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2014 was Roxy-Pacific's 10th consecutive year of record profit attributable to shareholders (S$96.7 million) and it proposed a final dividend of 1.297 cents a share, bring the total dividend to 1.913 cents for the year. Its revenue, however, dropped 14% to S$317.8 million of which property development accounted for 83%, or S$263.3 million.
Roxy-Pacific still has $656.6 million of pre-sales to be recognised from 1Q this year till 2018.
Of that, $141.4 million is attributable to Centropod@Changi which obtained its TOP (Temporary Occupation Permit) in January this year.
Centropod: Roxy-Pacific will book $141.4 million of sales in 1Q this year from this 100%-sold project located along Changi Road, a short walk from Eunos MRT station. NextInsight photo.(Gross profit from Centropod is estimated to be S$55 million).While the Singapore property market is expected to continue to face a lull due to the government's cooling measures, Roxy-Pacific will still be able draw on its property investment segment for stable recurring income.
There's Roxy Square in Singapore (S$1.7 million in annual gross income) and its maiden venture in Australia -- an office property in Sydney -- which will contribute its first full-year income of S$11.2 million.
Next is the Grand Mercure Roxy Hotel in Singapore, which contributed S$47.9 million in revenue last year.
Roxy-Pacific is sitting on a war chest of $415 million in cash and cash equivalents as well as a $200-million multicurrency medium term note programme. Its gearing is a low 0.58 times.
Its share price closed at 56 cents recently, a discount to its adjusted net asset value of 72.1 cents a share.
For details of the FY2014 results, see Roxy-Pacific's Powerpoint materials.
Next page: Highlights of the Q&A session »»
Comments
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Very impressive article on Roxy and especially impresive Net profit attributable to shareholders.
However take a look at the share price for the last 3 years till 31/12/2012. I am sure you will agree the share price return is constantly lagging behind the fundamental of the company.
Also look at the liquidity of the shares..the volume is increasingly pathetic.
Although fundamentally superb, it is so illiquid that you are at the mercy of the market. So this is far from good investment as once you are in, there is hardly any demand for your shares