Ho Bee has just released their full year results for FY17 which I’d do a quick review on.
Full year net profit for FY17 came in at $249.3m, which is about 15% year on year increase. This was broken down into operating profits of $72m, share of Shanghai JV associates profits of $99.3m and a fair value gain of $78.1m.
Rental income came in stronger this year at $147.4m, which is a slight growth from the previous year. Q4 rental income came in stronger at $37.7m, due to purchase of Lombard street during the financial year. If we annualize this, rental income would come in at about $150m per year.
I think we’ll see a stronger rental income play in 2018 as the company continutes to gear up acquisition opportunities in the UK. There were rumors about 70 Mark Lane which they are bidding. If successful, this will be one of the big acquisitions for them.
Shares of profits from associates came in very strongly this year as well, which I highlight as a big bonus addition in my last previous post here.
It came in close to $100m for the year with distribution of dividends in cashflow coming in at $34m. This is most probably the reward where they dish out the special 2 cents dividends this year.
In terms of residential, there is guidance that seems to appear the company is ready to put their Sentosa properties back into the markets. This should boost the development properties with other recent launched hotcake Martin Modern more than 90% sold.
In terms of balance sheet, they’ve been gradually reducing their loans and gearings, and healthy ample cash of $97m to gear up another acquisitions.
I like what I see there.
Final dividends was recommended at 8 cents, which is a 30% increase from the previous year of 6 cents and they also dish out a special dividend this year at 2 cents, which brings the total dividend to 10 cents.
At 30 lots for me, that would be a decent $3,000 in my pocket by May. Looking forward to that.
Nav grows to $4.70, which is an exemplary case of one of the typical developer play with the highest ROE churn out. You can view my roe table here.
At current valuation, I think this is a severely undervalued play for one of the best developer listed here.
Thanks for reading.
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Patiently waiting for Chua Thian Poh to privatise and delist it, in similar vein of Simon Cheong/SC Global. Highly illiquid stock and he is already closing in on the mandatory 75% offer after buying a large chunk in Dec 2017.
Hi Jason
I doubt he will privatize the company though, plus isnt the mandatory offer at 90% instead of 75%?
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Hi B,
Nice conviction on Ho Bee. I’ve been trying to chalk up more property developers for asset play from Guoco to FEO and Ho Bee had fallen into my watchlist for some time. I agree that the results we see here is pretty delicious and I love that the fact that it’s NAV is growing. At the price today, there’s a massive discount of 47% to it’s NAV and my itchy fingers is telling me something. It’s almost as good as using 50 cents to get a $1. This question comes only to ‘When’ this $1 will be given :p
But I’ve promised to strap my fingers…. help!!!! Hahahaha!
Hi Sleepydevil
Haha since you already have Guoco and FEO I think maybe to add another developer would be overkill. But I likr Hobee a lot more than FEO. FEO under hotel development is a lot slower and lower roa play than commercial properties.
iirc, CTP has stated publicly that he has no intention to privatise HBL..
having said that, things may change..
Hi FC
I agree.
I doubt Chua will privatized the company. This is his only listed company vehicle, unlike conglomerate like UOL.
Nice summary B. Given how significantly undervalued you believe the company is, would you add more to your current holdings? Or have you set boundaries on how large your individual holdings in your portfolio should be?
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