2nd Liner Prop Stocks

When insiders buy stock consistently, it's a v positive sign. Koh Bros is an example. Boy, am I glad I closed my eyes and bought 9 months ago. Now I am up about 55%.

I read about Koh Bros share buyback ----> Insider Buying: ROXY-PACIFIC, XINREN, SERIAL, KOH BROS

www.nextinsight.net/index.php/story-arch...12/5353-koh-brothers

I think the buying by Tan Yong Keng is reflective of the deep value in Chip Eng Seng. But the market is dumb -- no buying by TYK and the stock price goes flat. RNAV is about $1.50 compared to stock price of 81 cents.

Give CHIP ENG SENG 1 more week of correction + consolidation. Hopefully, it can go down to around 70 cents. I will luv to buy at that price. And let's see if Tan has any more $ he wants to pour into CHIP.

Contractors will feel the heat fr higher worker levies. Margins will b squeezed this yr for contracts already secured.

Hi Sumer,

Re-calculate Zhongshan Park using the latest sales figure of bis Novena at Irrawaddy Road for $150 million or about $622,000 per room.


Zhongshan Park's value:

1) Total Room = 405 + 384 = 789
Assume $622k per room = $490.7 mil

2) Retail space: 55,000 sq ft X $5,000 psf = $275m
3) Office space: 65,000 sq ft X $1,600 psf = $104m

Total valuation = $869.70
Cost of land = $73.3m
Construction and other costs = $200m
Total cost = $273.4m

Valuation surplus = $869.7m - $273.4m = $596.3 mil

Superbowl's share (50%) = $298.15m
No of shares = 326.192m

Valuation surplus of ZP per Superbowl share = 91.40 cents

This exclude other business and properties under Superbowl.

34.8 (NTA 31 dec 12) + 91.40 (Surplus) = 126.20 cents

Share price now is only 46cents.

Take note of STAMFORD LAND.

Australia, where it owns/operates 7 of 8 hotels, has
favourable supply/demand fundamentals for the sector.
We noted a bid of S$1bn for Stamford Land’s assets in
2008 and hold out for a re-run of this scenario. It pays
regular dividends, which has upside if it earns higher
property development profits.

The A$ (vs S$) may not be as positive as the analyst be lieves that the A$ could be impacted in a liquidity crisis
situation.

An economic slowdown will affect its hotel earnings.

Buy. RNAV, based on nearby valuation or 14X hotel earnings, is also our target price S$0.76.

A similar offer to that in 2008 would result in a valuation of S$1.20.


- Phillip Securities, Mar 8, 2013