Stock Name: Wheelock
Company Name: WHEELOCK PROPERTIES (S) LTD
AmFraser Research in a May 15 research report say: "Wheelock reported net profit slumped 75% to $13 million for 1QFY12. Results were below expectations meeting 9% of consensus estimates and 7% of our FY2012F forecast. It was attributable to both lower unit sales and completion of Scott’s Square in 3QFY11. "Partially negating the above was a 4% y-o-y improvement in gross margin to 69%. Wheelock ends 1QFY12 with a net cash position of $780 million. Cash holding would have been higher if not for the S$113mil debt drawdown for acquisition of five sites in Fuyang City, China and construction progress of Ardmore Three. "We have revised our RNAV estimates 6% lower at $1.78 per share factoring in a slower sales rate for Wheelock’s high-end projects. Our fair value stands at parity to our RNAV estimates. MAINTAIN HOLD."
Company Name: WHEELOCK PROPERTIES (S) LTD
| Research House: AmFraser | Price Call: HOLD | Target Price: 1.78 |
AmFraser Research in a May 15 research report say: "Wheelock reported net profit slumped 75% to $13 million for 1QFY12. Results were below expectations meeting 9% of consensus estimates and 7% of our FY2012F forecast. It was attributable to both lower unit sales and completion of Scott’s Square in 3QFY11. "Partially negating the above was a 4% y-o-y improvement in gross margin to 69%. Wheelock ends 1QFY12 with a net cash position of $780 million. Cash holding would have been higher if not for the S$113mil debt drawdown for acquisition of five sites in Fuyang City, China and construction progress of Ardmore Three. "We have revised our RNAV estimates 6% lower at $1.78 per share factoring in a slower sales rate for Wheelock’s high-end projects. Our fair value stands at parity to our RNAV estimates. MAINTAIN HOLD."
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