
21
Source: CEIC, Phillip Securities Research (Singapore)
3
4
5
6
7
8
9
10
55
65
75
85
95
105
115
125
1Q06 1Q07 1Q08 1Q09 1Q10 1Q11 1Q12 1Q13 1Q14 1Q15 1Q16
Private residential property rental index (LHS) Private residential property vacany rate (RHS)
Source: Urban Redevelopment Authority (Singapore), Phillip Securities Research (Singapore)
11775
17461
15312
8761
5093
402
0
2000
4000
6000
8000
10000
12000
14000
16000
18000
20000
2H16 2017 2018 2019 2020 >2020
Private property (including EC) rental index and vacancy rate Pipeline supply of private residential property completions including EC
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SG private property performance lagging behind foreign markets
• Top 3 nationalities: Malaysians, Indonesians and Chinese
• SG property stayed flat amid the slew of cooling measures that were
introduced
• We expect demand for private residential properties to extend declines at
least until cooling measures are lifted
22
Source: CEIC, Bloomberg, Phillip Securities Research (Singapore)
0
100
200
300
400
1Q11 1Q12 1Q13 1Q14 1Q15 1Q16
Singapore Indonesia China Malaysia
Source: REALIS, Phillip Securities Research (Singapore)
0
500
1000
1500
2000
2500
3000
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 1H16
PR Foreigner
Residential property price index of top three foreign homebuyers Annual sales volume of private residential properties of foreigners and PRs
Disclaimer: The information contained in this document is intended only for use during the presentation and should not be disseminated or distributed to parties outside the presentation. Phillip Securities accepts no liability whatsoever with respect to the use of this document or its contents.
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Scarcity of land sales under GLS signals weakness
• Periods of higher land sales typically led to decline in property prices
• In 1H16, Government Land Sales (GLS) is close to a 12-year low since 2004
• Low volume in land sales reflect weak sentiments as developers remain cautious on
land acquisitions and slow absorption rate of unsold units
23
Source: REALIS, Phillip Securities Research (Singapore)
0
20
40
60
80
100
120
140
160
180
0
5
10
15
20
25
30
35
40
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
1H16
Number of land sales (LHS) URA Property Price Index (RHS)
Relationship between land sales and URA property price index
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Developers share price driven by sales volume
• Historical strong correlation between developer share price performance and sales
volume; sales volume close to 10-year low
• Major catalyst to boost sales volume is unwinding existing property cooling measures
• Home prices outpaced wage growth (70% vs 60%) in past 10 years between 2006
and 2015
• Premature for SG Government to unwind cooling measures
24
Source: REALIS, Phillip Securities Research (Singapore)
0
100
200
300
400
500
600
700
800
900
1000
0
5000
10000
15000
20000
25000
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 1H16
Number of units (LHS) FTSE Real Estate Index (RHS)
Source: REALIS, Phillip Securities Research (Singapore)
-40%
-20%
0%
20%
40%
60%
80%
100%
0
1000
2000
3000
4000
5000
6000
7000
8000
1Q08 1Q09 1Q10 1Q11 1Q12 1Q13 1Q14 1Q15 1Q16
Core Central Region Rest of Central Region Outside Central Region YoY Change (RHS)
Relationship between number of units sold and FTSE Real Estate Index Launched but unsold units across market segments
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Developments potentially to face QC extension charges
25
Project Developer Region Land Cost QC Deadline Total Units Sold Units Unsold Units % unsold
First year
QC Fee
(S$m)
iLiv @ Grange Heeton Holdings CCR 73 Oct-15 30 0 30 100% 5.8
Tomlinson Heights Hotel Properties CCR 52 Mar-16 70 44 26 37% 1.5
TwentyOne Angullia Park China Sonangol CCR 228 Apr-16 54 11 43 80% 14.5
Le Nouvel Ardmore Wing Tai CCR 201 Apr-16 43 3 40 93% 15.0
Starlight Suites King Wan & TA Corporation CCR 120 May-16 105 76 29 28% 2.7
Waterscape At Cavenagh Hiap Hoe CCR 119 Sep-16 200 151 49 25% 2.3
The Peak @ Cairnhill I Tee International and TG Development CCR 17 Sep-16 52 32 20 38% 0.5
The Interlace CapitaLand & Hotel Properties RCR 548 Sep-16 1,040 919 121 12% 5.1
d'Leedon CapitaLand & Hotel Properties CCR 1339 Oct-16 1,715 1540 175 10% 10.9
Nouvel 18 CDL CCR 478 Nov-16 156 0 156 100% 38.2
Ardmore Three Wheelock Properties CCR 180 Dec-16 84 49 35 42% 6.0
OUE Twin Peaks OUE Ltd CCR 625 Feb-17 462 254 208 45% 22.5
Leedon Residence Guocoland CCR 835 Jun-17 381 253 128 34% 22.4
Source: URA, Phillip Securities Research (Singapore)
Disclaimer: The information contained in this document is intended only for use during the presentation and should not be disseminated or distributed to parties outside the presentation. Phillip Securities accepts no liability whatsoever with respect to the use of this document or its contents.
Phillip Securities Pte Ltd (A member of PhillipCapital) Co. Reg. No. 197501035Z © PhillipCapital 2016. All Rights Reserved. For internal circulation only.
Developments potentially to face ABSD clawback
26
Project Developer Region Land Awarded Land cost (S$m) ABSD Deadline Total units Sold Unsold % unsold
Estimated
ABSD (S$m)
Michaels' Residences SCB Terraform OCR Dec-11 71 Dec-16 40 12 28 70% 8.84
Robin Residences Sing Holdings CCR Dec-11 52 Dec-16 134 92 42 31% 6.47
The Trilinq IOI OCR Jan-12 408 Jan-17 755 322 433 57% 50.80
# 1 Suites The One Development RCR Jan-12 26 Jan-17 112 88 24 21% 3.24
Ascent @ 456 Quest Homes RCR Jan-12 24 Jan-17 28 16 12 43% 2.99
Mon Jervois SingLand CCR Feb-12 119 Feb-17 109 52 57 52% 14.82
Robin Suites Goldhill Cap & Robin 25 CCR Feb-12 54 Feb-17 92 69 23 25% 6.72
Kingsford.Hillview Peak Kingsford Development OCR Mar-12 243 Mar-17 512 425 87 17% 30.25
Floraview Oxley, Unique and Goldprime OCR Mar-12 96 Mar-17 90 54 36 40% 11.95
The Quinn Top Global OCR Mar-12 85 Mar-17 139 102 37 27% 10.58
The Bently Residences@Kovan Goodland Group OCR Apr-12 27 Apr-17 48 38 10 21% 3.36
Vue 8 Residence Capital Development OCR Jun-12 211 Jun-17 463 341 122 26% 26.27
Pollen & Bleu SingLand CCR Jun-12 113 Jun-17 106 13 93 88% 14.07
Neem Tree Aylesbury RCR Jun-12 46 Jun-17 84 19 65 77% 5.73
Liv on Wilkie Roxy-Pacific and Harry Lin CCR Aug-12 33 Aug-17 81 69 12 15% 4.11
The Crest Wing Tai, Metro & UE RCR Sep-12 516 Sep-17 469 124 345 74% 64.24
The Venue Residences CDL & Hong Leong RCR Sep-12 245 Sep-17 266 130 136 51% 30.50
The Creek @ Bukit Chiu Teng Group RCR Sep-12 192 Sep-17 260 138 122 47% 23.90
The Siena Far East CCR Sep-12 46 Sep-17 54 42 12 22% 5.73
One Surin ACT Holdings OCR Sep-12 38 Sep-17 27 7 20 74% 4.73
Rezi 3Two TEE, KSH and Heeton RCR Sep-12 23 Sep-17 65 49 16 25% 2.86
The Glades Keppel Land & China Vanke OCR Oct-12 435 Oct-17 726 493 233 32% 54.16
The Rise @ Oxley - Residences Oxley Holdings CCR Nov-12 130 Nov-17 120 77 43 36% 16.19
Alex Residences SingLand RCR Dec-12 333 Dec-17 429 262 167 39% 41.46
Source: URA, Phill ip Securities Research (Singapore)
Disclaimer: The information contained in this document is intended only for use during the presentation and should not be disseminated or distributed to parties outside the presentation. Phillip Securities accepts no liability whatsoever with respect to the use of this document or its contents.
Phillip Securities Pte Ltd (A member of PhillipCapital) Co. Reg. No. 197501035Z © PhillipCapital 2016. All Rights Reserved. For internal circulation only.
FTSE Real Estate Holdings and Development Index
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Source: Bloomberg, Phillip Securities Research (Singapore)
0.4
0.5
0.6
0.7
0.8
0.9
1
1.1
1.2
2008 2009 2010 2011 2012 2013 2014 2015 2016
Price to Book Ratio(FSTREH Index)
- 1 SD - 2 SD Mean + 1 SD + 2 SD
Disclaimer: The information contained in this document is intended only for use during the presentation and should not be disseminated or distributed to parties outside the presentation. Phillip Securities accepts no liability whatsoever with respect to the use of this document or its contents.
Phillip Securities Pte Ltd (A member of PhillipCapital) Co. Reg. No. 197501035Z © PhillipCapital 2016. All Rights Reserved. For internal circulation only.
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Peer Comparison Table
Name Mkt Cap (S$'mn) Last Px (S$) ROE (%) ROA (%) Dividend Yield (%) Price-to-book Ratio (X) Gearing (%)
CAPITALAND LTD 13,432.5 3.17 4.2 1.5 2.8 0.78 33.9
CITY DEVELOPMENTS LTD 8,165.5 8.98 6.2 2.8 1.8 0.83 31.9
FRASERS CENTREPOINT LTD 4,321.0 1.49 7.6 3.5 5.8 0.70 41.2
UOL GROUP LTD 4,529.6 5.62 4.4 3.0 2.7 0.56 23.5
WHEELOCK PROPERTIES (S) LTD 1,770.9 1.48 1.9 1.1 4.1 0.58 12.9
WING TAI HOLDINGS LTD 1,306.4 1.69 0.2 0.1 1.8 0.40 27.7
GUOCOLAND LTD 2,366.6 2.00 4.0 1.4 2.5 0.63 48.4
TEE INTERNATIONAL LTD 110.6 0.22 8.6 1.5 3.2 1.11 46.4
OUE LTD 1,578.2 1.75 3.7 1.7 4.0 0.36 38.9
HOTEL PROPERTIES LTD 1,825.5 3.51 4.9 2.5 2.3 1.04 34.7
HIAP HOE LTD 326.3 0.69 1.0 -0.5 1.4 0.51 35.0
HEETON HOLDINGS LTD 139.8 0.43 3.8 0.7 1.4 0.45 45.8
4.2 1.6 2.8 0.7 35.0
Source: Bloomberg, Phillip Securities Research (Singapore)
Average:
Disclaimer: The information contained in this document is intended only for use during the presentation and should not be disseminated or distributed to parties outside the presentation. Phillip Securities accepts no liability whatsoever with respect to the use of this document or its contents.
Phillip Securities Pte Ltd (A member of PhillipCapital) Co. Reg. No. 197501035Z © PhillipCapital 2016. All Rights Reserved. For internal circulation only.
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Disclaimer
The information contained in this presentation has been obtained from public sources which Phillip Securities Pte Ltd (“PSPL”) has no reason to
believe are unreliable and any analysis, forecasts, projections, expectations and opinions (collectively the “Research”) contained in this
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warranty, express or implied, is made that such information or Research is accurate, complete or verified or should be relied upon as such. Any
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This presentation is intended for general circulation only and does not take into account the specific investment objectives, financial situation or
particular needs of any particular person.
You should seek advice from a financial adviser regarding the suitability of the investment product, taking into account your specific investment
objectives, financial situation or particular needs, before making a commitment to invest in such products.
Disclaimer: The information contained in this document is intended only for use during the presentation and should not be disseminated or distributed to parties outside the presentation. Phillip Securities accepts no liability whatsoever with respect to the use of this document or its contents.
Phillip Securities Pte Ltd (A member of PhillipCapital) Co. Reg. No. 197501035Z © PhillipCapital 2016. All Rights Reserved. For internal circulation only.
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Analysts Pei Sai Teng, Macro
Jeremy Ng, Technical Analysis
Jeremy Teong, Banking & Finance
Soh Lin Sin, Consumer | Healthcare
Richard Leow, Transport | REITs (Industrial)
Dehong Tan, REITs (Commercial, Retail, Healthcare) | Property
Peter Ng, Property | Infrastructure
Ho Kang Wei, US Equity
Chen Guangzhi, Oil and Gas | Energy
By Phillip Securities Research Mohamed Amiruddin, Operations Exec
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